Zurcher Kantonalbank Zurich Cantonalbank Acquires 161,873 Shares of Nextracker Inc. (NASDAQ:NXT)

Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in Nextracker Inc. (NASDAQ:NXT) by 10.2% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 1,753,848 shares of the company’s stock after purchasing an additional 161,873 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Nextracker were worth $64,068,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. IFP Advisors Inc grew its position in shares of Nextracker by 516.4% in the 4th quarter. IFP Advisors Inc now owns 3,304 shares of the company’s stock worth $121,000 after buying an additional 2,768 shares during the last quarter. Robeco Schweiz AG purchased a new position in shares of Nextracker in the 4th quarter worth approximately $22,112,000. Geode Capital Management LLC grew its position in shares of Nextracker by 23.3% in the 3rd quarter. Geode Capital Management LLC now owns 3,593,938 shares of the company’s stock worth $134,724,000 after buying an additional 679,272 shares during the last quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. grew its position in shares of Nextracker by 33.5% in the 3rd quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 1,226,862 shares of the company’s stock worth $45,983,000 after buying an additional 307,956 shares during the last quarter. Finally, New York State Common Retirement Fund grew its position in shares of Nextracker by 65.6% in the 4th quarter. New York State Common Retirement Fund now owns 469,163 shares of the company’s stock worth $17,139,000 after buying an additional 185,858 shares during the last quarter. Institutional investors own 67.41% of the company’s stock.

Nextracker Stock Performance

NXT opened at $41.56 on Monday. The company has a debt-to-equity ratio of 0.10, a current ratio of 2.20 and a quick ratio of 1.96. The firm has a fifty day moving average price of $44.09 and a 200 day moving average price of $39.50. Nextracker Inc. has a 1 year low of $30.93 and a 1 year high of $62.31. The stock has a market cap of $6.05 billion, a P/E ratio of 10.58 and a beta of 2.24.

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

Analysts Set New Price Targets

A number of brokerages have recently issued reports on NXT. BMO Capital Markets lifted their price objective on shares of Nextracker from $48.00 to $50.00 and gave the stock a “market perform” rating in a research report on Wednesday, January 29th. Piper Sandler boosted their target price on shares of Nextracker from $47.00 to $50.00 and gave the stock an “overweight” rating in a research report on Wednesday, January 29th. BNP Paribas raised shares of Nextracker to a “strong-buy” rating in a research report on Wednesday, January 29th. Barclays raised shares of Nextracker from an “equal weight” rating to an “overweight” rating and boosted their target price for the stock from $47.00 to $60.00 in a research report on Wednesday, January 29th. Finally, TD Cowen began coverage on shares of Nextracker in a research report on Thursday, December 19th. They set a “hold” rating and a $41.00 target price on the stock. Three 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 data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $56.50.

Insider Activity at Nextracker

In other Nextracker news, CAO David P. Bennett sold 9,801 shares of the company’s stock in a transaction on Wednesday, January 29th. The shares were 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 in the company, valued at approximately $6,216,392.30. This represents a 7.29 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Bruce Ledesma sold 9,891 shares of the company’s stock in a transaction on Monday, February 10th. The stock was sold at an average price of $46.05, for a total transaction of $455,480.55. Following the transaction, the insider now owns 132,374 shares of the company’s stock, valued at $6,095,822.70. This represents a 6.95 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 25,758 shares of company stock worth $1,217,520 in the last three months. Company insiders own 0.27% of the company’s stock.

About Nextracker

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.