Enphase Energy (NASDAQ:ENPH) Given New $85.00 Price Target at Royal Bank of Canada

Enphase Energy (NASDAQ:ENPH) had its target price cut by equities researchers at Royal Bank of Canada from $100.00 to $85.00 in a research note issued on Wednesday, Benzinga reports. The firm currently has a “sector perform” rating on the semiconductor company’s stock. Royal Bank of Canada’s target price points to a potential upside of 4.81% from the company’s previous close.

A number of other brokerages have also issued reports on ENPH. Barclays lowered their target price on shares of Enphase Energy from $129.00 to $114.00 and set an “overweight” rating for the company in a research note on Wednesday. Jefferies Financial Group reissued a “hold” rating and issued a $115.00 price objective (up from $111.00) on shares of Enphase Energy in a research report on Wednesday, September 4th. Canaccord Genuity Group reaffirmed a “hold” rating and set a $95.00 target price (down from $140.00) on shares of Enphase Energy in a research report on Wednesday. Janney Montgomery Scott lowered Enphase Energy from a “buy” rating to a “neutral” rating and set a $83.00 price target for the company. in a report on Wednesday. Finally, BNP Paribas upgraded Enphase Energy from a “neutral” rating to an “outperform” rating and raised their price objective for the stock from $120.00 to $144.00 in a report on Wednesday, August 7th. Three investment analysts have rated the stock with a sell rating, fourteen have given a hold rating and sixteen have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $111.26.

Enphase Energy Stock Up 3.4 %

Shares of NASDAQ ENPH opened at $81.10 on Wednesday. Enphase Energy has a 1 year low of $73.49 and a 1 year high of $141.63. The firm has a 50-day simple moving average of $109.09 and a two-hundred day simple moving average of $112.01. The company has a market cap of $11.03 billion, a P/E ratio of 42.24, a PEG ratio of 5.57 and a beta of 1.72. The company has a debt-to-equity ratio of 1.36, a current ratio of 4.23 and a quick ratio of 3.90.

Enphase Energy (NASDAQ:ENPH) last issued its quarterly earnings results on Tuesday, October 22nd. The semiconductor company reported $0.65 earnings per share for the quarter, missing the consensus estimate of $0.77 by ($0.12). Enphase Energy had a return on equity of 17.30% and a net margin of 9.12%. The business had revenue of $380.90 million during the quarter, compared to analysts’ expectations of $392.51 million. During the same quarter in the previous year, the company posted $0.84 earnings per share. The company’s quarterly revenue was down 30.9% compared to the same quarter last year. Research analysts anticipate that Enphase Energy will post 1.19 earnings per share for the current year.

Hedge Funds Weigh In On Enphase Energy

Several hedge funds have recently modified their holdings of ENPH. State of Alaska Department of Revenue increased its stake in Enphase Energy by 6.6% during the 3rd quarter. State of Alaska Department of Revenue now owns 15,729 shares of the semiconductor company’s stock valued at $1,777,000 after purchasing an additional 975 shares in the last quarter. Clear Harbor Asset Management LLC grew its holdings in shares of Enphase Energy by 2.0% during the third quarter. Clear Harbor Asset Management LLC now owns 178,814 shares of the semiconductor company’s stock valued at $20,210,000 after buying an additional 3,447 shares during the last quarter. Wealth Enhancement Advisory Services LLC increased its position in shares of Enphase Energy by 19.4% in the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 7,111 shares of the semiconductor company’s stock valued at $804,000 after acquiring an additional 1,156 shares during the period. Mirae Asset Global Investments Co. Ltd. raised its stake in Enphase Energy by 23.4% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 99,860 shares of the semiconductor company’s stock worth $11,484,000 after acquiring an additional 18,960 shares during the last quarter. Finally, International Assets Investment Management LLC acquired a new stake in Enphase Energy during the 3rd quarter worth about $6,387,000. Institutional investors and hedge funds own 72.12% of the company’s stock.

About Enphase Energy

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.