Franklin Resources Inc. Acquires 160,206 Shares of Nextracker Inc. (NASDAQ:NXT)

Franklin Resources Inc. boosted its holdings in shares of Nextracker Inc. (NASDAQ:NXT - Free Report) by 113.4% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 301,455 shares of the company's stock after acquiring an additional 160,206 shares during the period. Franklin Resources Inc. owned approximately 0.21% of Nextracker worth $11,012,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in NXT. Allworth Financial LP boosted its stake in Nextracker by 52.4% in the 4th quarter. Allworth Financial LP now owns 803 shares of the company's stock worth $29,000 after purchasing an additional 276 shares during the period. Quarry LP lifted its holdings in shares of Nextracker by 61.5% in the third quarter. Quarry LP now owns 1,119 shares of the company's stock valued at $42,000 after purchasing an additional 426 shares in the last quarter. Millstone Evans Group LLC acquired a new position in shares of Nextracker during the fourth quarter worth about $48,000. Principal Securities Inc. raised its position in Nextracker by 41.8% in the 4th quarter. Principal Securities Inc. now owns 1,390 shares of the company's stock valued at $51,000 after buying an additional 410 shares during the last quarter. Finally, Nisa Investment Advisors LLC lifted its stake in Nextracker by 38.4% in the 4th quarter. Nisa Investment Advisors LLC now owns 1,859 shares of the company's stock valued at $68,000 after acquiring an additional 516 shares in the last quarter. 67.41% of the stock is owned by institutional investors and hedge funds.

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Wall Street Analysts Forecast Growth

Several research analysts have weighed in on the company. Susquehanna upped their price objective on Nextracker from $50.00 to $54.00 and gave the stock a "positive" rating in a research note on Wednesday, January 29th. Citigroup lowered their price target on shares of Nextracker from $50.00 to $45.00 and set a "neutral" rating on the stock in a report on Wednesday, January 8th. JPMorgan Chase & Co. boosted their price objective on Nextracker from $58.00 to $61.00 and gave the stock an "overweight" rating in a report on Wednesday, January 29th. Guggenheim increased their target price on Nextracker from $50.00 to $62.00 and gave the stock a "buy" rating in a research note on Wednesday, January 29th. Finally, Jefferies Financial Group upgraded Nextracker from a "hold" rating to a "buy" rating and boosted their price target for the company from $46.00 to $56.00 in a research note on Wednesday, January 29th. Three research analysts have rated the stock with a hold rating, nineteen have assigned a buy rating and two have issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $56.05.

Nextracker Trading Up 1.1 %

NASDAQ NXT traded up $0.44 on Monday, reaching $39.67. The company had a trading volume of 164,449 shares, compared to its average volume of 3,042,612. The firm has a market cap of $5.78 billion, a price-to-earnings ratio of 10.09 and a beta of 2.02. Nextracker Inc. has a fifty-two week low of $30.93 and a fifty-two week high of $62.31. The business has a 50 day moving average of $43.83 and a two-hundred day moving average of $40.34. The company has a debt-to-equity ratio of 0.10, a current ratio of 2.20 and a quick ratio of 1.96.

Nextracker (NASDAQ:NXT - Get Free Report) last posted its quarterly earnings data 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 return on equity of 41.22% and a net margin of 20.12%. Analysts forecast that Nextracker Inc. will post 3.29 EPS for the current year.

Insider Buying and Selling

In other Nextracker news, President Howard Wenger sold 6,066 shares of the business's stock in a transaction that occurred on Thursday, January 16th. The stock was sold at an average price of $45.00, for a total value of $272,970.00. Following the transaction, the president now directly owns 209,365 shares of the company's stock, valued at approximately $9,421,425. The trade was a 2.82 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Bruce Ledesma sold 9,891 shares of Nextracker stock in a transaction on Monday, February 10th. The shares were sold at an average price of $46.05, for a total transaction of $455,480.55. Following the completion of the sale, the insider now owns 132,374 shares of the company's stock, valued at $6,095,822.70. This represents a 6.95 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 25,758 shares of company stock valued at $1,217,520 over the last quarter. Insiders own 0.27% of the company's stock.

About Nextracker

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.