Massachusetts Financial Services Co. MA Makes New $498,000 Investment in Nextpower Inc. $NXT

Massachusetts Financial Services Co. MA bought a new position in Nextpower Inc. (NASDAQ:NXT) in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 5,718 shares of the company’s stock, valued at approximately $498,000.

Several other institutional investors and hedge funds have also recently bought and sold shares of NXT. William Blair Investment Management LLC bought a new position in Nextpower in the 3rd quarter worth about $108,739,000. Amundi grew its position in Nextpower by 156.1% in the 3rd quarter. Amundi now owns 2,111,628 shares of the company’s stock worth $161,600,000 after purchasing an additional 1,287,071 shares during the last quarter. Allianz Asset Management GmbH grew its position in Nextpower by 938.0% in the 3rd quarter. Allianz Asset Management GmbH now owns 794,538 shares of the company’s stock worth $58,788,000 after purchasing an additional 717,991 shares during the last quarter. Electron Capital Partners LLC grew its position in Nextpower by 2,017.7% in the 3rd quarter. Electron Capital Partners LLC now owns 566,415 shares of the company’s stock worth $41,909,000 after purchasing an additional 539,668 shares during the last quarter. Finally, Danske Bank A S bought a new position in Nextpower in the 3rd quarter worth about $33,298,000. Institutional investors own 67.41% of the company’s stock.

Wall Street Analysts Forecast Growth

NXT has been the subject of several recent analyst reports. Barclays upped their target price on shares of Nextpower from $115.00 to $123.00 and gave the stock an “overweight” rating in a research report on Tuesday, April 7th. Robert W. Baird set a $126.00 target price on shares of Nextpower in a research report on Wednesday, January 28th. The Goldman Sachs Group set a $140.00 target price on shares of Nextpower and gave the stock a “buy” rating in a research report on Tuesday. Northland Securities set a $111.00 target price on shares of Nextpower in a research report on Tuesday, January 6th. Finally, Bank of America increased their price objective on shares of Nextpower from $102.00 to $108.00 and gave the company a “buy” rating in a report on Thursday, January 22nd. One investment analyst has rated the stock with a Strong Buy rating, nineteen have given a Buy rating and six have issued a Hold rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $114.49.

Insider Activity at Nextpower

In related news, Director William D. Watkins sold 5,000 shares of the firm’s stock in a transaction that occurred on Friday, January 30th. The shares were sold at an average price of $118.57, for a total transaction of $592,850.00. Following the completion of the sale, the director directly owned 11,777 shares in the company, valued at approximately $1,396,398.89. This trade represents a 29.80% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Daniel S. Shugar sold 59,456 shares of the firm’s stock in a transaction that occurred on Monday, March 9th. The stock was sold at an average price of $105.17, for a total transaction of $6,252,987.52. Following the sale, the chief executive officer owned 746,339 shares of the company’s stock, valued at $78,492,472.63. The trade was a 7.38% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 104,348 shares of company stock valued at $10,876,525 over the last quarter. Insiders own 0.56% of the company’s stock.

Nextpower Price Performance

Nextpower stock opened at $111.39 on Friday. The firm has a 50 day simple moving average of $114.86 and a 200-day simple moving average of $101.47. The stock has a market capitalization of $16.54 billion, a PE ratio of 28.49, a price-to-earnings-growth ratio of 2.46 and a beta of 2.02. Nextpower Inc. has a 12-month low of $37.16 and a 12-month high of $131.72.

Nextpower (NASDAQ:NXT) last posted its quarterly earnings data on Tuesday, January 27th. The company reported $1.10 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.93 by $0.17. The business had revenue of $909.35 million during the quarter, compared to analysts’ expectations of $812.43 million. Nextpower had a net margin of 16.43% and a return on equity of 32.01%. On average, analysts forecast that Nextpower Inc. will post 3.29 earnings per share for the current fiscal year.

Nextpower Company Profile

Nextpower, formerly known as Nextracker, is traded on NASDAQ under the symbol NXT and is a leading provider of advanced solar tracking solutions for utility-scale and distributed energy projects. The company specializes in the design, engineering and manufacturing of single-axis tracker systems that optimize the capture of solar energy by following the sun’s trajectory throughout the day. Nextpower’s core hardware offerings aim to enhance energy yield, reduce balance-of-system costs and simplify installation and maintenance for downstream solar developers and operators.

In addition to its tracker hardware, Nextpower provides a suite of digital software and analytics tools to maximize asset performance.