Jennison Associates LLC Purchases 2,478 Shares of First Solar, Inc. (NASDAQ:FSLR)

Jennison Associates LLC lifted its stake in First Solar, Inc. (NASDAQ:FSLR - Free Report) by 5.2% during the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 49,756 shares of the solar cell manufacturer's stock after buying an additional 2,478 shares during the quarter. Jennison Associates LLC's holdings in First Solar were worth $6,291,000 at the end of the most recent reporting period.

Several other hedge funds have also recently modified their holdings of FSLR. Raymond James Financial Inc. purchased a new position in shares of First Solar in the fourth quarter worth $4,933,000. Thrivent Financial for Lutherans raised its stake in First Solar by 27.0% during the fourth quarter. Thrivent Financial for Lutherans now owns 5,572 shares of the solar cell manufacturer's stock valued at $982,000 after purchasing an additional 1,185 shares in the last quarter. Northwest & Ethical Investments L.P. purchased a new stake in First Solar during the fourth quarter valued at $106,000. Mizuho Securities USA LLC raised its stake in First Solar by 46.2% during the fourth quarter. Mizuho Securities USA LLC now owns 10,147 shares of the solar cell manufacturer's stock valued at $1,788,000 after purchasing an additional 3,206 shares in the last quarter. Finally, Sei Investments Co. raised its stake in shares of First Solar by 67.6% in the fourth quarter. Sei Investments Co. now owns 27,035 shares of the solar cell manufacturer's stock valued at $4,764,000 after acquiring an additional 10,906 shares during the period. Hedge funds and other institutional investors own 92.08% of the company's stock.

Insider Activity at First Solar

In other First Solar news, insider Patrick James Buehler sold 1,600 shares of First Solar stock in a transaction dated Thursday, July 3rd. The stock was sold at an average price of $180.00, for a total transaction of $288,000.00. Following the transaction, the insider directly owned 4,398 shares in the company, valued at approximately $791,640. The trade was a 26.68% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CTO Markus Gloeckler sold 9,557 shares of First Solar stock in a transaction dated Wednesday, May 28th. The stock was sold at an average price of $155.05, for a total value of $1,481,812.85. Following the transaction, the chief technology officer owned 8,037 shares in the company, valued at approximately $1,246,136.85. This represents a 54.32% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 15,976 shares of company stock valued at $2,515,172 in the last three months. Corporate insiders own 0.48% of the company's stock.

Analysts Set New Price Targets

A number of research analysts have recently commented on the stock. Guggenheim cut their price target on shares of First Solar from $253.00 to $202.00 and set a "buy" rating on the stock in a report on Thursday, May 1st. Wall Street Zen cut shares of First Solar from a "hold" rating to a "sell" rating in a report on Friday, May 2nd. Robert W. Baird lowered their price target on shares of First Solar from $267.00 to $240.00 and set an "outperform" rating on the stock in a report on Tuesday, April 15th. Jefferies Financial Group set a $194.00 price objective on shares of First Solar and gave the company a "buy" rating in a research report on Tuesday, July 15th. Finally, Bank of America reduced their price target on shares of First Solar from $236.00 to $215.00 and set a "buy" rating for the company in a research report on Tuesday, April 8th. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating, twenty-four have issued a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat, First Solar presently has an average rating of "Moderate Buy" and a consensus target price of $228.87.

First Solar Stock Performance

Shares of FSLR stock opened at $175.85 on Monday. The company has a debt-to-equity ratio of 0.04, a current ratio of 1.93 and a quick ratio of 1.39. First Solar, Inc. has a fifty-two week low of $116.56 and a fifty-two week high of $262.72. The stock's 50-day moving average is $163.98 and its two-hundred day moving average is $153.50. The firm has a market cap of $18.86 billion, a P/E ratio of 14.95, a PEG ratio of 0.34 and a beta of 1.52.

First Solar (NASDAQ:FSLR - Get Free Report) last announced its earnings results on Tuesday, April 29th. The solar cell manufacturer reported $1.95 earnings per share for the quarter, missing the consensus estimate of $2.50 by ($0.55). First Solar had a net margin of 29.72% and a return on equity of 16.32%. The business had revenue of $844.57 million for the quarter, compared to the consensus estimate of $863.11 million. During the same quarter in the previous year, the company earned $2.20 EPS. First Solar's revenue for the quarter was up 6.4% compared to the same quarter last year. Analysts predict that First Solar, Inc. will post 13.05 earnings per share for the current fiscal year.

About First Solar

First Solar, Inc, a solar technology company, provides photovoltaic (PV) solar energy solutions in the United States, France, Japan, Chile, and internationally. The company manufactures and sells PV solar modules with a thin film semiconductor technology that provides a lower-carbon alternative to conventional crystalline silicon PV solar modules.

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