Allspring Global Investments Holdings LLC Acquires 1,420 Shares of Nextracker Inc. $NXT

Allspring Global Investments Holdings LLC boosted its holdings in shares of Nextracker Inc. (NASDAQ:NXT) by 7.2% in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 21,155 shares of the company’s stock after acquiring an additional 1,420 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in Nextracker were worth $1,217,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Wellington Management Group LLP boosted its position in Nextracker by 56.5% in the 1st quarter. Wellington Management Group LLP now owns 5,237,833 shares of the company’s stock valued at $220,722,000 after buying an additional 1,890,445 shares during the period. Encompass Capital Advisors LLC grew its stake in Nextracker by 72.5% in the first quarter. Encompass Capital Advisors LLC now owns 2,630,114 shares of the company’s stock worth $110,833,000 after purchasing an additional 1,105,617 shares in the last quarter. Wedge Capital Management L L P NC purchased a new position in Nextracker during the 2nd quarter worth $58,122,000. Nuveen LLC bought a new stake in Nextracker during the 1st quarter valued at $40,356,000. Finally, T. Rowe Price Investment Management Inc. purchased a new stake in shares of Nextracker in the 1st quarter worth $38,699,000. Hedge funds and other institutional investors own 67.41% of the company’s stock.

Nextracker Price Performance

Shares of NXT stock opened at $87.55 on Thursday. Nextracker Inc. has a 1 year low of $30.93 and a 1 year high of $93.90. The firm has a market capitalization of $12.95 billion, a price-to-earnings ratio of 23.86, a price-to-earnings-growth ratio of 2.23 and a beta of 2.27. The business has a fifty day moving average of $73.23 and a 200 day moving average of $60.51.

Analysts Set New Price Targets

Several brokerages have recently commented on NXT. Robert W. Baird raised their price target on Nextracker from $67.00 to $76.00 and gave the company an “outperform” rating in a research note on Tuesday, July 8th. The Goldman Sachs Group boosted their price target on shares of Nextracker from $79.00 to $89.00 and gave the company a “buy” rating in a report on Wednesday, October 8th. Susquehanna increased their price objective on shares of Nextracker from $76.00 to $100.00 and gave the company a “positive” rating in a research note on Monday, October 13th. Wall Street Zen raised shares of Nextracker from a “buy” rating to a “strong-buy” rating in a research note on Tuesday, October 14th. Finally, Citigroup raised Nextracker from a “neutral” rating to a “buy” rating and increased their target price for the company from $66.00 to $114.00 in a research report on Tuesday. One equities research analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and ten have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $77.29.

Insider Buying and Selling at Nextracker

In other Nextracker news, President Howard Wenger sold 5,217 shares of the stock in a transaction dated Monday, September 29th. The stock was sold at an average price of $75.00, for a total transaction of $391,275.00. Following the sale, the president directly owned 409,039 shares of the company’s stock, valued at approximately $30,677,925. This trade represents a 1.26% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Bruce Ledesma sold 6,980 shares of the company’s stock in a transaction that occurred on Friday, August 8th. The stock was sold at an average price of $56.24, for a total value of $392,555.20. Following the completion of the sale, the insider owned 195,790 shares in the company, valued at approximately $11,011,229.60. This represents a 3.44% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 32,400 shares of company stock worth $2,053,385 over the last ninety days. 0.56% of the stock is owned by insiders.

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.