Sumitomo Mitsui DS Asset Management Company Ltd Purchases 2,350 Shares of First Solar, Inc. $FSLR

Sumitomo Mitsui DS Asset Management Company Ltd grew its position in shares of First Solar, Inc. (NASDAQ:FSLR) by 18.8% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 14,870 shares of the solar cell manufacturer’s stock after buying an additional 2,350 shares during the quarter. Sumitomo Mitsui DS Asset Management Company Ltd’s holdings in First Solar were worth $3,884,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also recently added to or reduced their stakes in the company. Joule Financial LLC bought a new stake in First Solar during the third quarter worth about $950,000. Mirae Asset Global Investments Co. Ltd. grew its stake in First Solar by 22.0% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 77,155 shares of the solar cell manufacturer’s stock worth $17,015,000 after buying an additional 13,904 shares during the last quarter. Belpointe Asset Management LLC bought a new stake in First Solar during the third quarter worth about $1,193,000. Candriam S.C.A. grew its stake in First Solar by 70.2% during the third quarter. Candriam S.C.A. now owns 150,379 shares of the solar cell manufacturer’s stock worth $33,163,000 after buying an additional 62,048 shares during the last quarter. Finally, Vanguard Group Inc. grew its stake in First Solar by 3.5% during the third quarter. Vanguard Group Inc. now owns 13,721,979 shares of the solar cell manufacturer’s stock worth $3,026,108,000 after buying an additional 464,130 shares during the last quarter. 92.08% of the stock is owned by institutional investors.

Insider Transactions at First Solar

In other First Solar news, CFO Alexander R. Bradley sold 14,106 shares of the firm’s stock in a transaction that occurred on Tuesday, March 17th. The shares were sold at an average price of $199.97, for a total value of $2,820,776.82. Following the transaction, the chief financial officer directly owned 30,000 shares of the company’s stock, valued at approximately $5,999,100. This trade represents a 31.98% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CTO Markus Gloeckler sold 3,640 shares of the firm’s stock in a transaction that occurred on Wednesday, March 4th. The shares were sold at an average price of $196.95, for a total transaction of $716,898.00. Following the completion of the transaction, the chief technology officer directly owned 8,037 shares in the company, valued at approximately $1,582,887.15. The trade was a 31.17% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last quarter, insiders sold 81,204 shares of company stock valued at $16,043,186. 0.39% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on FSLR. The Goldman Sachs Group increased their price target on shares of First Solar from $300.00 to $310.00 in a research note on Friday, May 1st. HSBC increased their price target on shares of First Solar from $211.00 to $231.00 and gave the company a “hold” rating in a research note on Tuesday. Barclays decreased their price target on shares of First Solar from $228.00 to $213.00 and set an “overweight” rating on the stock in a research note on Monday, April 20th. Needham & Company LLC increased their price target on shares of First Solar from $286.00 to $303.00 and gave the company a “buy” rating in a research note on Monday, February 23rd. Finally, Deutsche Bank Aktiengesellschaft cut shares of First Solar from a “buy” rating to a “hold” rating and decreased their price target for the company from $300.00 to $245.00 in a research note on Wednesday, February 25th. One analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating, twelve have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $246.10.

First Solar Price Performance

FSLR opened at $219.95 on Friday. First Solar, Inc. has a one year low of $133.75 and a one year high of $285.99. The company has a debt-to-equity ratio of 0.02, a current ratio of 2.56 and a quick ratio of 2.15. The company’s 50 day simple moving average is $196.96 and its 200-day simple moving average is $231.41. The stock has a market capitalization of $23.63 billion, a P/E ratio of 14.21, a price-to-earnings-growth ratio of 0.47 and a beta of 1.57.

First Solar (NASDAQ:FSLR) last announced its quarterly earnings data on Thursday, April 30th. The solar cell manufacturer reported $3.22 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.87 by $0.35. First Solar had a net margin of 30.73% and a return on equity of 18.01%. The firm had revenue of $1.04 billion for the quarter, compared to analysts’ expectations of $1.03 billion. During the same period last year, the firm earned $1.95 earnings per share. The business’s revenue for the quarter was up 23.6% on a year-over-year basis. Sell-side analysts anticipate that First Solar, Inc. will post 17.58 earnings per share for the current fiscal year.

Key First Solar News

Here are the key news stories impacting First Solar this week:

• Positive Sentiment: Freedom Capital upgraded First Solar from hold to strong-buy, adding to the bullish case for the stock. Read More
• Positive Sentiment: HSBC raised its price target on First Solar to $231, suggesting further upside from current levels. HSBC Increases First Solar (NASDAQ:FSLR) Price Target to $231.00
• Positive Sentiment: Barclays issued a buy rating on First Solar, and Susquehanna also reportedly gave the stock a buy rating, reinforcing the upbeat analyst tone. First Solar (FSLR) Gets a Buy from Barclays First Solar (FSLR) Receives a Buy from Susquehanna
• Positive Sentiment: Coverage highlighting “3 big reasons to love First Solar” and a Zacks note that FSLR is a trending stock may be helping keep investor attention on the name. First Solar, Inc. (FSLR) Is a Trending Stock: Facts to Know Before Betting on It
• Neutral Sentiment: First Solar CEO sold about $329,051 worth of stock, which can draw some investor caution but is not necessarily a fundamental change in the company’s outlook. Insider Selling: First Solar (NASDAQ:FSLR) CEO Sells $329,051.38 in Stock

First Solar Profile

First Solar, Inc (NASDAQ: FSLR) is a United States–based solar technology company best known for designing and manufacturing thin?film photovoltaic (PV) modules that use cadmium telluride (CdTe) semiconductor technology. The company supplies PV modules and delivers integrated solar power solutions for utility?scale projects, positioning itself as a provider of both components and complete solar energy systems rather than solely a parts supplier. First Solar was founded in 1999 and is headquartered in Tempe, Arizona.

Beyond module manufacturing, First Solar offers a range of project services including development support, engineering, procurement and construction (EPC) services, and operations and maintenance (O&M) for large-scale solar installations.