Lazard Freres Gestion S.A.S. Buys 2,800 Shares of Nextracker Inc. $NXT

Lazard Freres Gestion S.A.S. grew its stake in Nextracker Inc. (NASDAQ:NXT) by 41.5% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 9,550 shares of the company’s stock after acquiring an additional 2,800 shares during the period. Lazard Freres Gestion S.A.S.’s holdings in Nextracker were worth $519,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors also recently modified their holdings of NXT. Northwestern Mutual Wealth Management Co. raised its stake in shares of Nextracker by 703.7% during the first quarter. Northwestern Mutual Wealth Management Co. now owns 659 shares of the company’s stock worth $28,000 after buying an additional 577 shares during the last quarter. Cullen Frost Bankers Inc. raised its stake in shares of Nextracker by 122.3% during the second quarter. Cullen Frost Bankers Inc. now owns 589 shares of the company’s stock worth $32,000 after buying an additional 324 shares during the last quarter. Summit Securities Group LLC raised its stake in shares of Nextracker by 796.0% during the first quarter. Summit Securities Group LLC now owns 905 shares of the company’s stock worth $38,000 after buying an additional 804 shares during the last quarter. Caitong International Asset Management Co. Ltd bought a new stake in shares of Nextracker during the first quarter worth approximately $40,000. Finally, Quarry LP raised its stake in shares of Nextracker by 438.5% during the first quarter. Quarry LP now owns 1,917 shares of the company’s stock worth $81,000 after buying an additional 1,561 shares during the last quarter. 67.41% of the stock is owned by institutional investors.

Insider Activity at Nextracker

In other news, insider Bruce Ledesma sold 6,980 shares of the stock in a transaction on Friday, August 8th. The shares were sold at an average price of $56.24, for a total transaction of $392,555.20. Following the completion of the sale, the insider owned 195,790 shares of the company’s stock, valued at $11,011,229.60. This represents a 3.44% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Charles D. Boynton sold 4,500 shares of the stock in a transaction on Monday, September 15th. The stock was sold at an average price of $67.21, for a total transaction of $302,445.00. Following the sale, the chief financial officer directly owned 295,059 shares of the company’s stock, valued at $19,830,915.39. This represents a 1.50% decrease in their position. The disclosure for this sale can be found here. Insiders sold 32,400 shares of company stock worth $2,053,385 over the last three months. 0.56% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on NXT. Northland Securities reissued a “market perform” rating on shares of Nextracker in a research note on Wednesday, July 30th. Barclays reissued an “overweight” rating and set a $92.00 price target on shares of Nextracker in a research note on Thursday, October 2nd. Cowen reissued a “hold” rating on shares of Nextracker in a research note on Wednesday, July 30th. Needham & Company LLC started coverage on shares of Nextracker in a research note on Wednesday. They issued a “buy” rating and a $102.00 target price for the company. Finally, TD Cowen upped their target price on shares of Nextracker from $55.00 to $65.00 and gave the company a “hold” rating in a research note on Wednesday, July 30th. One equities research analyst has rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and ten have given a Hold rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $77.29.

Nextracker Stock Up 3.2%

Shares of NXT stock opened at $90.38 on Friday. The firm has a fifty day moving average of $73.96 and a 200-day moving average of $60.87. Nextracker Inc. has a 12-month low of $30.93 and a 12-month high of $93.90. The company has a market capitalization of $13.37 billion, a price-to-earnings ratio of 24.63, a P/E/G ratio of 2.18 and a beta of 2.27.

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.