Nextracker Inc. (NASDAQ:NXT) Holdings Lifted by Principal Financial Group Inc.

Principal Financial Group Inc. boosted its position in shares of Nextracker Inc. (NASDAQ:NXT - Free Report) by 5.2% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 918,856 shares of the company's stock after buying an additional 45,115 shares during the quarter. Principal Financial Group Inc. owned 0.63% of Nextracker worth $38,721,000 at the end of the most recent quarter.

Several other large investors have also bought and sold shares of the company. Vanguard Group Inc. boosted its stake in Nextracker by 1.8% during the fourth quarter. Vanguard Group Inc. now owns 13,843,997 shares of the company's stock valued at $505,721,000 after buying an additional 243,635 shares in the last quarter. Invesco Ltd. boosted its stake in Nextracker by 52.2% during the fourth quarter. Invesco Ltd. now owns 3,874,875 shares of the company's stock valued at $141,549,000 after buying an additional 1,329,456 shares in the last quarter. Sachem Head Capital Management LP boosted its position in shares of Nextracker by 4.3% in the 4th quarter. Sachem Head Capital Management LP now owns 2,977,500 shares of the company's stock valued at $108,768,000 after purchasing an additional 122,500 shares during the period. Norges Bank acquired a new position in shares of Nextracker in the 4th quarter valued at $106,166,000. Finally, Deutsche Bank AG boosted its position in shares of Nextracker by 12.8% in the 4th quarter. Deutsche Bank AG now owns 2,152,084 shares of the company's stock valued at $78,616,000 after purchasing an additional 244,725 shares during the period. Institutional investors own 67.41% of the company's stock.

Insider Buying and Selling

In related news, CAO David P. Bennett sold 9,801 shares of the firm's stock in a transaction that occurred on Tuesday, May 13th. The stock was sold at an average price of $55.00, for a total value of $539,055.00. Following the transaction, the chief accounting officer directly owned 124,615 shares of the company's stock, valued at approximately $6,853,825. This trade represents a 7.29% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, COO Nicholas Marco Miller sold 69,774 shares of the firm's stock in a transaction that occurred on Thursday, June 12th. The shares were sold at an average price of $59.65, for a total value of $4,162,019.10. Following the completion of the transaction, the chief operating officer directly owned 175,216 shares in the company, valued at $10,451,634.40. The trade was a 28.48% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 210,476 shares of company stock valued at $12,169,880 over the last 90 days. 0.56% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

NXT has been the subject of a number of recent analyst reports. Barclays increased their price target on Nextracker from $58.00 to $64.00 and gave the company an "overweight" rating in a research report on Friday, May 16th. Truist Financial increased 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. Guggenheim lowered Nextracker from a "buy" rating to a "neutral" rating in a research report on Wednesday, May 14th. Fox Advisors lowered Nextracker from an "overweight" rating to an "equal weight" rating in a research report on Thursday, May 15th. Finally, Roth Capital restated a "buy" rating and set a $70.00 price objective (up from $55.00) on shares of Nextracker in a research report on Thursday, May 15th. Five analysts have rated the stock with a hold rating, eighteen have issued a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat.com, Nextracker has an average rating of "Moderate Buy" and a consensus target price of $60.33.

Nextracker Stock Performance

Shares of NXT stock opened at $66.27 on Monday. The stock's 50 day simple moving average is $55.04 and its 200 day simple moving average is $47.02. Nextracker Inc. has a twelve month low of $30.93 and a twelve month high of $66.61. The company has a market capitalization of $9.69 billion, a price-to-earnings ratio of 19.10, a PEG ratio of 1.71 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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