Sumitomo Mitsui DS Asset Management Company Ltd Takes Position in Nextpower Inc. $NXT

Key Points

• Sumitomo Mitsui DS Asset Management opened a new Q4 position in Nextpower (NASDAQ:NXT), buying 58,323 shares valued at about $5.08 million.
• CEO Daniel S. Shugar sold 59,456 shares on March 9 at an average price of $105.17 for roughly $6.25 million, trimming his holding by 7.38% to 746,339 shares; insiders now own 0.56% of the company.
• Nextpower has a market cap of about $17.94 billion, a 1‑year range of $43.68–$131.72 and a consensus analyst rating of “Moderate Buy” with a consensus target of $117.79 after several firms raised price targets.

Sumitomo Mitsui DS Asset Management Company Ltd acquired a new stake in Nextpower Inc. (NASDAQ:NXT - Free Report) during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 58,323 shares of the company's stock, valued at approximately $5,081,000.

A number of other large investors also recently modified their holdings of NXT. Westfield Capital Management Co. LP raised its holdings in shares of Nextpower by 6.1% in the 3rd quarter. Westfield Capital Management Co. LP now owns 1,398,057 shares of the company's stock valued at $103,442,000 after purchasing an additional 80,493 shares in the last quarter. Belpointe Asset Management LLC acquired a new stake in shares of Nextpower in the 3rd quarter valued at $832,000. New York Life Investment Management LLC acquired a new stake in shares of Nextpower in the 3rd quarter valued at $1,008,000. Strs Ohio raised its holdings in shares of Nextpower by 219.8% in the 3rd quarter. Strs Ohio now owns 110,000 shares of the company's stock valued at $8,139,000 after purchasing an additional 75,600 shares in the last quarter. Finally, American Century Companies Inc. raised its holdings in shares of Nextpower by 23.4% in the 3rd quarter. American Century Companies Inc. now owns 675,886 shares of the company's stock valued at $50,009,000 after purchasing an additional 128,296 shares in the last quarter. 67.41% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Nextpower

In other Nextpower news, CEO Daniel S. Shugar sold 59,456 shares of the firm's stock in a transaction on Monday, March 9th. The shares were sold at an average price of $105.17, for a total transaction of $6,252,987.52. Following the transaction, the chief executive officer directly owned 746,339 shares of the company's stock, valued at approximately $78,492,472.63. This trade represents a 7.38% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Insiders own 0.56% of the company's stock.

Nextpower Stock Performance

Shares of Nextpower stock opened at $120.86 on Friday. Nextpower Inc. has a 1 year low of $43.68 and a 1 year high of $131.72. The company has a market capitalization of $17.94 billion, a P/E ratio of 30.91, a PEG ratio of 5.99 and a beta of 1.60. The company's fifty day moving average is $114.71 and its two-hundred day moving average is $104.61.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on NXT. Jefferies Financial Group raised their price objective on shares of Nextpower from $122.00 to $138.00 and gave the company a "buy" rating in a report on Tuesday, March 17th. Robert W. Baird increased their target price on shares of Nextpower from $126.00 to $133.00 and gave the company an "outperform" rating in a research report on Tuesday, April 28th. Wall Street Zen downgraded shares of Nextpower from a "buy" rating to a "hold" rating in a research report on Monday, April 27th. Needham & Company LLC increased their target price on shares of Nextpower from $103.00 to $138.00 and gave the company a "buy" rating in a research report on Thursday, January 29th. Finally, Glj Research reaffirmed a "buy" rating and issued a $147.33 target price on shares of Nextpower in a research report on Monday, March 16th. One investment analyst has rated the stock with a Strong Buy rating, nineteen have issued a Buy rating and six have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company currently 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.

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