Nextpower Inc. $NXT Shares Acquired by Legato Capital Management LLC

Key Points

• Legato Capital Management increased its stake in Nextpower by 76.7% in the fourth quarter, buying 7,930 additional shares and lifting its holdings to 18,275 shares worth about $1.59 million.
• Several other institutional investors also added to Nextpower, and hedge funds and institutions now own 67.41% of the company’s stock.
• Nextpower reported strong quarterly results, with EPS of $1.05 and revenue of $880.52 million, both beating estimates, while analysts remain generally bullish with an average Moderate Buy rating and a $136.54 price target.

Legato Capital Management LLC increased its position in Nextpower Inc. (NASDAQ:NXT - Free Report) by 76.7% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 18,275 shares of the company's stock after buying an additional 7,930 shares during the period. Legato Capital Management LLC's holdings in Nextpower were worth $1,592,000 as of its most recent SEC filing.

A number of other institutional investors have also modified their holdings of the company. Vanguard Group Inc. raised its position in shares of Nextpower by 2.0% in the third quarter. Vanguard Group Inc. now owns 14,167,845 shares of the company's stock valued at $1,048,279,000 after buying an additional 283,981 shares during the last quarter. State Street Corp raised its position in shares of Nextpower by 0.6% in the third quarter. State Street Corp now owns 5,391,696 shares of the company's stock valued at $398,932,000 after buying an additional 31,689 shares during the last quarter. Invesco Ltd. raised its position in shares of Nextpower by 9.9% in the third quarter. Invesco Ltd. now owns 2,725,449 shares of the company's stock valued at $201,656,000 after buying an additional 245,412 shares during the last quarter. Dimensional Fund Advisors LP raised its position in shares of Nextpower by 2.9% in the third quarter. Dimensional Fund Advisors LP now owns 2,357,523 shares of the company's stock valued at $174,459,000 after buying an additional 67,362 shares during the last quarter. Finally, Amundi raised its position in shares of Nextpower by 156.1% in the third quarter. Amundi now owns 2,111,628 shares of the company's stock valued at $161,600,000 after buying an additional 1,287,071 shares during the last quarter. Institutional investors and hedge funds own 67.41% of the company's stock.

Insider Activity

In other news, COO Nicholas Marco Miller sold 24,511 shares of the company's stock in a transaction on Wednesday, May 20th. The shares were sold at an average price of $127.32, for a total value of $3,120,740.52. Following the completion of the transaction, the chief operating officer directly owned 221,533 shares in the company, valued at approximately $28,205,581.56. This represents a 9.96% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, President Howard Wenger sold 16,090 shares of the stock in a transaction on Wednesday, May 20th. The shares were sold at an average price of $127.32, for a total transaction of $2,048,578.80. Following the transaction, the president owned 508,582 shares in the company, valued at $64,752,660.24. This trade represents a 3.07% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last three months, insiders sold 139,949 shares of company stock worth $15,452,995. 0.56% of the stock is currently owned by company insiders.

Nextpower Trading Up 7.8%

Shares of NXT stock opened at $130.50 on Friday. The company has a market capitalization of $19.38 billion, a PE ratio of 34.07, a price-to-earnings-growth ratio of 3.21 and a beta of 1.60. The firm has a fifty day simple moving average of $119.89 and a 200-day simple moving average of $107.28. Nextpower Inc. has a twelve month low of $51.69 and a twelve month high of $156.78.

Nextpower (NASDAQ:NXT - Get Free Report) last announced its earnings results on Tuesday, May 12th. The company reported $1.05 earnings per share for the quarter, beating the consensus estimate of $0.89 by $0.16. The business had revenue of $880.52 million during the quarter, compared to the consensus estimate of $826.26 million. Nextpower had a net margin of 16.46% and a return on equity of 28.18%. Nextpower has set its FY 2027 guidance at 4.210-4.590 EPS. Equities research analysts predict that Nextpower Inc. will post 3.76 EPS for the current year.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on NXT shares. JPMorgan Chase & Co. boosted their target price on shares of Nextpower from $125.00 to $155.00 and gave the company an "overweight" rating in a report on Wednesday, May 13th. Glj Research restated a "buy" rating and issued a $147.33 target price on shares of Nextpower in a report on Monday, March 16th. BNP Paribas Exane boosted their target price on shares of Nextpower from $145.00 to $177.00 and gave the company an "outperform" rating in a report on Wednesday, May 13th. BMO Capital Markets boosted their target price on shares of Nextpower from $113.00 to $125.00 and gave the company a "market perform" rating in a report on Wednesday, May 13th. Finally, Jefferies Financial Group restated a "buy" rating and issued a $145.00 target price on shares of Nextpower in a report on Wednesday, May 13th. One analyst has rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and five have assigned a Hold rating to the company's stock. According to MarketBeat.com, Nextpower has an average rating of "Moderate Buy" and an average price target of $136.54.

Nextpower Profile

Nextpower, formerly known as Nextracker, is traded on NASDAQ under the symbol NXT and is a leading provider of advanced solar tracking solutions for utility-scale and distributed energy projects. The company specializes in the design, engineering and manufacturing of single-axis tracker systems that optimize the capture of solar energy by following the sun’s trajectory throughout the day. Nextpower’s core hardware offerings aim to enhance energy yield, reduce balance-of-system costs and simplify installation and maintenance for downstream solar developers and operators.

In addition to its tracker hardware, Nextpower provides a suite of digital software and analytics tools to maximize asset performance.

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