Enphase Energy (NASDAQ:ENPH) Price Target Cut to $105.00 by Analysts at Piper Sandler

Enphase Energy (NASDAQ:ENPH) had its price target cut by equities researchers at Piper Sandler from $115.00 to $105.00 in a report released on Thursday, Benzinga reports. The brokerage presently has a “neutral” rating on the semiconductor company’s stock. Piper Sandler’s target price would indicate a potential upside of 12.75% from the company’s previous close.

A number of other analysts have also issued reports on ENPH. Susquehanna lowered Enphase Energy from a “positive” rating to a “neutral” rating and dropped their target price for the stock from $147.00 to $104.00 in a research report on Wednesday. Royal Bank of Canada lowered Enphase Energy from an “outperform” rating to a “sector perform” rating and cut their target price for the company from $125.00 to $100.00 in a research report on Tuesday. Jefferies Financial Group reiterated a “hold” rating and set a $115.00 target price (up from $111.00) on shares of Enphase Energy in a research note on Wednesday, September 4th. Canaccord Genuity Group reduced their price objective on shares of Enphase Energy from $150.00 to $140.00 and set a “buy” rating on the stock in a research note on Wednesday, July 24th. Finally, JPMorgan Chase & Co. boosted their target price on shares of Enphase Energy from $124.00 to $130.00 and gave the stock an “overweight” rating in a research report on Tuesday, July 16th. Three analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and fifteen have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $122.96.

Enphase Energy Stock Performance

Enphase Energy stock opened at $93.13 on Thursday. The firm has a market capitalization of $12.67 billion, a PE ratio of 48.51, a price-to-earnings-growth ratio of 5.57 and a beta of 1.72. Enphase Energy has a one year low of $73.49 and a one year high of $141.63. The stock’s 50 day moving average price is $111.92 and its 200 day moving average price is $113.20. The company has a debt-to-equity ratio of 1.36, a quick ratio of 3.90 and a current ratio of 4.23.

Enphase Energy (NASDAQ:ENPH) last announced its earnings results on Tuesday, July 23rd. The semiconductor company reported $0.43 earnings per share for the quarter, missing the consensus estimate of $0.49 by ($0.06). The firm had revenue of $303.80 million during the quarter, compared to analysts’ expectations of $309.73 million. Enphase Energy had a net margin of 9.12% and a return on equity of 17.30%. Enphase Energy’s revenue for the quarter was down 57.3% compared to the same quarter last year. During the same quarter last year, the company posted $1.16 earnings per share. As a group, sell-side analysts expect that Enphase Energy will post 1.19 EPS for the current fiscal year.

Hedge Funds Weigh In On Enphase Energy

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Baillie Gifford & Co. boosted its position in Enphase Energy by 57.9% during the 2nd quarter. Baillie Gifford & Co. now owns 6,285,059 shares of the semiconductor company’s stock worth $626,683,000 after acquiring an additional 2,304,408 shares during the period. Swedbank AB bought a new stake in shares of Enphase Energy during the first quarter valued at about $424,130,000. Electron Capital Partners LLC lifted its holdings in Enphase Energy by 1,021.4% in the second quarter. Electron Capital Partners LLC now owns 1,183,713 shares of the semiconductor company’s stock worth $118,028,000 after purchasing an additional 1,078,154 shares during the period. Nordea Investment Management AB grew its position in Enphase Energy by 11.1% in the 1st quarter. Nordea Investment Management AB now owns 907,722 shares of the semiconductor company’s stock valued at $108,927,000 after buying an additional 90,558 shares in the last quarter. Finally, Thrivent Financial for Lutherans increased its stake in Enphase Energy by 17.6% during the 2nd quarter. Thrivent Financial for Lutherans now owns 826,742 shares of the semiconductor company’s stock valued at $82,434,000 after buying an additional 123,856 shares during the period. 72.12% of the stock is owned by institutional investors.

Enphase Energy Company Profile

Enphase Energy, Inc, together with its subsidiaries, designs, develops, manufactures, and sells home energy solutions for the solar photovoltaic industry in the United States and internationally. The company offers semiconductor-based microinverter, which converts energy at the individual solar module level and combines with its proprietary networking and software technologies to provide energy monitoring and control.