California Public Employees Retirement System Has $29.67 Million Holdings in Nextpower Inc. $NXT

California Public Employees Retirement System decreased its stake in Nextpower Inc. (NASDAQ:NXT) by 2.4% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 246,110 shares of the company’s stock after selling 5,941 shares during the quarter. California Public Employees Retirement System owned approximately 0.17% of Nextpower worth $29,669,000 at the end of the most recent quarter.

Other large investors have also recently bought and sold shares of the company. Smartleaf Asset Management LLC lifted its holdings in shares of Nextpower by 107.6% during the fourth quarter. Smartleaf Asset Management LLC now owns 299 shares of the company’s stock valued at $26,000 after acquiring an additional 155 shares during the period. Whittier Trust Co. of Nevada Inc. boosted its stake in shares of Nextpower by 268.7% in the 4th quarter. Whittier Trust Co. of Nevada Inc. now owns 306 shares of the company’s stock valued at $28,000 after purchasing an additional 223 shares in the last quarter. Huntington National Bank grew its holdings in shares of Nextpower by 480.3% in the 4th quarter. Huntington National Bank now owns 383 shares of the company’s stock worth $33,000 after purchasing an additional 317 shares during the last quarter. Baillie Gifford & Co. grew its holdings in shares of Nextpower by 76.5% in the 4th quarter. Baillie Gifford & Co. now owns 420 shares of the company’s stock worth $37,000 after purchasing an additional 182 shares during the last quarter. Finally, Northwestern Mutual Wealth Management Co. increased its position in shares of Nextpower by 511.1% during the 3rd quarter. Northwestern Mutual Wealth Management Co. now owns 495 shares of the company’s stock worth $37,000 after purchasing an additional 414 shares in the last quarter. 67.41% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on NXT. Truist Financial assumed coverage on shares of Nextpower in a report on Monday, July 13th. They set a “buy” rating and a $140.00 price target for the company. Wells Fargo & Company raised their price objective on shares of Nextpower from $143.00 to $151.00 and gave the stock an “overweight” rating in a report on Friday, May 29th. Jefferies Financial Group set a $153.00 price objective on shares of Nextpower in a report on Friday, June 26th. The Goldman Sachs Group reiterated a “buy” rating and issued a $168.00 target price on shares of Nextpower in a research note on Wednesday, July 1st. Finally, Glj Research boosted their target price on Nextpower from $147.00 to $149.44 and gave the stock a “buy” rating in a report on Wednesday, June 3rd. Two research analysts have rated the stock with a Strong Buy rating, twenty-one have given a Buy rating and three have issued a Hold rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $150.62.

Insiders Place Their Bets

In other Nextpower news, President Howard Wenger sold 62,670 shares of the stock in a transaction on Tuesday, May 26th. The stock was sold at an average price of $130.25, for a total value of $8,162,767.50. Following the transaction, the president directly owned 426,467 shares in the company, valued at approximately $55,547,326.75. This trade represents a 12.81% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, COO Nicholas Marco Miller sold 22,427 shares of Nextpower stock in a transaction on Friday, May 29th. The shares were sold at an average price of $156.00, for a total value of $3,498,612.00. Following the completion of the sale, the chief operating officer directly owned 186,194 shares of the company’s stock, valued at $29,046,264. This trade represents a 10.75% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 168,574 shares of company stock valued at $22,559,770 over the last quarter. Company insiders own 0.84% of the company’s stock.

Nextpower Stock Up 5.4%

Shares of NASDAQ NXT opened at $105.67 on Wednesday. Nextpower Inc. has a 12-month low of $52.61 and a 12-month high of $163.13. The firm’s 50-day simple moving average is $122.98 and its 200 day simple moving average is $115.99. The company has a market cap of $15.88 billion, a price-to-earnings ratio of 27.59, a price-to-earnings-growth ratio of 2.00 and a beta of 1.86.

Nextpower (NASDAQ:NXT) last posted its quarterly earnings data on Tuesday, May 12th. The company reported $1.05 earnings per share for the quarter, beating the consensus estimate of $0.89 by $0.16. Nextpower had a net margin of 16.46% and a return on equity of 28.18%. The firm had revenue of $880.52 million during the quarter, compared to analysts’ expectations of $826.26 million. Nextpower has set its FY 2027 guidance at 4.210-4.590 EPS. On average, equities analysts expect that Nextpower Inc. will post 3.73 earnings per share for the current year.

Nextpower 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.