Zurcher Kantonalbank Zurich Cantonalbank Has $70.88 Million Stock Position in Nextpower Inc. $NXT

Key Points

• Zurcher Kantonalbank trimmed its stake in Nextpower by 14.6% to 813,637 shares worth $70.88 million (about 0.55% of the company); institutional investors collectively own 67.41% of the stock.
• Nextpower beat quarterly expectations, reporting $1.10 EPS vs. $0.93 expected and $909.35M revenue vs. $812.43M, and the stock trades at a $16.54 billion market cap with a P/E of 28.49 and a consensus "Moderate Buy" price target of $114.49.
• Insider selling has occurred recently — CEO Daniel Shugar sold 59,456 shares for about $6.25M, with insiders selling 104,348 shares (~$10.88M) over the last three months and now owning 0.56% of the company.

Zurcher Kantonalbank Zurich Cantonalbank lowered its position in Nextpower Inc. (NASDAQ:NXT - Free Report) by 14.6% during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 813,637 shares of the company's stock after selling 139,076 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank owned 0.55% of Nextpower worth $70,876,000 as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in NXT. Whittier Trust Co. of Nevada Inc. raised its position in shares of Nextpower by 268.7% during the fourth quarter. Whittier Trust Co. of Nevada Inc. now owns 306 shares of the company's stock worth $28,000 after purchasing an additional 223 shares during the period. Foster Dykema Cabot & Partners LLC bought a new stake in Nextpower during the 3rd quarter valued at $36,000. Baillie Gifford & Co. raised its holdings in Nextpower by 76.5% during the fourth quarter. Baillie Gifford & Co. now owns 420 shares of the company's stock worth $37,000 after buying an additional 182 shares during the last quarter. Northwestern Mutual Wealth Management Co. lifted its stake in shares of Nextpower by 511.1% in the third quarter. Northwestern Mutual Wealth Management Co. now owns 495 shares of the company's stock valued at $37,000 after buying an additional 414 shares in the last quarter. Finally, BOKF NA grew its holdings in shares of Nextpower by 1,135.7% during the third quarter. BOKF NA now owns 519 shares of the company's stock valued at $38,000 after buying an additional 477 shares during the last quarter. Institutional investors and hedge funds own 67.41% of the company's stock.

Nextpower Stock Performance

Shares of NXT stock opened at $111.39 on Monday. The firm has a market cap of $16.54 billion, a price-to-earnings ratio of 28.49, a P/E/G ratio of 2.56 and a beta of 2.02. Nextpower Inc. has a 52 week low of $37.16 and a 52 week high of $131.72. The firm's 50-day simple moving average is $114.86 and its two-hundred day simple moving average is $101.65.

Nextpower (NASDAQ:NXT - Get Free Report) last released its earnings results on Tuesday, January 27th. The company reported $1.10 earnings per share for the quarter, beating analysts' consensus estimates of $0.93 by $0.17. The firm had revenue of $909.35 million during the quarter, compared to the consensus estimate of $812.43 million. Nextpower had a net margin of 16.43% and a return on equity of 32.01%. Analysts forecast that Nextpower Inc. will post 3.29 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on the stock. The Goldman Sachs Group set a $140.00 target price on shares of Nextpower and gave the stock a "buy" rating in a report on Tuesday, April 14th. Susquehanna boosted their price objective on Nextpower from $133.00 to $136.00 and gave the stock a "positive" rating in a report on Thursday, April 9th. Bank of America raised their target price on Nextpower from $102.00 to $108.00 and gave the company a "buy" rating in a report on Thursday, January 22nd. TD Cowen lifted their target price on Nextpower from $88.00 to $105.00 and gave the company a "hold" rating in a research report on Wednesday, January 28th. Finally, UBS Group upped their price target on Nextpower from $125.00 to $140.00 and gave the stock a "buy" rating in a report on Wednesday, January 28th. One equities research analyst has rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating and six have issued a Hold rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $114.49.

Insiders Place Their Bets

In other news, CEO Daniel S. Shugar sold 59,456 shares of the company's stock in a transaction on 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 transaction, the chief executive officer owned 746,339 shares of the company's stock, valued at $78,492,472.63. This represents a 7.38% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director William D. Watkins sold 5,000 shares of Nextpower stock in a transaction dated Friday, January 30th. The stock was sold at an average price of $118.57, for a total value of $592,850.00. Following the completion of the sale, the director directly owned 11,777 shares of the company's stock, valued at approximately $1,396,398.89. This trade represents a 29.80% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 104,348 shares of company stock valued at $10,876,525 over the last three months. Company insiders own 0.56% of the company's stock.

Nextpower Company 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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