Nextracker Inc. (NASDAQ:NXT) Shares Purchased by California State Teachers Retirement System

California State Teachers Retirement System grew its holdings in Nextracker Inc. (NASDAQ:NXT - Free Report) by 3.8% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 134,197 shares of the company's stock after acquiring an additional 4,880 shares during the period. California State Teachers Retirement System owned about 0.09% of Nextracker worth $4,902,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also modified their holdings of the business. Allworth Financial LP lifted its holdings in Nextracker by 52.4% during the 4th quarter. Allworth Financial LP now owns 803 shares of the company's stock worth $29,000 after buying an additional 276 shares during the last quarter. Sterling Capital Management LLC increased its position in shares of Nextracker by 448.9% during the fourth quarter. Sterling Capital Management LLC now owns 1,290 shares of the company's stock worth $47,000 after purchasing an additional 1,055 shares in the last quarter. Virtus Fund Advisers LLC acquired a new stake in shares of Nextracker in the fourth quarter valued at approximately $47,000. Millstone Evans Group LLC acquired a new stake in shares of Nextracker in the fourth quarter valued at approximately $48,000. Finally, Principal Securities Inc. boosted its holdings in shares of Nextracker by 41.8% in the fourth quarter. Principal Securities Inc. now owns 1,390 shares of the company's stock valued at $51,000 after acquiring an additional 410 shares during the period. Institutional investors and hedge funds own 67.41% of the company's stock.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on NXT. Susquehanna increased their price objective on Nextracker from $54.00 to $66.00 and gave the company a "positive" rating in a report on Thursday, May 15th. Piper Sandler reissued an "overweight" rating on shares of Nextracker in a report on Thursday, May 15th. Fox Advisors cut Nextracker from an "overweight" rating to an "equal weight" rating in a research report on Thursday, May 15th. Mizuho boosted their price target on Nextracker from $60.00 to $67.00 and gave the company an "outperform" rating in a research report on Monday. Finally, Truist Financial boosted their price target on Nextracker from $49.00 to $65.00 and gave the company an "overweight" rating in a research report on Thursday, May 15th. Five analysts have rated the stock with a hold rating, eighteen have issued a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $60.33.

Nextracker Stock Up 0.8%

Shares of NASDAQ:NXT traded up $0.46 during mid-day trading on Friday, hitting $58.12. 497,570 shares of the company traded hands, compared to its average volume of 2,535,193. The firm's 50 day simple moving average is $46.93 and its 200 day simple moving average is $43.71. The firm has a market cap of $8.46 billion, a P/E ratio of 14.79 and a beta of 2.03. 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 $63.19.

Insider Activity

In other Nextracker news, President Howard Wenger sold 6,066 shares of Nextracker stock in a transaction that occurred on Tuesday, May 13th. The stock was sold at an average price of $55.00, for a total transaction of $333,630.00. Following the sale, the president now directly owns 219,389 shares in the company, valued at $12,066,395. The trade was a 2.69% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Bruce Ledesma sold 83,561 shares of the company's stock in a transaction on Thursday, May 29th. The shares were sold at an average price of $55.71, for a total transaction of $4,655,183.31. Following the completion of the sale, the insider now directly owns 195,790 shares in the company, valued at $10,907,460.90. This represents a 29.91% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 129,898 shares of company stock worth $7,348,516 over the last 90 days. 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.