A Trio of Tech Growth Stocks to Consider
Tech growth investors may want to consider the following stocks, as they have grown their quarterly revenue and net income significantly on a year-over-year basis.
Enphase Energy Inc
The first company to consider is Enphase Energy Inc (NASDAQ:ENPH), a Fremont, California-based manufacturer and seller of solar microinverters to the American and international solar photovoltaic industry.
The company's quarterly revenue grew 24% year-over-year to $205.55 million as of the first quarter of 2020, up from $100.15 million in the first quarter of 2019. The net income was $68.94 million in the first quarter of 2020, up from $2.77 million as of the same quarter of 2019.
The stock price was trading at $46.72 per share at close on June 19 for a market capitalization of $5.85 billion and a 52-week range of $9.15 to $70.36.
Enphase Energy Inc doesn't pay dividends.
Wall Street sell-side analysts have issued an overweight recommendation rating for this stock with an average target price of $53.88 per share.
The company's top fund holders are VANGUARD GROUP INC and BlackRock Inc., both with 7.02% of shares outstanding, followed by FMR LLC with 6.34%.
Intellicheck Inc
The second company to consider is Intellicheck Inc (NASDAQ:IDN), a Melville, New York-based developer of threat identification, identity authentication and security system solutions to prevent fraud in the U.S. retail businesses.
The company posted a 143.5% year-over-year increase in its quarterly revenue to $3.12 million as of the first quarter of 2020, up from $1.28 million in the first quarter of 2019. The quarterly net income increased to $27,000, an improvement from the net loss of $1.21 million in the prior year quarter.
The stock price was trading at $7.11 per share at close on June 19 for a market capitalization of $115.56 million and a 52-week range of $1.91 to $10.54.
Intellicheck Inc does not pay dividends.
Wall Street sell-side analysts forecasted this stock will outperform within a year with an average target price of $11 per share.
With 16.87% of shares outstanding, Bleichroeder LP is the company's top fund holder, followed by Clear Harbor Asset Management, LLC with 8.44% and VANGUARD GROUP INC with 3.74%.
SolarEdge Technologies Inc
The third company that meets the above listed criteria is SolarEdge Technologies Inc (NASDAQ:SEDG), an Israeli developer of inverter systems for the solar photovoltaic industry worldwide.
The company saw its quarterly revenue grow by 58.6% year-over-year to $431.22 million as of the first quarter of 2020, up from $271.87 million in the first quarter of 2019. The net income also grew by 122% to $42.25 million, up from $19.02 million for the same quarter of 2019.
The stock price was trading at $153.60 per share at close on June 19 for a market capitalization of $7.62 billion and a 52-week range of $41.49 to $156.92.
SolarEdge Technologies Inc is currently not paying dividends.
Wall Street sell-side analysts recommended an overweight rating for this stock with an average target price of $129 per share.
The company's top fund holder is BlackRock Inc. with 7.82% of shares outstanding, followed by FMR LLC with 7.55% and Swedbank with 6.18%.
Disclosure: I have no positions in any securities mentioned in this article.
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This article first appeared on GuruFocus.
