Boston Partners Sells 29,931 Shares of Nextracker Inc. (NASDAQ:NXT)

Boston Partners lowered its position in Nextracker Inc. (NASDAQ:NXT) by 74.6% during the fourth quarter, according to its most recent filing with the SEC. The firm owned 10,214 shares of the company’s stock after selling 29,931 shares during the period. Boston Partners’ holdings in Nextracker were worth $373,000 as of its most recent filing with the SEC.

Other institutional investors also recently modified their holdings of the company. State Street Corp boosted its position in shares of Nextracker by 15.8% during 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. Geode Capital Management LLC boosted its holdings in shares of 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 buying an additional 679,272 shares in the last quarter. Wellington Management Group LLP grew its position in shares of Nextracker by 25.5% during the 3rd quarter. Wellington Management Group LLP now owns 3,392,992 shares of the company’s stock worth $127,169,000 after buying an additional 688,810 shares during the period. Handelsbanken Fonder AB increased its stake in shares of Nextracker by 36.0% in the 4th quarter. Handelsbanken Fonder AB now owns 2,278,217 shares of the company’s stock valued at $83,223,000 after acquiring an additional 602,600 shares in the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank lifted its position in shares of Nextracker by 10.2% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,753,848 shares of the company’s stock valued at $64,068,000 after acquiring an additional 161,873 shares during the period. 67.41% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

NXT has been the subject of several research analyst reports. Jefferies Financial Group raised shares of Nextracker from a “hold” rating to a “buy” rating and lifted their price target for the company from $46.00 to $56.00 in a research note on Wednesday, January 29th. Truist Financial reaffirmed a “buy” rating and issued a $56.00 target price (up from $54.00) on shares of Nextracker in a research report on Wednesday, January 29th. Barclays upgraded Nextracker from an “equal weight” rating to an “overweight” rating and increased their price target for the stock from $47.00 to $60.00 in a report on Wednesday, January 29th. The Goldman Sachs Group boosted their price objective on Nextracker from $54.00 to $61.00 and gave the company a “buy” rating in a report on Wednesday, January 29th. Finally, Guggenheim increased their target price on Nextracker from $50.00 to $62.00 and gave the stock a “buy” rating in a report on Wednesday, January 29th. Three analysts have rated the stock with a hold rating, twenty have issued a buy rating and two have assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $56.43.

Insiders Place Their Bets

In related news, CAO David P. Bennett sold 9,801 shares of the firm’s stock in a transaction that occurred 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 directly owns 124,577 shares of the company’s stock, valued at approximately $6,216,392.30. This trade represents a 7.29 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Bruce Ledesma sold 9,891 shares of the business’s 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 sale, the insider now directly owns 132,374 shares in the company, valued at $6,095,822.70. The trade was 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 ninety days. 0.27% of the stock is currently owned by insiders.

Nextracker Stock Performance

NASDAQ NXT opened at $44.27 on Monday. 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 company has a market capitalization of $6.45 billion, a PE ratio of 11.26 and a beta of 2.24. Nextracker Inc. has a 52-week low of $30.93 and a 52-week high of $62.31. The company has a 50-day simple moving average of $45.00 and a 200 day simple moving average of $39.80.

Nextracker (NASDAQ:NXT) last issued its quarterly 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, research analysts predict that Nextracker Inc. will post 3.29 EPS for the current 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.