State of Michigan Retirement System Boosts Stake in Enphase Energy, Inc. (NASDAQ:ENPH)

State of Michigan Retirement System boosted its holdings in shares of Enphase Energy, Inc. (NASDAQ:ENPH - Free Report) by 6.2% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 39,515 shares of the semiconductor company's stock after purchasing an additional 2,300 shares during the period. State of Michigan Retirement System's holdings in Enphase Energy were worth $3,940,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently modified their holdings of the business. Westfield Capital Management Co. LP acquired a new stake in Enphase Energy during the 4th quarter worth approximately $41,068,000. Northern Trust Corp raised its position in Enphase Energy by 0.3% during the 4th quarter. Northern Trust Corp now owns 1,364,567 shares of the semiconductor company's stock worth $180,314,000 after purchasing an additional 3,940 shares during the last quarter. DekaBank Deutsche Girozentrale lifted its holdings in Enphase Energy by 48.6% during the 1st quarter. DekaBank Deutsche Girozentrale now owns 88,696 shares of the semiconductor company's stock worth $10,658,000 after buying an additional 29,013 shares during the period. Allspring Global Investments Holdings LLC lifted its holdings in Enphase Energy by 364.6% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 108,674 shares of the semiconductor company's stock worth $13,147,000 after buying an additional 85,284 shares during the period. Finally, Cetera Investment Advisers grew its position in shares of Enphase Energy by 279.6% in the 1st quarter. Cetera Investment Advisers now owns 24,248 shares of the semiconductor company's stock valued at $2,934,000 after buying an additional 17,861 shares during the last quarter. Institutional investors own 72.12% of the company's stock.

Insider Transactions at Enphase Energy

In other Enphase Energy news, EVP David A. Ranhoff sold 5,000 shares of the firm's stock in a transaction on Monday, June 17th. The stock was sold at an average price of $123.27, for a total value of $616,350.00. Following the completion of the sale, the executive vice president now directly owns 107,943 shares of the company's stock, valued at $13,306,133.61. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other news, EVP David A. Ranhoff sold 5,000 shares of the stock in a transaction on Monday, June 17th. The stock was sold at an average price of $123.27, for a total transaction of $616,350.00. Following the completion of the transaction, the executive vice president now owns 107,943 shares in the company, valued at approximately $13,306,133.61. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Thurman J. Rodgers sold 319,526 shares of Enphase Energy stock in a transaction dated Wednesday, May 29th. The stock was sold at an average price of $126.53, for a total value of $40,429,624.78. Following the completion of the sale, the director now directly owns 1,984,562 shares of the company's stock, valued at approximately $251,106,629.86. The disclosure for this sale can be found here. 3.40% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on ENPH shares. Roth Mkm reaffirmed a "buy" rating and issued a $140.00 price objective on shares of Enphase Energy in a research note on Wednesday, July 24th. Piper Sandler increased their price objective on shares of Enphase Energy from $111.00 to $120.00 and gave the stock a "neutral" rating in a research report on Monday, July 22nd. BNP Paribas upgraded shares of Enphase Energy from a "neutral" rating to an "outperform" rating and boosted their target price for the company from $120.00 to $144.00 in a report on Wednesday, August 7th. Barclays lowered their price objective on Enphase Energy from $131.00 to $129.00 and set an "overweight" rating for the company in a research report on Thursday, July 25th. Finally, Craig Hallum raised their target price on Enphase Energy from $147.00 to $153.00 and gave the stock a "buy" rating in a research note on Wednesday, July 24th. Four investment analysts have rated the stock with a sell rating, nine have given a hold rating and eighteen have assigned a buy rating to the company's stock. According to data from MarketBeat.com, Enphase Energy currently has a consensus rating of "Hold" and a consensus target price of $128.76.

Enphase Energy Stock Performance

Shares of NASDAQ ENPH traded down $0.06 during midday trading on Tuesday, reaching $122.53. The company's stock had a trading volume of 1,997,058 shares, compared to its average volume of 3,979,203. The stock has a market capitalization of $16.67 billion, a P/E ratio of 61.93, a PEG ratio of 5.59 and a beta of 1.71. The company has a debt-to-equity ratio of 1.36, a current ratio of 4.23 and a quick ratio of 3.90. The firm has a 50 day moving average price of $109.62 and a 200-day moving average price of $116.04. Enphase Energy, Inc. has a 12-month low of $73.49 and a 12-month high of $141.63.

Enphase Energy (NASDAQ:ENPH - Get Free Report) last posted its quarterly earnings data on Tuesday, July 23rd. The semiconductor company reported $0.43 earnings per share for the quarter, missing the consensus estimate of $0.49 by ($0.06). Enphase Energy had a return on equity of 17.30% and a net margin of 9.12%. The business had revenue of $303.80 million during the quarter, compared to analysts' expectations of $309.73 million. During the same period in the prior year, the firm posted $1.16 EPS. The firm's revenue for the quarter was down 57.3% on a year-over-year basis. As a group, equities analysts predict that Enphase Energy, Inc. will post 1.24 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.