New York State Teachers Retirement System Has $5.27 Million Position in Nextracker Inc. (NASDAQ:NXT)

New York State Teachers Retirement System boosted its holdings in Nextracker Inc. (NASDAQ:NXT - Free Report) by 18.2% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 125,005 shares of the company's stock after buying an additional 19,247 shares during the period. New York State Teachers Retirement System owned approximately 0.09% of Nextracker worth $5,268,000 as of its most recent SEC filing.

Other institutional investors also recently added to or reduced their stakes in the company. Oppenheimer & Co. Inc. bought a new stake in shares of Nextracker during the fourth quarter valued at approximately $286,000. Proficio Capital Partners LLC bought a new stake in shares of Nextracker during the fourth quarter valued at approximately $961,000. Jones Financial Companies Lllp increased its position in shares of Nextracker by 115.1% during the fourth quarter. Jones Financial Companies Lllp now owns 13,186 shares of the company's stock valued at $482,000 after purchasing an additional 7,056 shares during the period. Charles Schwab Investment Management Inc. boosted its stake in Nextracker by 0.8% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,331,078 shares of the company's stock valued at $48,624,000 after buying an additional 10,162 shares in the last quarter. Finally, Arizona State Retirement System grew its position in Nextracker by 6.1% in the fourth quarter. Arizona State Retirement System now owns 41,590 shares of the company's stock valued at $1,519,000 after acquiring an additional 2,406 shares during the period. 67.41% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on NXT shares. Truist Financial upped 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. Wells Fargo & Company upped their price target on Nextracker from $69.00 to $71.00 and gave the company an "overweight" rating in a research report on Monday, May 19th. TD Cowen upped their price objective on shares of Nextracker from $47.00 to $55.00 and gave the stock a "hold" rating in a research note on Thursday, May 15th. The Goldman Sachs Group upped their price objective on shares of Nextracker from $61.00 to $68.00 and gave the stock a "buy" rating in a research note on Thursday, May 15th. Finally, Fox Advisors cut shares of Nextracker from an "overweight" rating to an "equal weight" rating in a research note on Thursday, May 15th. Five research analysts have rated the stock with a hold rating, eighteen have issued a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $60.33.

Nextracker Trading Up 8.6%

Shares of NXT traded up $5.23 during trading hours on Friday, hitting $66.27. 2,919,996 shares of the stock traded hands, compared to its average volume of 2,679,095. Nextracker Inc. has a 1-year low of $30.93 and a 1-year high of $66.54. The firm has a market capitalization of $9.69 billion, a PE ratio of 19.10, a price-to-earnings-growth ratio of 1.71 and a beta of 2.25. The business has a fifty day moving average of $55.04 and a 200-day moving average of $46.93.

Insider Buying and Selling

In related news, COO Nicholas Marco Miller sold 5,588 shares of the company's stock in a transaction dated Wednesday, June 25th. The stock was sold at an average price of $57.32, for a total value of $320,304.16. Following the completion of the sale, the chief operating officer owned 170,000 shares in the company, valued at approximately $9,744,400. This represents a 3.18% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, insider Bruce Ledesma sold 83,561 shares of the company's 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 completion of the sale, the insider owned 195,790 shares of the company's stock, valued at $10,907,460.90. This represents a 29.91% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 210,476 shares of company stock worth $12,169,880. Company insiders own 0.56% 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.