Allstate Corp Purchases New Position in Enphase Energy, Inc. (NASDAQ:ENPH)

Allstate Corp bought a new stake in shares of Enphase Energy, Inc. (NASDAQ:ENPH) during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm bought 3,974 shares of the semiconductor company’s stock, valued at approximately $273,000.

A number of other institutional investors and hedge funds have also modified their holdings of ENPH. Cerity Partners LLC raised its position in Enphase Energy by 102.6% in the 3rd quarter. Cerity Partners LLC now owns 10,988 shares of the semiconductor company’s stock worth $1,242,000 after buying an additional 5,565 shares during the last quarter. FMR LLC grew its position in Enphase Energy by 5.7% in the 3rd quarter. FMR LLC now owns 1,036,699 shares of the semiconductor company’s stock worth $117,168,000 after purchasing an additional 56,136 shares during the period. Public Sector Pension Investment Board raised its stake in Enphase Energy by 11.5% during the 3rd quarter. Public Sector Pension Investment Board now owns 5,821 shares of the semiconductor company’s stock valued at $658,000 after buying an additional 600 shares during the last quarter. Investment Management Corp of Ontario boosted its stake in shares of Enphase Energy by 106.8% in the 3rd quarter. Investment Management Corp of Ontario now owns 6,379 shares of the semiconductor company’s stock worth $721,000 after buying an additional 3,294 shares during the last quarter. Finally, Ingalls & Snyder LLC increased its position in Enphase Energy by 4.2% during the third quarter. Ingalls & Snyder LLC now owns 7,869 shares of the semiconductor company’s stock valued at $889,000 after acquiring an additional 320 shares during the last quarter. Institutional investors own 72.12% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on the stock. BMO Capital Markets reduced their price target on shares of Enphase Energy from $69.00 to $66.00 and set a “market perform” rating for the company in a research report on Wednesday, February 5th. Truist Financial reiterated a “hold” rating and set a $65.00 price target (down previously from $100.00) on shares of Enphase Energy in a research note on Thursday, January 16th. Canaccord Genuity Group raised Enphase Energy from a “hold” rating to a “buy” rating and raised their target price for the stock from $76.00 to $82.00 in a report on Wednesday, February 5th. TD Cowen decreased their price objective on Enphase Energy from $120.00 to $100.00 and set a “buy” rating on the stock in a research note on Monday, January 27th. Finally, Piper Sandler cut their price objective on Enphase Energy from $70.00 to $65.00 and set a “neutral” rating for the company in a research note on Wednesday, February 5th. Four research analysts have rated the stock with a sell rating, sixteen have given a hold rating and fourteen have assigned a buy rating to the stock. Based on data from MarketBeat.com, Enphase Energy presently has an average rating of “Hold” and a consensus target price of $90.36.

Insider Buying and Selling

In other Enphase Energy news, Director Thurman J. Rodgers sold 100,000 shares of the company’s stock in a transaction on Friday, March 7th. The stock was sold at an average price of $61.26, for a total transaction of $6,126,000.00. Following the completion of the sale, the director now owns 1,881,760 shares in the company, valued at $115,276,617.60. This represents a 5.05 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Mandy Yang sold 1,319 shares of Enphase Energy stock in a transaction on Monday, March 10th. The shares were sold at an average price of $63.32, for a total value of $83,519.08. Following the completion of the transaction, the chief financial officer now owns 78,524 shares in the company, valued at $4,972,139.68. This represents a 1.65 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 3.40% of the stock is owned by insiders.

Enphase Energy Price Performance

Shares of ENPH stock opened at $62.52 on Thursday. The stock has a 50 day moving average price of $62.23 and a 200 day moving average price of $74.70. The firm has a market capitalization of $8.28 billion, a P/E ratio of 84.49 and a beta of 2.12. The company has a debt-to-equity ratio of 1.44, a quick ratio of 3.28 and a current ratio of 3.53. Enphase Energy, Inc. has a 52-week low of $51.63 and a 52-week high of $141.63.

Enphase Energy (NASDAQ:ENPH) last posted its quarterly earnings results on Tuesday, February 4th. The semiconductor company reported $0.57 EPS for the quarter, topping the consensus estimate of $0.43 by $0.14. Enphase Energy had a net margin of 7.72% and a return on equity of 15.62%. As a group, sell-side analysts predict that Enphase Energy, Inc. will post 2.08 earnings per share for the current year.

Enphase Energy 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.