Zacks Investment Research Upgrades Power Integrations (NASDAQ:POWI) to “Buy”

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Power Integrations (NASDAQ:POWI) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued on Thursday, Zacks.com reports. The brokerage presently has a $98.00 price target on the semiconductor company’s stock. Zacks Investment Research‘s target price suggests a potential upside of 18.23% from the stock’s current price.

According to Zacks, “Power Integrations, Inc. is a supplier of high-performance electronic components used in high-voltage power-conversion systems. Their integrated circuits and diodes enable compact, energy-efficient AC-DC power supplies for a vast range of electronic products including mobile devices, TVs, PCs, appliances, smart utility meters and LED lights. Their SCALE? IGBT drivers enhance the efficiency, reliability and cost of high-power applications such as industrial motor drives, solar and wind energy systems, electric vehicles and high-voltage DC transmission. Since its introduction, Power Integrations’ EcoSmart┬« energy-efficiency technology has prevented billions of dollars’ worth of energy waste and millions of tons of carbon emissions. Reflecting the environmental benefits of their products, Power Integrations’ stock is a member of clean-technology stock indices sponsored by Cleantech Group LLC and Clean Edge. “

Several other equities research analysts have also recently weighed in on POWI. Deutsche Bank set a $80.00 price objective on shares of Power Integrations and gave the stock a “hold” rating in a research report on Friday, July 26th. Northland Securities reaffirmed an “underperform” rating and set a $70.00 price objective on shares of Power Integrations in a research report on Monday, July 29th. Stifel Nicolaus set a $97.00 price objective on shares of Power Integrations and gave the stock a “buy” rating in a research report on Friday, July 26th. BidaskClub raised shares of Power Integrations from a “buy” rating to a “strong-buy” rating in a research report on Saturday, July 27th. Finally, Loop Capital reaffirmed a “hold” rating and set a $76.00 price objective on shares of Power Integrations in a research report on Tuesday, June 18th. One research analyst has rated the stock with a sell rating, two have given a hold rating, three have assigned a buy rating and one has given a strong buy rating to the stock. The company currently has a consensus rating of “Buy” and an average price target of $84.20.

POWI stock opened at $82.89 on Thursday. The company’s 50-day simple moving average is $85.23 and its 200 day simple moving average is $75.72. Power Integrations has a 52 week low of $47.35 and a 52 week high of $102.38. The company has a market capitalization of $2.43 billion, a PE ratio of 38.73 and a beta of 1.29.

Power Integrations (NASDAQ:POWI) last released its quarterly earnings results on Thursday, July 25th. The semiconductor company reported $0.56 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.53 by $0.03. Power Integrations had a net margin of 14.79% and a return on equity of 9.87%. The business had revenue of $102.87 million for the quarter, compared to the consensus estimate of $100.04 million. During the same period in the prior year, the company posted $0.74 earnings per share. Power Integrations’s revenue was down 6.0% compared to the same quarter last year. On average, equities research analysts anticipate that Power Integrations will post 1.78 earnings per share for the current fiscal year.

In related news, CEO Balu Balakrishnan sold 9,367 shares of the company’s stock in a transaction dated Thursday, August 1st. The shares were sold at an average price of $93.15, for a total transaction of $872,536.05. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CFO Sandeep Nayyar sold 20,000 shares of the company’s stock in a transaction dated Tuesday, July 30th. The stock was sold at an average price of $90.50, for a total transaction of $1,810,000.00. Following the sale, the chief financial officer now directly owns 57,518 shares of the company’s stock, valued at approximately $5,205,379. The disclosure for this sale can be found here. Insiders have sold 40,284 shares of company stock valued at $3,590,090 in the last ninety days. 4.10% of the stock is currently owned by company insiders.

Hedge funds have recently bought and sold shares of the company. Envestnet Asset Management Inc. lifted its holdings in shares of Power Integrations by 13.2% in the first quarter. Envestnet Asset Management Inc. now owns 68,391 shares of the semiconductor company’s stock worth $4,783,000 after acquiring an additional 7,988 shares during the last quarter. Bank of Montreal Can lifted its holdings in shares of Power Integrations by 5.0% in the first quarter. Bank of Montreal Can now owns 3,739 shares of the semiconductor company’s stock worth $261,000 after acquiring an additional 179 shares during the last quarter. Eqis Capital Management Inc. lifted its holdings in shares of Power Integrations by 2.6% in the second quarter. Eqis Capital Management Inc. now owns 5,726 shares of the semiconductor company’s stock worth $459,000 after acquiring an additional 144 shares during the last quarter. Victory Capital Management Inc. bought a new position in shares of Power Integrations in the first quarter worth about $264,000. Finally, Great Lakes Advisors LLC lifted its holdings in shares of Power Integrations by 8.3% in the second quarter. Great Lakes Advisors LLC now owns 58,338 shares of the semiconductor company’s stock worth $4,678,000 after acquiring an additional 4,488 shares during the last quarter. 96.83% of the stock is owned by hedge funds and other institutional investors.

Power Integrations Company Profile

Power Integrations, Inc designs, develops, and markets analog and mixed-signal integrated circuits (ICs), and other electronic components and circuitry used in high-voltage power conversion worldwide. The company offers a range of alternating current to direct current (DC) power conversion products that address power supply ranging from less than 1 watt of output to approximately 500 watts of output for mobile-device chargers, consumer appliances, utility meters, LCD monitors, main and standby power supplies for desktop computers and TVs, and other consumer and industrial applications, as well as light-emitting diode lighting.

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