Eastern Bank Makes New Investment in Enphase Energy, Inc. (NASDAQ:ENPH)

Eastern Bank bought a new stake in Enphase Energy, Inc. (NASDAQ:ENPH - Free Report) during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm bought 9,425 shares of the semiconductor company's stock, valued at approximately $1,065,000.

Several other hedge funds have also recently added to or reduced their stakes in the company. Swedbank AB grew its position in shares of Enphase Energy by 0.3% during the third quarter. Swedbank AB now owns 3,463,475 shares of the semiconductor company's stock worth $391,442,000 after acquiring an additional 11,890 shares during the last quarter. DekaBank Deutsche Girozentrale grew its position in Enphase Energy by 48.6% in the 1st quarter. DekaBank Deutsche Girozentrale now owns 88,696 shares of the semiconductor company's stock valued at $10,658,000 after buying an additional 29,013 shares during the last quarter. Allspring Global Investments Holdings LLC grew its position in Enphase Energy by 364.6% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 108,674 shares of the semiconductor company's stock valued at $13,147,000 after buying an additional 85,284 shares during the last quarter. Doheny Asset Management CA purchased a new position in Enphase Energy in the 2nd quarter valued at $8,095,000. Finally, Envestnet Asset Management Inc. grew its position in Enphase Energy by 54.9% in the 2nd quarter. Envestnet Asset Management Inc. now owns 44,510 shares of the semiconductor company's stock valued at $4,438,000 after buying an additional 15,776 shares during the last quarter. Institutional investors and hedge funds own 72.12% of the company's stock.

Enphase Energy Price Performance

Enphase Energy stock traded down $13.13 during trading hours on Wednesday, hitting $79.10. 5,175,631 shares of the company traded hands, compared to its average volume of 3,733,856. Enphase Energy, Inc. has a 1-year low of $73.49 and a 1-year high of $141.63. The company has a quick ratio of 3.90, a current ratio of 4.23 and a debt-to-equity ratio of 1.36. The firm's 50-day simple moving average is $110.47 and its two-hundred day simple moving average is $112.47. The firm has a market cap of $10.76 billion, a P/E ratio of 41.39, a P/E/G ratio of 5.57 and a beta of 1.72.

Enphase Energy (NASDAQ:ENPH - Get Free Report) last posted its quarterly earnings results on Tuesday, October 22nd. The semiconductor company reported $0.65 EPS for the quarter, missing the consensus estimate of $0.77 by ($0.12). The company had revenue of $380.90 million for the quarter, compared to analyst estimates of $392.51 million. Enphase Energy had a return on equity of 17.30% and a net margin of 9.12%. The business's revenue for the quarter was down 30.9% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.84 earnings per share. As a group, analysts forecast that Enphase Energy, Inc. will post 1.19 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on ENPH shares. Roth Mkm reiterated a "buy" rating and issued a $140.00 price objective on shares of Enphase Energy in a research report on Wednesday, July 24th. Susquehanna lowered shares of Enphase Energy from a "positive" rating to a "neutral" rating and lowered their price objective for the company from $147.00 to $104.00 in a research report on Wednesday, October 16th. Canaccord Genuity Group restated a "hold" rating on shares of Enphase Energy in a research report on Wednesday. Royal Bank of Canada cut shares of Enphase Energy from an "outperform" rating to a "sector perform" rating and reduced their price objective for the company from $125.00 to $100.00 in a research note on Tuesday, October 15th. Finally, Citigroup lowered their price target on Enphase Energy from $114.00 to $99.00 and set a "neutral" rating on the stock in a report on Tuesday. Four research analysts have rated the stock with a sell rating, fourteen have issued a hold rating and thirteen have issued a buy rating to the company. Based on data from MarketBeat, Enphase Energy presently has an average rating of "Hold" and an average price target of $115.35.

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.