Enphase Energy (NASDAQ:ENPH) Given New $57.00 Price Target at The Goldman Sachs Group

Enphase Energy (NASDAQ:ENPH) had its price target hoisted by equities research analysts at The Goldman Sachs Group from $51.00 to $57.00 in a report issued on Wednesday, MarketBeat.com reports. The brokerage currently has a “buy” rating on the semiconductor company’s stock. The Goldman Sachs Group’s price target points to a potential upside of 21.90% from the stock’s previous close.

ENPH has been the topic of a number of other reports. Wall Street Zen upgraded Enphase Energy from a “sell” rating to a “hold” rating in a report on Sunday, March 29th. Wells Fargo & Company decreased their price target on shares of Enphase Energy from $50.00 to $45.00 and set an “overweight” rating for the company in a research note on Wednesday, April 29th. JPMorgan Chase & Co. decreased their price target on shares of Enphase Energy from $39.00 to $35.00 and set a “neutral” rating for the company in a research note on Wednesday, April 29th. TD Cowen decreased their price target on shares of Enphase Energy from $40.00 to $35.00 and set a “hold” rating for the company in a research note on Wednesday, April 29th. Finally, Roth Mkm reissued a “buy” rating and set a $55.00 price target (up from $45.00) on shares of Enphase Energy in a research report on Wednesday, February 4th. Nine analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and six have assigned a Sell rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $40.94.

Enphase Energy Trading Down 5.9%

NASDAQ:ENPH opened at $46.76 on Wednesday. Enphase Energy has a fifty-two week low of $25.77 and a fifty-two week high of $53.89. The company has a debt-to-equity ratio of 0.52, a current ratio of 3.80 and a quick ratio of 3.20. The stock has a market capitalization of $6.16 billion, a PE ratio of 46.30 and a beta of 1.26. The business’s 50-day simple moving average is $38.17 and its 200-day simple moving average is $36.69.

Enphase Energy (NASDAQ:ENPH) last issued its quarterly earnings data on Tuesday, April 28th. The semiconductor company reported $0.47 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.43 by $0.04. The company had revenue of $282.90 million during the quarter, compared to the consensus estimate of $282.28 million. Enphase Energy had a net margin of 9.64% and a return on equity of 16.88%. The firm’s revenue was down 20.6% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.68 earnings per share. Sell-side analysts expect that Enphase Energy will post 0.84 earnings per share for the current fiscal year.

Insider Activity at Enphase Energy

In related news, Director Thurman J. Rodgers sold 137,250 shares of the stock in a transaction on Friday, March 13th. The stock was sold at an average price of $43.61, for a total value of $5,985,472.50. Following the sale, the director owned 1,597,641 shares in the company, valued at approximately $69,673,124.01. This represents a 7.91% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 2.90% of the company’s stock.

Hedge Funds Weigh In On Enphase Energy

A number of large investors have recently made changes to their positions in the company. Western Wealth Management LLC bought a new stake in shares of Enphase Energy during the 1st quarter valued at $151,000. Janus Henderson Group PLC lifted its position in shares of Enphase Energy by 124.3% during the 1st quarter. Janus Henderson Group PLC now owns 130,385 shares of the semiconductor company’s stock valued at $4,931,000 after acquiring an additional 72,247 shares during the period. Centaurus Financial Inc. lifted its position in shares of Enphase Energy by 44.8% during the 1st quarter. Centaurus Financial Inc. now owns 6,988 shares of the semiconductor company’s stock valued at $264,000 after acquiring an additional 2,161 shares during the period. California State Teachers Retirement System increased its holdings in Enphase Energy by 21.6% in the 1st quarter. California State Teachers Retirement System now owns 150,840 shares of the semiconductor company’s stock valued at $5,703,000 after buying an additional 26,824 shares during the period. Finally, Electron Capital Partners LLC bought a new position in Enphase Energy in the 1st quarter valued at about $18,483,000. Institutional investors own 72.12% of the company’s stock.

About Enphase Energy

Enphase Energy is a global energy technology company that specializes in solar microinverters, energy storage systems and energy management software. Its core business centers on converting direct current (DC) power generated by solar panels into alternating current (AC) power suitable for use in residential and commercial applications. By integrating hardware and software solutions, Enphase Energy aims to improve solar energy yield, enhance system reliability and provide real-time monitoring capabilities to its customers.

The company’s product portfolio includes its IQ Series microinverters, which attach to individual solar panels to optimize performance at the module level and reduce the impact of shading or system failures.