Jennison Associates LLC Buys New Stake in SunPower Co. (NASDAQ:SPWR)

Jennison Associates LLC acquired a new position in shares of SunPower Co. (NASDAQ:SPWR) during the 3rd quarter, Holdings Channel.com reports. The fund acquired 53,435 shares of the semiconductor company’s stock, valued at approximately $1,212,000.

A number of other institutional investors have also modified their holdings of SPWR. Envestnet Asset Management Inc. grew its position in SunPower by 30.9% during the 2nd quarter. Envestnet Asset Management Inc. now owns 23,710 shares of the semiconductor company’s stock worth $693,000 after purchasing an additional 5,592 shares during the last quarter. State Board of Administration of Florida Retirement System grew its position in SunPower by 4.7% during the 2nd quarter. State Board of Administration of Florida Retirement System now owns 30,011 shares of the semiconductor company’s stock worth $877,000 after purchasing an additional 1,357 shares during the last quarter. Banque Cantonale Vaudoise purchased a new position in SunPower during the 2nd quarter worth $29,000. Edmond DE Rothschild Holding S.A. grew its position in SunPower by 103.3% during the 2nd quarter. Edmond DE Rothschild Holding S.A. now owns 34,317 shares of the semiconductor company’s stock worth $1,003,000 after purchasing an additional 17,434 shares during the last quarter. Finally, Baird Financial Group Inc. lifted its stake in shares of SunPower by 5.5% in the 2nd quarter. Baird Financial Group Inc. now owns 28,714 shares of the semiconductor company’s stock worth $839,000 after acquiring an additional 1,504 shares during the period. 32.12% of the stock is currently owned by institutional investors.

Several research firms have recently commented on SPWR. Truist Securities reduced their target price on shares of SunPower from $28.00 to $26.00 and set a “hold” rating for the company in a research note on Wednesday, October 6th. Piper Sandler reduced their price objective on shares of SunPower from $26.00 to $19.00 and set a “neutral” rating for the company in a research note on Friday, January 7th. JPMorgan Chase & Co. cut shares of SunPower from a “neutral” rating to an “underweight” rating and set a $27.00 price objective for the company. in a research note on Thursday, December 9th. They noted that the move was a valuation call. Evercore ISI began coverage on shares of SunPower in a research report on Wednesday, September 22nd. They set an “outperform” rating and a $27.00 target price for the company. Finally, Truist cut their target price on shares of SunPower from $28.00 to $26.00 and set a “hold” rating for the company in a research report on Wednesday, October 6th. Four research analysts have rated the stock with a sell rating, seven have issued a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $26.29.

In other SunPower news, CFO Manavendra Sial sold 12,634 shares of the company’s stock in a transaction dated Monday, November 8th. The shares were sold at an average price of $32.90, for a total transaction of $415,658.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.67% of the stock is currently owned by corporate insiders.

SPWR stock opened at $20.16 on Friday. The company has a current ratio of 2.89, a quick ratio of 2.28 and a debt-to-equity ratio of 1.27. SunPower Co. has a one year low of $18.55 and a one year high of $57.52. The firm has a market capitalization of $3.49 billion, a PE ratio of 11.86, a P/E/G ratio of 5.19 and a beta of 2.02. The firm has a 50-day moving average of $24.73 and a two-hundred day moving average of $24.91.

SunPower (NASDAQ:SPWR) last posted its quarterly earnings data on Wednesday, November 3rd. The semiconductor company reported $0.06 EPS for the quarter, beating analysts’ consensus estimates of $0.01 by $0.05. SunPower had a net margin of 27.71% and a return on equity of 8.15%. The company had revenue of $323.64 million during the quarter, compared to analyst estimates of $325.52 million. During the same period in the prior year, the firm earned ($0.06) earnings per share. On average, equities research analysts anticipate that SunPower Co. will post 0.08 earnings per share for the current year.

SunPower Profile

SunPower Corp. engages in the design, manufacture and deliver of solar panels and systems. It operates through the following business segments: Residential, Light Commercial; Commercial & Industrial Solutions; and Other. The Residential, Light Commercial segment refers to the sales of solar energy solutions, including sales to its third-party dealer network and resellers, storage solutions, cash and loan sales, and long-term leases directly to end customers.

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Institutional Ownership by Quarter for SunPower (NASDAQ:SPWR)

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