Prudential Financial Inc. reduced its stake in shares of Solaredge Technologies Inc (NASDAQ:SEDG) by 0.3% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 82,450 shares of the semiconductor company’s stock after selling 280 shares during the quarter. Prudential Financial Inc.’s holdings in Solaredge Technologies were worth $5,150,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds have also added to or reduced their stakes in SEDG. Dimensional Fund Advisors LP grew its stake in shares of Solaredge Technologies by 4.9% during the fourth quarter. Dimensional Fund Advisors LP now owns 715,166 shares of the semiconductor company’s stock valued at $25,102,000 after buying an additional 33,399 shares during the last quarter. BNP Paribas Arbitrage SA grew its stake in Solaredge Technologies by 58.7% in the first quarter. BNP Paribas Arbitrage SA now owns 13,550 shares of the semiconductor company’s stock worth $511,000 after purchasing an additional 5,012 shares in the last quarter. SG Americas Securities LLC grew its stake in Solaredge Technologies by 5.4% in the first quarter. SG Americas Securities LLC now owns 16,809 shares of the semiconductor company’s stock worth $633,000 after purchasing an additional 854 shares in the last quarter. Rhumbline Advisers grew its stake in Solaredge Technologies by 4.6% in the first quarter. Rhumbline Advisers now owns 66,973 shares of the semiconductor company’s stock worth $2,524,000 after purchasing an additional 2,964 shares in the last quarter. Finally, Comerica Bank grew its stake in Solaredge Technologies by 5.3% in the first quarter. Comerica Bank now owns 42,580 shares of the semiconductor company’s stock worth $1,757,000 after purchasing an additional 2,143 shares in the last quarter. 84.66% of the stock is currently owned by hedge funds and other institutional investors.
In other news, VP Yoav Galin sold 97,500 shares of the stock in a transaction on Monday, August 19th. The stock was sold at an average price of $84.22, for a total transaction of $8,211,450.00. Following the completion of the sale, the vice president now owns 59,030 shares in the company, valued at approximately $4,971,506.60. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director More Avery sold 14,891 shares of the stock in a transaction on Wednesday, September 4th. The shares were sold at an average price of $81.14, for a total value of $1,208,255.74. Following the sale, the director now owns 585,611 shares of the company’s stock, valued at approximately $47,516,476.54. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 212,995 shares of company stock valued at $17,894,851. 7.90% of the stock is owned by company insiders.
Solaredge Technologies (NASDAQ:SEDG) last posted its earnings results on Tuesday, August 6th. The semiconductor company reported $0.69 earnings per share for the quarter, topping analysts’ consensus estimates of $0.68 by $0.01. The company had revenue of $325.00 million during the quarter, compared to analyst estimates of $315.53 million. Solaredge Technologies had a return on equity of 17.81% and a net margin of 10.09%. Solaredge Technologies’s revenue was up 43.1% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.82 earnings per share. Sell-side analysts predict that Solaredge Technologies Inc will post 2.99 EPS for the current year.
Several research analysts recently issued reports on SEDG shares. Cowen set a $85.00 price objective on Solaredge Technologies and gave the stock a “buy” rating in a research note on Wednesday, August 7th. Cascend Securities reissued a “buy” rating and issued a $75.00 price objective (up previously from $65.00) on shares of Solaredge Technologies in a research note on Thursday, June 27th. JPMorgan Chase & Co. increased their price objective on Solaredge Technologies from $84.00 to $100.00 and gave the stock an “overweight” rating in a research note on Tuesday, August 13th. JMP Securities increased their price objective on Solaredge Technologies to $90.00 and gave the stock an “outperform” rating in a research note on Wednesday, August 7th. Finally, UBS Group cut Solaredge Technologies from a “buy” rating to a “neutral” rating and increased their price objective for the stock from $73.00 to $90.00 in a research note on Thursday, August 22nd. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company’s stock. The company has a consensus rating of “Buy” and an average price target of $75.86.
Solaredge Technologies Company Profile
SolarEdge Technologies, Inc, together with its subsidiaries, designs, develops, and sells direct current (DC) optimized inverter systems for solar photovoltaic (PV) installations worldwide. Its SolarEdge system consists of power optimizers, inverters, communication and smart energy management solutions, and a cloud based monitoring platform.
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