Legato Capital Management LLC Takes Position in Nextracker Inc. (NASDAQ:NXT)

Key Points

• Legato Capital Management LLC acquired a new stake in Nextracker Inc. during Q1, purchasing 13,550 shares valued at approximately $571,000.
• After multiple transactions, institutional investors now own 67.41% of Nextracker's stock, with significant stake increases from various firms including Farther Finance Advisors LLC with a rise of 819.5%.
• Wall Street analysts have collectively raised their price targets for Nextracker, with Barclays increasing it from $58 to $64 and Susquehanna setting their target at $76.

Legato Capital Management LLC purchased a new stake in Nextracker Inc. (NASDAQ:NXT - Free Report) in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 13,550 shares of the company's stock, valued at approximately $571,000.

A number of other institutional investors and hedge funds also recently modified their holdings of NXT. Fifth Third Bancorp increased its stake in Nextracker by 27.5% during the 1st quarter. Fifth Third Bancorp now owns 1,204 shares of the company's stock worth $51,000 after purchasing an additional 260 shares in the last quarter. Sterling Capital Management LLC increased its stake in Nextracker by 448.9% during the 4th 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 bought a new stake in Nextracker during the 4th quarter worth approximately $47,000. UMB Bank n.a. increased its stake in Nextracker by 127.2% during the 1st quarter. UMB Bank n.a. now owns 1,504 shares of the company's stock worth $63,000 after purchasing an additional 842 shares in the last quarter. Finally, Farther Finance Advisors LLC increased its stake in Nextracker by 819.5% during the 1st quarter. Farther Finance Advisors LLC now owns 1,554 shares of the company's stock worth $67,000 after purchasing an additional 1,385 shares in the last quarter. 67.41% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other news, President Howard Wenger sold 6,066 shares of Nextracker stock in a transaction dated 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 directly owned 219,389 shares of the company's stock, valued at approximately $12,066,395. This trade represents a 2.69% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Bruce Ledesma sold 83,561 shares of Nextracker stock in a transaction dated Thursday, May 29th. The shares were sold at an average price of $55.71, for a total value of $4,655,183.31. Following the sale, the insider directly owned 195,790 shares in the company, valued at $10,907,460.90. The trade was a 29.91% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 210,476 shares of company stock worth $12,169,880. Insiders own 0.56% of the company's stock.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on NXT shares. Barclays increased their target price on Nextracker from $58.00 to $64.00 and gave the stock an "overweight" rating in a research note on Friday, May 16th. Susquehanna upped their price target on Nextracker from $66.00 to $76.00 and gave the stock a "positive" rating in a research report on Monday, July 21st. The Goldman Sachs Group upped their price target on Nextracker from $61.00 to $68.00 and gave the stock a "buy" rating in a research report on Thursday, May 15th. Robert W. Baird upped their price target on Nextracker from $67.00 to $76.00 and gave the stock an "outperform" rating in a research report on Tuesday, July 8th. Finally, Wells Fargo & Company upped their price target on Nextracker from $69.00 to $71.00 and gave the stock an "overweight" rating in a research report on Monday, May 19th. Six analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and two have given a strong buy rating to the company's stock. Based on data from MarketBeat.com, Nextracker presently has a consensus rating of "Moderate Buy" and an average price target of $62.05.

Nextracker Stock Up 1.8%

Nextracker stock opened at $64.53 on Friday. Nextracker Inc. has a 12-month low of $30.93 and a 12-month high of $67.87. The business's 50-day moving average price is $59.61 and its two-hundred day moving average price is $49.45. The stock has a market cap of $9.44 billion, a PE ratio of 18.60, a P/E/G ratio of 1.56 and a beta of 2.25.

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.

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