Allspring Global Investments Holdings LLC Has $18.20 Million Holdings in Nextracker Inc. (NASDAQ:NXT)

Allspring Global Investments Holdings LLC raised its position in Nextracker Inc. (NASDAQ:NXT - Free Report) by 330.2% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 388,364 shares of the company's stock after acquiring an additional 298,088 shares during the quarter. Allspring Global Investments Holdings LLC owned 0.24% of Nextracker worth $18,195,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in NXT. BlackRock Inc. purchased a new position in Nextracker in the first quarter valued at about $154,708,000. JPMorgan Chase & Co. purchased a new position in shares of Nextracker during the 1st quarter valued at approximately $42,403,000. Morgan Stanley grew its position in shares of Nextracker by 337.3% during the third quarter. Morgan Stanley now owns 1,433,301 shares of the company's stock worth $57,561,000 after buying an additional 1,105,536 shares in the last quarter. Alliancebernstein L.P. increased its stake in shares of Nextracker by 3,423.9% in the second quarter. Alliancebernstein L.P. now owns 1,113,857 shares of the company's stock worth $44,343,000 after buying an additional 1,082,248 shares during the last quarter. Finally, Jacobs Levy Equity Management Inc. raised its holdings in Nextracker by 2,652.9% in the third quarter. Jacobs Levy Equity Management Inc. now owns 994,981 shares of the company's stock valued at $39,958,000 after acquiring an additional 958,838 shares in the last quarter. Hedge funds and other institutional investors own 67.41% of the company's stock.

Analyst Upgrades and Downgrades

NXT has been the subject of several research analyst reports. Daiwa Capital Markets started coverage on shares of Nextracker in a research report on Monday, April 1st. They issued an "outperform" rating and a $63.00 target price for the company. Piper Sandler lowered their price objective on Nextracker from $66.00 to $64.00 and set an "overweight" rating for the company in a report on Thursday. Robert W. Baird initiated coverage on Nextracker in a research note on Thursday, March 21st. They set an "outperform" rating and a $71.00 price objective on the stock. Barclays lowered Nextracker from an "overweight" rating to an "equal weight" rating and lifted their target price for the stock from $55.00 to $63.00 in a research report on Tuesday, April 2nd. Finally, Truist Financial upped their price target on Nextracker from $52.00 to $60.00 and gave the company a "buy" rating in a research report on Tuesday, January 23rd. Three research analysts have rated the stock with a hold rating and nineteen have issued a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $59.41.

Insider Buying and Selling at Nextracker

In related news, insider Leah Schlesinger sold 2,149 shares of the firm's stock in a transaction that occurred on Wednesday, April 3rd. The shares were sold at an average price of $51.91, for a total transaction of $111,554.59. Following the completion of the sale, the insider now directly owns 11,910 shares in the company, valued at $618,248.10. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other Nextracker news, COO Nicholas Marco Miller sold 8,355 shares of the business's stock in a transaction dated Tuesday, April 2nd. The stock was sold at an average price of $52.67, for a total transaction of $440,057.85. Following the sale, the chief operating officer now owns 11,114 shares in the company, valued at approximately $585,374.38. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, insider Leah Schlesinger sold 2,149 shares of the company's stock in a transaction dated Wednesday, April 3rd. The shares were sold at an average price of $51.91, for a total transaction of $111,554.59. Following the sale, the insider now directly owns 11,910 shares of the company's stock, valued at $618,248.10. The disclosure for this sale can be found here. 0.09% of the stock is owned by corporate insiders.

Nextracker Trading Down 5.0 %

NXT traded down $2.37 during trading hours on Monday, hitting $44.83. The company's stock had a trading volume of 4,275,768 shares, compared to its average volume of 4,276,917. Nextracker Inc. has a fifty-two week low of $29.28 and a fifty-two week high of $62.14. The company has a 50-day simple moving average of $56.85 and a 200 day simple moving average of $46.44. The firm has a market capitalization of $6.12 billion, a PE ratio of 25.24, a PEG ratio of 0.40 and a beta of 1.94.

Nextracker (NASDAQ:NXT - Get Free Report) last released its earnings results on Wednesday, January 31st. The company reported $0.88 EPS for the quarter, beating the consensus estimate of $0.37 by $0.51. Nextracker had a net margin of 4.48% and a negative return on equity of 5.98%. The firm had revenue of $710.43 million for the quarter, compared to analysts' expectations of $615.53 million. Research analysts expect that Nextracker Inc. will post 2.35 earnings per share for the current fiscal year.

About Nextracker

Nextracker Inc, an energy solutions company, provides solar tracker and software solutions for utility-scale and ground-mounted distributed generation solar projects worldwide. The company offers tracking solutions, which includes NX Horizon, a solar tracking solution; NX Gemini, a two-in-portrait format tracker, which holds two rows of solar panels along the central support beam; and NX Horizon-XTR, a terrain-following tracker designed to expand the addressable market for trackers on sites with sloped, uneven, and challenging terrain.