Jennison Associates LLC Raises Stock Position in Nextracker Inc. (NASDAQ:NXT)

Jennison Associates LLC raised its stake in shares of Nextracker Inc. (NASDAQ:NXT) by 32.4% during the 4th quarter, HoldingsChannel.com reports. The firm owned 862,620 shares of the company’s stock after acquiring an additional 211,192 shares during the quarter. Jennison Associates LLC’s holdings in Nextracker were worth $40,414,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of NXT. Moody Aldrich Partners LLC increased its position in Nextracker by 117.0% during the fourth quarter. Moody Aldrich Partners LLC now owns 134,357 shares of the company’s stock worth $6,295,000 after purchasing an additional 72,441 shares during the last quarter. Allspring Global Investments Holdings LLC raised its position in Nextracker by 330.2% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 388,364 shares of the company’s stock valued at $18,195,000 after purchasing an additional 298,088 shares during the period. Alps Advisors Inc. raised its position in Nextracker by 43.8% in the third quarter. Alps Advisors Inc. now owns 188,457 shares of the company’s stock valued at $7,568,000 after purchasing an additional 57,371 shares during the period. Federated Hermes Inc. acquired a new position in shares of Nextracker in the 3rd quarter valued at $4,323,000. Finally, Rhumbline Advisers grew its holdings in shares of Nextracker by 61.6% during the 3rd quarter. Rhumbline Advisers now owns 68,440 shares of the company’s stock worth $2,749,000 after purchasing an additional 26,092 shares during the period. Institutional investors and hedge funds own 67.41% of the company’s stock.

Insider Activity at Nextracker

In other Nextracker news, insider Leah Schlesinger sold 2,149 shares of the company’s stock in a transaction dated Wednesday, April 3rd. The shares were sold at an average price of $51.91, for a total transaction of $111,554.59. Following the transaction, the insider now directly owns 11,910 shares in the company, valued at $618,248.10. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other Nextracker news, COO Nicholas Marco Miller sold 8,355 shares of the company’s stock in a transaction dated Tuesday, April 2nd. The shares were sold at an average price of $52.67, for a total value of $440,057.85. Following the transaction, the chief operating officer now directly owns 11,114 shares in the company, valued at approximately $585,374.38. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, insider Leah Schlesinger sold 2,149 shares of Nextracker stock in a transaction dated Wednesday, April 3rd. The stock was sold at an average price of $51.91, for a total transaction of $111,554.59. Following the sale, the insider now owns 11,910 shares of the company’s stock, valued at $618,248.10. The disclosure for this sale can be found here. Company insiders own 0.09% of the company’s stock.

Analysts Set New Price Targets

Several analysts recently issued reports on NXT shares. Roth Mkm boosted their price objective on shares of Nextracker from $60.00 to $70.00 and gave the company a “buy” rating in a report on Thursday, February 1st. Piper Sandler cut their target price on Nextracker from $66.00 to $64.00 and set an “overweight” rating on the stock in a research report on Thursday, April 11th. JPMorgan Chase & Co. lowered their price target on Nextracker from $73.00 to $67.00 and set an “overweight” rating for the company in a research report on Thursday, February 29th. Robert W. Baird started coverage on Nextracker in a report on Thursday, March 21st. They issued an “outperform” rating and a $71.00 price objective on the stock. Finally, Bank of America raised their target price on Nextracker from $53.00 to $60.00 and gave the company a “buy” rating in a report on Wednesday, April 10th. Three analysts have rated the stock with a hold rating and nineteen have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Nextracker presently has an average rating of “Moderate Buy” and an average target price of $58.59.

Nextracker Stock Up 1.0 %

Shares of NASDAQ NXT opened at $44.42 on Wednesday. The stock has a market cap of $6.07 billion, a PE ratio of 23.75, a price-to-earnings-growth ratio of 0.37 and a beta of 1.94. The business has a 50-day moving average price of $55.08 and a 200 day moving average price of $46.81. Nextracker Inc. has a 52-week low of $29.28 and a 52-week high of $62.14.

Nextracker (NASDAQ:NXT) last announced its quarterly earnings data on Wednesday, January 31st. The company reported $0.88 earnings per share for the quarter, topping analysts’ consensus estimates of $0.37 by $0.51. The firm had revenue of $710.43 million for the quarter, compared to analyst estimates of $615.53 million. Nextracker had a negative return on equity of 5.98% and a net margin of 4.48%. Sell-side analysts anticipate that Nextracker Inc. will post 2.35 earnings per share for the current year.

Nextracker Company Profile

Nextracker Inc, an energy solutions company, provides solar tracker and software solutions for utility-scale and ground-mounted distributed generation solar projects worldwide. The company offers tracking solutions, which includes NX Horizon, a solar tracking solution; NX Gemini, a two-in-portrait format tracker, which holds two rows of solar panels along the central support beam; and NX Horizon-XTR, a terrain-following tracker designed to expand the addressable market for trackers on sites with sloped, uneven, and challenging terrain.