Firsthand Capital Management Lowers stake in Power Integrations Inc (POWI)

Power Integrations Inc (POWI) : Firsthand Capital Management reduced its stake in Power Integrations Inc by 20.41% during the most recent quarter end. The investment management company now holds a total of 7,799 shares of Power Integrations Inc which is valued at $510,445 after selling 2,000 shares in Power Integrations Inc , the firm said in a disclosure report filed with the SEC on Nov 14, 2016.Power Integrations Inc makes up approximately 0.53% of Firsthand Capital Management’s portfolio.

Other Hedge Funds, Including , Clearbridge reduced its stake in POWI by selling 31,570 shares or 21.69% in the most recent quarter. The Hedge Fund company now holds 113,959 shares of POWI which is valued at $7,458,617. Power Integrations Inc makes up approx 0.14% of Clearbridge’s portfolio.Acrospire Investment Management reduced its stake in POWI by selling 200 shares or 15.38% in the most recent quarter. The Hedge Fund company now holds 1,100 shares of POWI which is valued at $68,585. Power Integrations Inc makes up approx 0.05% of Acrospire Investment Management’s portfolio.Alliancebernstein reduced its stake in POWI by selling 1,900 shares or 3.95% in the most recent quarter. The Hedge Fund company now holds 46,158 shares of POWI which is valued at $2,877,951.Teachers Advisors boosted its stake in POWI in the latest quarter, The investment management firm added 139,047 additional shares and now holds a total of 184,228 shares of Power Integrations Inc which is valued at $11,947,186. Power Integrations Inc makes up approx 0.02% of Teachers Advisors’s portfolio.Wasatch Advisors Inc reduced its stake in POWI by selling 5,415 shares or 2.59% in the most recent quarter. The Hedge Fund company now holds 203,989 shares of POWI which is valued at $13,228,687. Power Integrations Inc makes up approx 0.21% of Wasatch Advisors Inc’s portfolio.

Power Integrations Inc opened for trading at $66.4 and hit $67.3 on the upside on Monday, eventually ending the session at $67, with a gain of 0.90% or 0.6 points. The heightened volatility saw the trading volume jump to 1,44,016 shares. Company has a market cap of $1,952 M.

On the company’s financial health, Power Integrations Inc reported $0.72 EPS for the quarter, beating the analyst consensus estimate by $ 0.10 according to the earnings call on Oct 27, 2016. Analyst had a consensus of $0.62. The company had revenue of $103.79 million for the quarter, compared to analysts expectations of $99.33 million. The company’s revenue was up 16.8% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.55 EPS.

Investors should note that on Oct 27, 2016, Power Integrations Inc announced a cash dividend of $0.1300. The company’s management has announced Nov 28, 2016 as the ex-dividend date and fixed the record date on Nov 30, 2016. The payable date has been fixed on Dec 30, 2016.

Many Wall Street Analysts have commented on Power Integrations Inc. Company shares were Reiterated by Stifel on Oct 13, 2016 to “Buy”, Firm has raised the Price Target to $ 70 from a previous price target of $63 .

Power Integrations Inc. (Power Integrations) develops and markets analog and mixed-signal integrated circuits (ICs) and other electronic components and circuitry used in high-voltage power conversion. The Company’s products are used in power converters that convert electricity from a high-voltage source to the type of power required for downstream use. The Company’s AC-DC power conversion products are TinySwitch LinkSwitch Hiper and InnoSwitch families. Its Insulated-gate bipolar transistors (IGBT) drivers products are the SCALE and SCALE-2 product-families. The Company’s High-voltage DC-DC products are DPA-Switch family. The Company’s power supplies are used with various electronic products including mobile phones computers entertainment and networking equipment appliances utility meters industrial controls and light emitting diodes (LED) lights. It sells its products to original equipment manufacturers (OEMs) and merchant power supply manufacturers.

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