Flputnam Investment Management Co. Sells 4,422 Shares of Nextracker Inc. (NASDAQ:NXT)

Flputnam Investment Management Co. cut its holdings in Nextracker Inc. (NASDAQ:NXT) by 34.4% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The firm owned 8,420 shares of the company’s stock after selling 4,422 shares during the quarter. Flputnam Investment Management Co.’s holdings in Nextracker were worth $308,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently modified their holdings of the business. Holocene Advisors LP acquired a new position in Nextracker during the 3rd quarter worth approximately $45,416,000. Erste Asset Management GmbH acquired a new stake in Nextracker in the third quarter valued at approximately $33,545,000. Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in shares of Nextracker by 88.1% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,591,975 shares of the company’s stock valued at $59,667,000 after acquiring an additional 745,665 shares in the last quarter. State Street Corp raised its position in shares of Nextracker by 15.8% during the third quarter. State Street Corp now owns 5,070,473 shares of the company’s stock worth $190,041,000 after purchasing an additional 690,343 shares during the period. Finally, Wellington Management Group LLP lifted its holdings in shares of Nextracker by 25.5% in the 3rd quarter. Wellington Management Group LLP now owns 3,392,992 shares of the company’s stock worth $127,169,000 after purchasing an additional 688,810 shares in the last quarter. 67.41% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of analysts have commented on NXT shares. Guggenheim boosted their price target on shares of Nextracker from $50.00 to $62.00 and gave the company a “buy” rating in a research note on Wednesday, January 29th. Wells Fargo & Company decreased their target price on shares of Nextracker from $70.00 to $69.00 and set an “overweight” rating for the company in a research report on Wednesday, January 8th. Citigroup lowered their target price on shares of Nextracker from $50.00 to $45.00 and set a “neutral” rating on the stock in a report on Wednesday, January 8th. Piper Sandler lifted their price target on Nextracker from $47.00 to $50.00 and gave the company an “overweight” rating in a research note on Wednesday, January 29th. Finally, Barclays raised Nextracker from an “equal weight” rating to an “overweight” rating and boosted their price objective for the stock from $47.00 to $60.00 in a report on Wednesday, January 29th. Three equities research analysts have rated the stock with a hold rating, nineteen have assigned a buy rating and two have given a strong buy rating to the company’s stock. According to MarketBeat.com, Nextracker has an average rating of “Moderate Buy” and a consensus target price of $56.50.

Insider Buying and Selling at Nextracker

In related news, insider Bruce Ledesma sold 9,891 shares of the company’s stock in a transaction that occurred on Monday, February 10th. The shares were sold at an average price of $46.05, for a total transaction of $455,480.55. Following the sale, the insider now directly owns 132,374 shares in the company, valued at approximately $6,095,822.70. This represents a 6.95 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CAO David P. Bennett sold 9,801 shares of the firm’s stock in a transaction that occurred on Wednesday, January 29th. The stock was sold at an average price of $49.90, for a total transaction of $489,069.90. Following the completion of the transaction, the chief accounting officer now directly owns 124,577 shares of the company’s stock, valued at approximately $6,216,392.30. This trade represents a 7.29 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 25,758 shares of company stock valued at $1,217,520. Company insiders own 0.27% of the company’s stock.

Nextracker Stock Performance

NASDAQ NXT opened at $42.41 on Tuesday. The company has a market capitalization of $6.18 billion, a PE ratio of 10.79 and a beta of 2.14. The company has a debt-to-equity ratio of 0.10, a quick ratio of 1.96 and a current ratio of 2.20. Nextracker Inc. has a 52-week low of $30.93 and a 52-week high of $62.31. The company has a 50-day simple moving average of $43.65 and a 200 day simple moving average of $39.42.

Nextracker (NASDAQ:NXT) last released its earnings results on Tuesday, January 28th. The company reported $0.89 earnings per share for the quarter, beating analysts’ consensus estimates of $0.58 by $0.31. Nextracker had a net margin of 20.12% and a return on equity of 41.22%. On average, research analysts predict that Nextracker Inc. will post 3.29 EPS for the current year.

Nextracker Company Profile

Nextracker Inc, an energy solutions company, provides solar tracker and software solutions for utility-scale and distributed generation solar projects in the United States and internationally. The company offers tracking solutions, which includes NX Horizon, a solar tracking solution; and NX Horizon-XTR, a terrain-following tracker designed to expand the addressable market for trackers on sites with sloped, uneven, and challenging terrain.