Allstate Corp Makes New $273,000 Investment in Enphase Energy, Inc. (NASDAQ:ENPH)

Allstate Corp bought a new position in shares of Enphase Energy, Inc. (NASDAQ:ENPH) during the 4th quarter, according to its most recent 13F filing with the SEC. The fund bought 3,974 shares of the semiconductor company’s stock, valued at approximately $273,000.

Several other hedge funds also recently added to or reduced their stakes in the business. DnB Asset Management AS boosted its stake in Enphase Energy by 1.2% in the 4th quarter. DnB Asset Management AS now owns 512,031 shares of the semiconductor company’s stock worth $35,166,000 after purchasing an additional 6,180 shares in the last quarter. Pictet Asset Management Holding SA grew its holdings in shares of Enphase Energy by 2.1% during the fourth quarter. Pictet Asset Management Holding SA now owns 86,411 shares of the semiconductor company’s stock valued at $5,935,000 after buying an additional 1,817 shares during the last quarter. Duff & Phelps Investment Management Co. increased its position in shares of Enphase Energy by 14.7% in the 4th quarter. Duff & Phelps Investment Management Co. now owns 25,724 shares of the semiconductor company’s stock valued at $1,767,000 after acquiring an additional 3,297 shares during the period. Norges Bank acquired a new stake in Enphase Energy during the 4th quarter worth about $46,339,000. Finally, NEOS Investment Management LLC increased its holdings in shares of Enphase Energy by 26.7% in the fourth quarter. NEOS Investment Management LLC now owns 5,888 shares of the semiconductor company’s stock valued at $404,000 after purchasing an additional 1,240 shares during the period. 72.12% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities research analysts recently commented on the company. Oppenheimer upped their target price on Enphase Energy from $101.00 to $103.00 and gave the company an “outperform” rating in a research report on Wednesday, February 5th. Canaccord Genuity Group raised shares of 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. Piper Sandler cut their price target on Enphase Energy from $70.00 to $65.00 and set a “neutral” rating on the stock in a research report on Wednesday, February 5th. Craig Hallum lowered their target price on Enphase Energy from $123.00 to $101.00 and set a “buy” rating on the stock in a research note on Wednesday, February 5th. Finally, Redburn Atlantic began coverage on Enphase Energy in a report on Monday, March 3rd. They issued a “neutral” rating for the company. Four equities 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. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $90.36.

Insider Activity at Enphase Energy

In other Enphase Energy news, Director Thurman J. Rodgers sold 100,000 shares of the business’s stock in a transaction on Friday, March 7th. The shares were sold at an average price of $61.26, for a total value of $6,126,000.00. Following the completion of the transaction, the director now owns 1,881,760 shares in the company, valued at $115,276,617.60. The trade was a 5.05 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, 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 of the company’s stock, valued at approximately $4,972,139.68. This trade 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 currently owned by company insiders.

Enphase Energy Stock Performance

NASDAQ ENPH opened at $62.52 on Thursday. The stock has a market cap of $8.28 billion, a PE ratio of 84.49 and a beta of 2.12. Enphase Energy, Inc. has a twelve month low of $51.63 and a twelve month high of $141.63. The stock has a fifty day simple moving average of $62.23 and a 200-day simple moving average of $74.70. The company has a current ratio of 3.53, a quick ratio of 3.28 and a debt-to-equity ratio of 1.44.

Enphase Energy (NASDAQ:ENPH) last issued its quarterly earnings data 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%. Equities analysts anticipate that Enphase Energy, Inc. will post 2.08 earnings per share for the current year.

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.