Solaredge Technologies Inc (NASDAQ:SEDG) is Menora Mivtachim Holdings LTD.’s 3rd Largest Position

Menora Mivtachim Holdings LTD. lessened its stake in Solaredge Technologies Inc (NASDAQ:SEDG) by 29.4% in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 1,982,246 shares of the semiconductor company’s stock after selling 824,151 shares during the quarter. Solaredge Technologies comprises about 3.4% of Menora Mivtachim Holdings LTD.’s holdings, making the stock its 3rd largest holding. Menora Mivtachim Holdings LTD. owned approximately 4.17% of Solaredge Technologies worth $123,811,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in the company. Northern Trust Corp increased its holdings in shares of Solaredge Technologies by 0.4% during the fourth quarter. Northern Trust Corp now owns 165,315 shares of the semiconductor company’s stock valued at $5,802,000 after purchasing an additional 718 shares during the period. Bank of America Corp DE increased its holdings in shares of Solaredge Technologies by 21.1% during the fourth quarter. Bank of America Corp DE now owns 117,560 shares of the semiconductor company’s stock valued at $4,126,000 after purchasing an additional 20,487 shares during the period. Legal & General Group Plc increased its holdings in shares of Solaredge Technologies by 0.4% during the fourth quarter. Legal & General Group Plc now owns 93,554 shares of the semiconductor company’s stock valued at $3,277,000 after purchasing an additional 418 shares during the period. Dimensional Fund Advisors LP increased its holdings 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 purchasing an additional 33,399 shares during the period. Finally, Norges Bank acquired a new position in shares of Solaredge Technologies during the fourth quarter valued at $13,951,000. Institutional investors own 81.64% of the company’s stock.

Shares of NASDAQ:SEDG traded up $1.14 during midday trading on Tuesday, reaching $87.77. The company had a trading volume of 99,151 shares, compared to its average volume of 938,236. The company has a debt-to-equity ratio of 0.05, a quick ratio of 1.98 and a current ratio of 2.49. Solaredge Technologies Inc has a 1-year low of $32.42 and a 1-year high of $88.24. The company has a market capitalization of $3.95 billion, a price-to-earnings ratio of 32.63, a price-to-earnings-growth ratio of 1.25 and a beta of 0.15. The company has a fifty day simple moving average of $65.13.

Solaredge Technologies (NASDAQ:SEDG) last released its quarterly earnings results on Tuesday, August 6th. The semiconductor company reported $0.69 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.68 by $0.01. Solaredge Technologies had a return on equity of 17.81% and a net margin of 10.09%. The business had revenue of $325.00 million during the quarter, compared to analyst estimates of $315.53 million. During the same quarter last year, the company posted $0.82 EPS. Solaredge Technologies’s revenue for the quarter was up 43.1% on a year-over-year basis. As a group, sell-side analysts forecast that Solaredge Technologies Inc will post 2.99 earnings per share for the current fiscal year.

In related news, Director More Avery sold 5,000 shares of the stock in a transaction on Thursday, June 13th. The stock was sold at an average price of $55.10, for a total value of $275,500.00. Following the completion of the transaction, the director now owns 588,291 shares in the company, valued at approximately $32,414,834.10. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 7.90% of the company’s stock.

A number of research analysts have recently commented on SEDG shares. Canaccord Genuity raised their price target on Solaredge Technologies from $62.00 to $68.00 and gave the company a “buy” rating in a report on Tuesday, July 23rd. Cascend Securities reaffirmed a “buy” rating and set a $75.00 target price (up previously from $65.00) on shares of Solaredge Technologies in a research note on Thursday, June 27th. Oppenheimer raised their target price on Solaredge Technologies from $66.00 to $78.00 and gave the company an “outperform” rating in a research note on Wednesday, August 7th. Goldman Sachs Group raised Solaredge Technologies from a “sell” rating to a “neutral” rating and raised their target price for the company from $35.00 to $52.00 in a research note on Monday, June 17th. Finally, BidaskClub raised Solaredge Technologies from a “hold” rating to a “buy” rating in a research note on Saturday, August 3rd. One equities research analyst has rated the stock with a sell rating, two have given a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the stock. The company has an average rating of “Buy” and an average price target of $74.77.

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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Institutional Ownership by Quarter for Solaredge Technologies (NASDAQ:SEDG)

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