Nextpower Inc. $NXT Shares Bought by Jennison Associates LLC

Key Points

• Jennison Associates LLC increased its stake in Nextpower (NASDAQ:NXT) by 24.9% in Q4 to 79,777 shares worth about $6.95M, and institutional investors now own roughly 67.41% of the company with Vanguard, State Street and Invesco among the largest holders.
• CEO Daniel S. Shugar sold 59,456 shares on March 9 at an average price of $105.17 for proceeds of ~$6.25M, trimming his holding by 7.38% to 746,339 shares.
• Wall Street gives a consensus "Moderate Buy" with a $117.79 target; the stock trades near $119.93, has a market cap of $17.81B and a P/E of 30.67.

Jennison Associates LLC grew its position in Nextpower Inc. (NASDAQ:NXT - Free Report) by 24.9% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 79,777 shares of the company's stock after buying an additional 15,916 shares during the quarter. Jennison Associates LLC owned 0.05% of Nextpower worth $6,949,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also modified their holdings of the company. Vanguard Group Inc. grew its stake 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 in the last quarter. State Street Corp grew its stake 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 in the last quarter. Invesco Ltd. grew its stake 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 in the last quarter. Dimensional Fund Advisors LP grew its stake 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 in the last quarter. Finally, Amundi grew its stake 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 in the last quarter. 67.41% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Nextpower

In other Nextpower news, CEO Daniel S. Shugar sold 59,456 shares of Nextpower stock in a transaction dated Monday, March 9th. The stock was sold at an average price of $105.17, for a total transaction of $6,252,987.52. Following the completion of the sale, the chief executive officer directly owned 746,339 shares of the company's stock, valued at $78,492,472.63. The trade was a 7.38% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 0.56% of the stock is owned by company insiders.

Nextpower Price Performance

Shares of NASDAQ NXT opened at $119.93 on Friday. The company has a market capitalization of $17.81 billion, a price-to-earnings ratio of 30.67, a price-to-earnings-growth ratio of 5.70 and a beta of 1.60. The business has a 50-day moving average of $114.44 and a two-hundred day moving average of $103.77. Nextpower Inc. has a 1 year low of $40.85 and a 1 year high of $131.72.

Wall Street Analyst Weigh In

Several research firms recently commented on NXT. TD Cowen boosted their target price on Nextpower from $88.00 to $105.00 and gave the stock a "hold" rating in a research note on Wednesday, January 28th. Wells Fargo & Company boosted their target price on Nextpower from $109.00 to $127.00 and gave the stock an "overweight" rating in a research note on Wednesday, January 28th. UBS Group boosted their target price on Nextpower from $125.00 to $140.00 and gave the stock a "buy" rating in a research note on Wednesday, January 28th. Needham & Company LLC boosted their target price on Nextpower from $103.00 to $138.00 and gave the stock a "buy" rating in a research note on Thursday, January 29th. Finally, Northland Securities set a $111.00 target price on Nextpower in a research note on Tuesday, January 6th. One research analyst has rated the stock with a Strong Buy rating, nineteen have given a Buy rating and six have given a Hold rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $117.79.

About Nextpower

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.