Principal Financial Group Inc. Sells 10,899 Shares of SolarEdge Technologies, Inc. (NASDAQ:SEDG)

Principal Financial Group Inc. lowered its position in SolarEdge Technologies, Inc. (NASDAQ:SEDG) by 3.9% in the 3rd quarter, Holdings Channel reports. The firm owned 266,128 shares of the semiconductor company’s stock after selling 10,899 shares during the quarter. Principal Financial Group Inc.’s holdings in SolarEdge Technologies were worth $6,097,000 at the end of the most recent quarter.

Other large investors have also modified their holdings of the company. AMG National Trust Bank bought a new stake in shares of SolarEdge Technologies during the 3rd quarter worth approximately $4,055,000. Connor Clark & Lunn Investment Management Ltd. increased its position in SolarEdge Technologies by 683.1% during the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 252,553 shares of the semiconductor company’s stock valued at $5,786,000 after purchasing an additional 220,304 shares during the period. Mizuho Markets Americas LLC increased its holdings in SolarEdge Technologies by 653.4% during the third quarter. Mizuho Markets Americas LLC now owns 188,340 shares of the semiconductor company’s stock valued at $4,315,000 after buying an additional 163,340 shares during the period. Meitav Investment House Ltd. raised its position in shares of SolarEdge Technologies by 9.6% in the 3rd quarter. Meitav Investment House Ltd. now owns 582,109 shares of the semiconductor company’s stock worth $13,340,000 after acquiring an additional 51,065 shares in the last quarter. Finally, DekaBank Deutsche Girozentrale bought a new position in SolarEdge Technologies in the third quarter worth about $1,495,000. Hedge funds and other institutional investors own 95.10% of the company’s stock.

Insider Activity

In other news, Chairman More Avery bought 156,000 shares of the business’s stock in a transaction that occurred on Monday, November 11th. The shares were purchased at an average cost of $13.65 per share, for a total transaction of $2,129,400.00. Following the completion of the purchase, the chairman now owns 244,478 shares of the company’s stock, valued at approximately $3,337,124.70. This represents a 176.32 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 0.67% of the company’s stock.

SolarEdge Technologies Price Performance

SolarEdge Technologies stock opened at $13.60 on Thursday. The company has a quick ratio of 1.46, a current ratio of 2.34 and a debt-to-equity ratio of 0.39. SolarEdge Technologies, Inc. has a 52-week low of $10.24 and a 52-week high of $97.27. The firm has a market cap of $788.12 million, a PE ratio of -0.47 and a beta of 1.56. The company’s 50 day moving average is $14.16 and its two-hundred day moving average is $20.62.

SolarEdge Technologies (NASDAQ:SEDG) last announced its quarterly earnings data on Wednesday, November 6th. The semiconductor company reported ($15.33) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.55) by ($13.78). SolarEdge Technologies had a negative net margin of 158.19% and a negative return on equity of 65.79%. The company had revenue of $260.90 million during the quarter, compared to analyst estimates of $272.80 million. During the same quarter in the previous year, the business posted ($1.03) earnings per share. The firm’s revenue was down 64.0% on a year-over-year basis. On average, research analysts expect that SolarEdge Technologies, Inc. will post -19.18 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of research analysts have issued reports on the stock. UBS Group cut their price target on shares of SolarEdge Technologies from $26.00 to $18.00 and set a “neutral” rating on the stock in a research note on Friday, November 8th. Glj Research upgraded shares of SolarEdge Technologies from a “strong sell” rating to a “strong-buy” rating in a research note on Tuesday, December 17th. TD Cowen decreased their target price on SolarEdge Technologies from $16.00 to $11.00 and set a “hold” rating on the stock in a research report on Thursday, November 7th. Mizuho cut SolarEdge Technologies from an “outperform” rating to a “neutral” rating and lowered their price objective for the stock from $35.00 to $11.00 in a report on Thursday, November 7th. Finally, Roth Mkm dropped their target price on shares of SolarEdge Technologies from $20.00 to $12.00 and set a “neutral” rating for the company in a report on Thursday, November 7th. Seven equities research analysts have rated the stock with a sell rating, nineteen have given a hold rating, three have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Hold” and an average target price of $22.40.

About SolarEdge Technologies

SolarEdge Technologies, Inc, together with its subsidiaries, designs, develops, manufactures, and sells direct current (DC) optimized inverter systems for solar photovoltaic (PV) installations in the United States, Germany, the Netherlands, Italy, rest of Europe, and internationally. It operates in two segments, Solar and Energy Storage.