Prudential Financial Inc. Has $10.07 Million Stake in First Solar, Inc. (NASDAQ:FSLR)

Prudential Financial Inc. reduced its stake in shares of First Solar, Inc. (NASDAQ:FSLR - Free Report) by 17.9% during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 57,137 shares of the solar cell manufacturer's stock after selling 12,416 shares during the period. Prudential Financial Inc. owned 0.05% of First Solar worth $10,070,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. Wellington Management Group LLP increased its position in First Solar by 75.8% in the 3rd quarter. Wellington Management Group LLP now owns 2,097,364 shares of the solar cell manufacturer's stock worth $523,166,000 after purchasing an additional 904,498 shares during the last quarter. Mirova US LLC increased its holdings in First Solar by 961.0% in the fourth quarter. Mirova US LLC now owns 646,310 shares of the solar cell manufacturer's stock worth $113,906,000 after buying an additional 585,394 shares during the last quarter. Amundi increased its holdings in First Solar by 31.0% in the fourth quarter. Amundi now owns 1,805,244 shares of the solar cell manufacturer's stock worth $336,871,000 after buying an additional 426,797 shares during the last quarter. Merewether Investment Management LP lifted its stake in First Solar by 993.4% in the third quarter. Merewether Investment Management LP now owns 322,936 shares of the solar cell manufacturer's stock valued at $80,553,000 after acquiring an additional 293,400 shares during the last quarter. Finally, Erste Asset Management GmbH bought a new stake in First Solar in the third quarter worth approximately $67,652,000. 92.08% of the stock is owned by institutional investors and hedge funds.

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First Solar Stock Performance

First Solar stock traded up $1.14 on Tuesday, hitting $127.57. The company's stock had a trading volume of 3,081,253 shares, compared to its average volume of 2,649,976. The company has a fifty day moving average price of $147.83 and a 200-day moving average price of $183.30. The firm has a market cap of $13.66 billion, a P/E ratio of 10.99, a price-to-earnings-growth ratio of 0.19 and a beta of 1.52. First Solar, Inc. has a one year low of $120.60 and a one year high of $306.77. The company has a quick ratio of 1.44, a current ratio of 2.14 and a debt-to-equity ratio of 0.05.

First Solar (NASDAQ:FSLR - Get Free Report) last posted its quarterly earnings results on Tuesday, February 25th. The solar cell manufacturer reported $3.65 earnings per share (EPS) for the quarter, missing the consensus estimate of $4.81 by ($1.16). The business had revenue of $1.51 billion during the quarter, compared to analyst estimates of $1.48 billion. First Solar had a return on equity of 17.56% and a net margin of 32.41%. On average, equities analysts anticipate that First Solar, Inc. will post 13.05 earnings per share for the current year.

Insider Activity at First Solar

In related news, CEO Mark R. Widmar sold 1,272 shares of the stock in a transaction that occurred on Friday, March 7th. The stock was sold at an average price of $132.96, for a total transaction of $169,125.12. Following the sale, the chief executive officer now directly owns 109,000 shares in the company, valued at $14,492,640. This represents a 1.15 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Alexander R. Bradley sold 599 shares of First Solar stock in a transaction on Monday, March 17th. The shares were sold at an average price of $133.75, for a total value of $80,116.25. Following the completion of the transaction, the chief financial officer now owns 45,717 shares of the company's stock, valued at approximately $6,114,648.75. The trade was a 1.29 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 34,311 shares of company stock valued at $4,767,158 in the last 90 days. 0.58% of the stock is owned by corporate insiders.

Analyst Ratings Changes

FSLR has been the subject of several analyst reports. BMO Capital Markets reaffirmed an "outperform" rating and issued a $230.00 price objective (down previously from $260.00) on shares of First Solar in a research note on Wednesday, February 26th. Mizuho upgraded First Solar from a "neutral" rating to an "outperform" rating and upped their price target for the stock from $218.00 to $259.00 in a research note on Tuesday, February 11th. Piper Sandler cut their price objective on First Solar from $250.00 to $230.00 and set an "overweight" rating on the stock in a research note on Wednesday, February 26th. Citigroup reduced their target price on First Solar from $254.00 to $236.00 and set a "neutral" rating for the company in a report on Wednesday, February 26th. Finally, Robert W. Baird lowered their price target on First Solar from $307.00 to $267.00 and set an "outperform" rating on the stock in a report on Wednesday, December 18th. Four research analysts have rated the stock with a hold rating, twenty-three have issued a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $262.08.

First Solar Profile

First Solar, Inc, a solar technology company, provides photovoltaic (PV) solar energy solutions in the United States, France, Japan, Chile, and internationally. The company manufactures and sells PV solar modules with a thin film semiconductor technology that provides a lower-carbon alternative to conventional crystalline silicon PV solar modules.