Wells Fargo & Company MN Cuts Stake in Nextracker Inc. (NASDAQ:NXT)

Wells Fargo & Company MN lowered its holdings in shares of Nextracker Inc. (NASDAQ:NXT - Free Report) by 12.9% in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 860,918 shares of the company's stock after selling 127,937 shares during the quarter. Wells Fargo & Company MN owned approximately 0.59% of Nextracker worth $31,449,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also recently made changes to their positions in NXT. IFP Advisors Inc increased its position in Nextracker by 516.4% in the fourth quarter. IFP Advisors Inc now owns 3,304 shares of the company's stock worth $121,000 after buying an additional 2,768 shares in the last quarter. Robeco Schweiz AG purchased a new stake in Nextracker in the 4th quarter worth approximately $22,112,000. New York State Common Retirement Fund raised its stake in Nextracker by 65.6% during the 4th quarter. New York State Common Retirement Fund now owns 469,163 shares of the company's stock worth $17,139,000 after acquiring an additional 185,858 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in Nextracker by 10.2% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,753,848 shares of the company's stock valued at $64,068,000 after purchasing an additional 161,873 shares in the last quarter. Finally, Geode Capital Management LLC increased its stake in shares of Nextracker by 23.3% in the third quarter. Geode Capital Management LLC now owns 3,593,938 shares of the company's stock worth $134,724,000 after purchasing an additional 679,272 shares in the last quarter. Institutional investors own 67.41% of the company's stock.

Insider Activity

In other Nextracker news, insider Bruce Ledesma sold 9,891 shares of the business's stock in a transaction dated Monday, February 10th. The shares were sold at an average price of $46.05, for a total value of $455,480.55. Following the completion of the sale, the insider now directly owns 132,374 shares of the company's stock, valued at $6,095,822.70. The trade was a 6.95 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CAO David P. Bennett sold 9,801 shares of the firm's stock in a transaction that occurred on Wednesday, January 29th. The stock was sold at an average price of $49.90, for a total transaction of $489,069.90. Following the transaction, the chief accounting officer now directly owns 124,577 shares in the company, valued at approximately $6,216,392.30. This trade represents a 7.29 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 25,758 shares of company stock valued at $1,217,520. 0.27% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on the stock. Northland Securities restated an "outperform" rating and set a $55.00 target price (up previously from $48.00) on shares of Nextracker in a research note on Wednesday, January 29th. Susquehanna boosted their price objective on Nextracker from $50.00 to $54.00 and gave the company a "positive" rating in a research report on Wednesday, January 29th. Piper Sandler increased their target price on Nextracker from $47.00 to $50.00 and gave the stock an "overweight" rating in a research report on Wednesday, January 29th. BNP Paribas raised Nextracker to a "strong-buy" rating in a report on Wednesday, January 29th. Finally, Guggenheim increased their price objective on shares of Nextracker from $50.00 to $62.00 and gave the company a "buy" rating in a report on Wednesday, January 29th. Three equities research analysts have rated the stock with a hold rating, nineteen have given a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $55.82.

Nextracker Trading Down 0.4 %

NASDAQ NXT traded down $0.15 on Wednesday, hitting $40.42. 161,620 shares of the stock were exchanged, compared to its average volume of 3,026,214. Nextracker Inc. has a 52-week low of $30.93 and a 52-week high of $62.31. The firm has a market capitalization of $5.89 billion, a P/E ratio of 10.31 and a beta of 2.02. The company has a debt-to-equity ratio of 0.10, a quick ratio of 1.96 and a current ratio of 2.20. The stock has a fifty day moving average price of $43.56 and a two-hundred day moving average price of $40.36.

Nextracker (NASDAQ:NXT - Get Free Report) last released its quarterly earnings results on Tuesday, January 28th. The company reported $0.89 EPS for the quarter, topping analysts' consensus estimates of $0.58 by $0.31. Nextracker had a net margin of 20.12% and a return on equity of 41.22%. Research analysts forecast that Nextracker Inc. will post 3.29 EPS for the current fiscal year.

Nextracker Company Profile

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.