128,950 Shares in Nextracker Inc. (NASDAQ:NXT) Purchased by Raymond James Financial Inc.

Raymond James Financial Inc. purchased a new stake in Nextracker Inc. (NASDAQ:NXT - Free Report) in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 128,950 shares of the company's stock, valued at approximately $4,711,000. Raymond James Financial Inc. owned 0.09% of Nextracker at the end of the most recent quarter.

A number of other large investors also recently bought and sold shares of NXT. IFP Advisors Inc lifted its stake in shares of Nextracker by 516.4% in the 4th quarter. IFP Advisors Inc now owns 3,304 shares of the company's stock valued at $121,000 after purchasing an additional 2,768 shares during the period. Robeco Schweiz AG acquired a new position in shares of Nextracker in the fourth quarter worth about $22,112,000. New York State Common Retirement Fund boosted its stake in shares of 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 in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in shares of Nextracker by 10.2% in the 4th 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, Nordea Investment Management AB acquired a new position in Nextracker in the 4th quarter worth about $5,734,000. 67.41% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

NXT has been the subject of several research analyst reports. Northland Securities reaffirmed an "outperform" rating and set a $55.00 target price (up from $48.00) on shares of Nextracker in a research note on Wednesday, January 29th. Guggenheim boosted their target price on shares of Nextracker from $50.00 to $62.00 and gave the stock a "buy" rating in a research note on Wednesday, January 29th. Royal Bank of Canada initiated coverage on Nextracker in a research note on Monday, March 17th. They set an "outperform" rating and a $55.00 price objective for the company. UBS Group lifted their price target on Nextracker from $60.00 to $66.00 and gave the stock a "buy" rating in a research note on Wednesday, January 29th. Finally, Susquehanna boosted their price target on Nextracker from $50.00 to $54.00 and gave the stock a "positive" rating in a research report on Wednesday, January 29th. Three investment analysts have rated the stock with a hold rating, eighteen have given a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat, Nextracker has a consensus rating of "Moderate Buy" and an average target price of $55.43.

Insider Transactions at Nextracker

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

Nextracker Stock Up 3.1 %

Shares of NASDAQ:NXT opened at $43.65 on Friday. The business has a 50-day moving average price of $42.66 and a 200 day moving average price of $40.56. Nextracker Inc. has a 12-month low of $30.93 and a 12-month high of $62.31. The company has a current ratio of 2.20, a quick ratio of 1.96 and a debt-to-equity ratio of 0.10. The company has a market capitalization of $6.36 billion, a price-to-earnings ratio of 11.11 and a beta of 2.02.

Nextracker (NASDAQ:NXT - Get Free Report) last released its quarterly earnings results on Tuesday, January 28th. The company reported $0.89 earnings per share (EPS) for the quarter, beating 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%. Sell-side analysts expect that Nextracker Inc. will post 3.29 EPS for the current 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.