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

Wells Fargo & Company MN cut its holdings in Nextracker Inc. (NASDAQ:NXT - Free Report) by 12.9% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The fund owned 860,918 shares of the company's stock after selling 127,937 shares during the quarter. Wells Fargo & Company MN owned about 0.59% of Nextracker worth $31,449,000 at the end of the most recent reporting period.

A number of other institutional investors also recently bought and sold shares of NXT. Vanguard Group Inc. increased its stake in shares of Nextracker by 1.8% in the 4th quarter. Vanguard Group Inc. now owns 13,843,997 shares of the company's stock worth $505,721,000 after acquiring an additional 243,635 shares during the last quarter. State Street Corp boosted its position in 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 buying an additional 690,343 shares during the period. Geode Capital Management LLC increased its holdings in Nextracker by 23.3% during the 3rd 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 during the period. Norges Bank purchased a new stake in shares of Nextracker during the fourth quarter worth approximately $106,166,000. Finally, Handelsbanken Fonder AB lifted its stake in Nextracker by 36.0% in the fourth quarter. Handelsbanken Fonder AB now owns 2,278,217 shares of the company's stock worth $83,223,000 after acquiring an additional 602,600 shares during the last quarter. 67.41% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Nextracker

In other news, insider Bruce Ledesma sold 9,891 shares of the stock in a transaction on Monday, February 10th. The shares were sold at an average price of $46.05, for a total value of $455,480.55. Following the transaction, 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 sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, President Howard Wenger sold 6,066 shares of the stock in a transaction that occurred on Thursday, January 16th. The shares were sold at an average price of $45.00, for a total transaction of $272,970.00. Following the transaction, the president now owns 209,365 shares in the company, valued at $9,421,425. The trade was a 2.82 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 25,758 shares of company stock valued at $1,217,520 over the last three months. 0.27% of the stock is currently owned by insiders.

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Wall Street Analysts Forecast Growth

Several equities analysts have commented on NXT shares. BMO Capital Markets increased their price target on shares of Nextracker from $48.00 to $50.00 and gave the company a "market perform" rating in a research note on Wednesday, January 29th. BNP Paribas upgraded shares of Nextracker to a "strong-buy" rating in a research note on Wednesday, January 29th. JPMorgan Chase & Co. boosted their target price on Nextracker from $58.00 to $61.00 and gave the company an "overweight" rating in a report on Wednesday, January 29th. Northland Securities restated an "outperform" rating and set a $55.00 price target (up previously from $48.00) on shares of Nextracker in a research note on Wednesday, January 29th. Finally, Barclays reduced their price objective on Nextracker from $60.00 to $58.00 and set an "overweight" rating for the company in a research note on Thursday, April 10th. Three research analysts have rated the stock with a hold rating, nineteen have assigned a buy rating and two have given a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $55.82.

Nextracker Price Performance

Shares of NASDAQ NXT traded down $0.32 during midday trading on Tuesday, reaching $40.41. 684,703 shares of the company were exchanged, compared to its average volume of 3,039,598. Nextracker Inc. has a one year low of $30.93 and a one year high of $62.31. The stock's 50-day moving average price is $43.70 and its 200-day moving average price is $40.35. The company has a quick ratio of 1.96, a current ratio of 2.20 and a debt-to-equity ratio of 0.10. The stock has a market cap of $5.88 billion, a P/E ratio of 10.28 and a beta of 2.02.

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 the consensus estimate of $0.58 by $0.31. Nextracker had a net margin of 20.12% and a return on equity of 41.22%. On average, sell-side analysts anticipate that Nextracker Inc. will post 3.29 earnings per share 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.