First Solar, Inc. $FSLR Shares Sold by Legato Capital Management LLC

Key Points

• Legato Capital Management cut its First Solar stake by 24.1% in the fourth quarter, selling 4,825 shares and leaving it with 15,175 shares worth about $3.96 million.
• Analyst sentiment remains constructive, with First Solar carrying an average “Moderate Buy” rating and a consensus price target of $247.40, even as several firms trimmed their targets recently.
• First Solar reported strong first-quarter results, posting EPS of $3.22 versus expectations of $2.87 and revenue of $1.04 billion, up 23.6% year over year.

Legato Capital Management LLC lowered its stake in shares of First Solar, Inc. (NASDAQ:FSLR - Free Report) by 24.1% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 15,175 shares of the solar cell manufacturer's stock after selling 4,825 shares during the period. Legato Capital Management LLC's holdings in First Solar were worth $3,964,000 as of its most recent SEC filing.

A number of other large investors have also made changes to their positions in the stock. Vanguard Group Inc. boosted its stake in shares of First Solar by 3.5% during the third quarter. Vanguard Group Inc. now owns 13,721,979 shares of the solar cell manufacturer's stock valued at $3,026,108,000 after acquiring an additional 464,130 shares during the last quarter. Viking Global Investors LP boosted its stake in shares of First Solar by 60.6% during the second quarter. Viking Global Investors LP now owns 2,266,050 shares of the solar cell manufacturer's stock valued at $375,122,000 after acquiring an additional 854,919 shares during the last quarter. Amundi boosted its stake in shares of First Solar by 38.6% during the third quarter. Amundi now owns 2,025,835 shares of the solar cell manufacturer's stock valued at $459,917,000 after acquiring an additional 564,032 shares during the last quarter. Northern Trust Corp boosted its stake in shares of First Solar by 2.6% during the third quarter. Northern Trust Corp now owns 1,349,531 shares of the solar cell manufacturer's stock valued at $297,612,000 after acquiring an additional 34,313 shares during the last quarter. Finally, Clean Energy Transition LLP boosted its stake in shares of First Solar by 48.2% during the third quarter. Clean Energy Transition LLP now owns 1,117,228 shares of the solar cell manufacturer's stock valued at $246,382,000 after acquiring an additional 363,274 shares during the last quarter. Institutional investors and hedge funds own 92.08% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on FSLR shares. Barclays reduced their target price on First Solar from $228.00 to $213.00 and set an "overweight" rating on the stock in a research report on Monday, April 20th. Zacks Research upgraded First Solar from a "strong sell" rating to a "hold" rating in a research report on Monday, April 27th. BMO Capital Markets reduced their target price on First Solar from $252.00 to $237.00 and set a "market perform" rating on the stock in a research report on Monday, April 20th. JPMorgan Chase & Co. reduced their target price on First Solar from $303.00 to $256.00 and set an "overweight" rating on the stock in a research report on Wednesday, February 25th. Finally, Weiss Ratings reiterated a "hold (c+)" rating on shares of First Solar in a research report on Friday, March 27th. One investment analyst has rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating, twelve have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $247.40.

First Solar Stock Performance

First Solar stock opened at $257.85 on Friday. The stock's 50-day moving average is $205.04 and its 200-day moving average is $231.20. First Solar, Inc. has a 12 month low of $135.50 and a 12 month high of $285.99. The company has a debt-to-equity ratio of 0.02, a current ratio of 2.56 and a quick ratio of 2.15. The company has a market cap of $27.71 billion, a price-to-earnings ratio of 16.66, a price-to-earnings-growth ratio of 0.55 and a beta of 1.57.

First Solar (NASDAQ:FSLR - Get Free Report) last issued its earnings results on Thursday, April 30th. The solar cell manufacturer reported $3.22 EPS for the quarter, beating analysts' consensus estimates of $2.87 by $0.35. First Solar had a net margin of 30.73% and a return on equity of 18.01%. The business had revenue of $1.04 billion for the quarter, compared to the consensus estimate of $1.03 billion. During the same quarter last year, the firm posted $1.95 EPS. The business's revenue for the quarter was up 23.6% compared to the same quarter last year. Equities analysts anticipate that First Solar, Inc. will post 17.64 earnings per share for the current year.

Insider Activity

In related news, insider Michael Koralewski sold 215 shares of the company's stock in a transaction on Tuesday, May 5th. The shares were sold at an average price of $215.63, for a total transaction of $46,360.45. Following the completion of the sale, the insider directly owned 14,642 shares of the company's stock, valued at approximately $3,157,254.46. This represents a 1.45% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO Alexander R. Bradley sold 498 shares of the company's stock in a transaction on Tuesday, May 5th. The stock was sold at an average price of $215.63, for a total transaction of $107,383.74. Following the sale, the chief financial officer directly owned 30,712 shares of the company's stock, valued at approximately $6,622,428.56. This trade represents a 1.60% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold 97,827 shares of company stock worth $20,006,930 in the last quarter. Insiders own 0.39% of the company's stock.

First Solar News Summary

Here are the key news stories impacting First Solar this week:

• Positive Sentiment: First Solar announced a partnership with GameChange Solar to support wider use of its domestically manufactured thin-film modules in India, a move that could improve demand visibility and reduce supply-chain or compliance concerns. Why First Solar (FSLR) Stock Is Trading Up Today
• Positive Sentiment: Guggenheim raised its price target on First Solar to $279 from $269 and reiterated a Buy rating, signaling continued analyst confidence in the stock’s upside potential. MarketScreener

About First Solar

First Solar, Inc NASDAQ: FSLR is a United States–based solar technology company best known for designing and manufacturing thin‑film photovoltaic (PV) modules that use cadmium telluride (CdTe) semiconductor technology. The company supplies PV modules and delivers integrated solar power solutions for utility‑scale projects, positioning itself as a provider of both components and complete solar energy systems rather than solely a parts supplier. First Solar was founded in 1999 and is headquartered in Tempe, Arizona.

Beyond module manufacturing, First Solar offers a range of project services including development support, engineering, procurement and construction (EPC) services, and operations and maintenance (O&M) for large-scale solar installations.

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