Nextracker Inc. (NASDAQ:NXT) Holdings Cut by California Public Employees Retirement System

California Public Employees Retirement System lessened its holdings in shares of Nextracker Inc. (NASDAQ:NXT - Free Report) by 9.7% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 167,440 shares of the company's stock after selling 18,048 shares during the period. California Public Employees Retirement System owned about 0.11% of Nextracker worth $6,117,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of the business. HighTower Advisors LLC grew its stake in Nextracker by 1.8% in the third quarter. HighTower Advisors LLC now owns 29,777 shares of the company's stock worth $1,115,000 after purchasing an additional 519 shares in the last quarter. Quarry LP grew its holdings in Nextracker by 61.5% during the 3rd quarter. Quarry LP now owns 1,119 shares of the company's stock worth $42,000 after acquiring an additional 426 shares in the last quarter. State Street Corp raised its holdings in shares of Nextracker by 15.8% in the 3rd quarter. State Street Corp now owns 5,070,473 shares of the company's stock valued at $190,041,000 after purchasing an additional 690,343 shares in the last quarter. Wellington Management Group LLP lifted its position in shares of Nextracker by 25.5% in the 3rd quarter. Wellington Management Group LLP now owns 3,392,992 shares of the company's stock worth $127,169,000 after purchasing an additional 688,810 shares during the period. Finally, Nomura Asset Management Co. Ltd. bought a new position in Nextracker in the third quarter worth approximately $112,000. 67.41% of the stock is owned by institutional investors.

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Insiders Place Their Bets

In other news, President Howard Wenger sold 6,066 shares of the business's stock in a transaction that occurred on Thursday, January 16th. The shares were sold at an average price of $45.00, for a total value of $272,970.00. Following the completion of the transaction, the president now owns 209,365 shares of the company's stock, valued at $9,421,425. The trade was a 2.82 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CAO David P. Bennett sold 9,801 shares of the company's stock in a transaction on Wednesday, January 29th. The shares were sold at an average price of $49.90, for a total value of $489,069.90. Following the completion of the transaction, the chief accounting officer now owns 124,577 shares of the company's stock, valued at $6,216,392.30. The trade was a 7.29 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 25,758 shares of company stock worth $1,217,520. 0.27% of the stock is owned by company insiders.

Analyst Ratings Changes

NXT has been the topic of a number of analyst reports. Citigroup cut their price objective on shares of Nextracker from $50.00 to $45.00 and set a "neutral" rating on the stock in a research report on Wednesday, January 8th. TD Cowen assumed coverage on Nextracker in a research report on Thursday, December 19th. They set a "hold" rating and a $41.00 target price on the stock. Northland Securities restated an "outperform" rating and set a $55.00 price objective (up previously from $48.00) on shares of Nextracker in a report on Wednesday, January 29th. Wells Fargo & Company dropped their target price on shares of Nextracker from $70.00 to $69.00 and set an "overweight" rating on the stock in a research report on Wednesday, January 8th. Finally, Susquehanna upped their target price on Nextracker from $50.00 to $54.00 and gave the company a "positive" rating in a research report on Wednesday, January 29th. Three 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 company's stock. According to data from MarketBeat, Nextracker currently has an average rating of "Moderate Buy" and a consensus target price of $56.05.

Nextracker Stock Performance

NASDAQ NXT traded up $1.48 during trading on Friday, reaching $39.23. The company's stock had a trading volume of 1,660,747 shares, compared to its average volume of 3,058,759. The business's fifty day moving average price is $43.83 and its 200-day moving average price is $40.32. 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 firm has a market cap of $5.71 billion, a price-to-earnings ratio of 9.98 and a beta of 2.02. Nextracker Inc. has a twelve month low of $30.93 and a twelve month high of $62.31.

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

Nextracker 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.