First Solar, Inc. (NASDAQ:FSLR) Shares Sold by Sumitomo Mitsui Financial Group Inc.

Sumitomo Mitsui Financial Group Inc. decreased its position in First Solar, Inc. (NASDAQ:FSLR) by 2.3% in the 4th quarter, Holdings Channel.com reports. The fund owned 86,003 shares of the solar cell manufacturer’s stock after selling 2,034 shares during the period. Sumitomo Mitsui Financial Group Inc.’s holdings in First Solar were worth $15,157,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also made changes to their positions in the company. Smartleaf Asset Management LLC lifted its holdings in First Solar by 31.7% in the fourth quarter. Smartleaf Asset Management LLC now owns 262 shares of the solar cell manufacturer’s stock worth $47,000 after acquiring an additional 63 shares during the last quarter. Crews Bank & Trust bought a new stake in shares of First Solar in the 4th quarter worth approximately $53,000. Hudson Edge Investment Partners Inc. acquired a new position in First Solar during the 4th quarter valued at approximately $53,000. CoreFirst Bank & Trust bought a new position in First Solar during the 4th quarter worth $54,000. Finally, Financial Avengers Inc. acquired a new stake in First Solar in the third quarter worth $77,000. 92.08% of the stock is currently owned by institutional investors.

Insider Activity

In other First Solar news, CEO Mark R. Widmar sold 21,542 shares of First Solar stock in a transaction dated Friday, February 28th. The stock was sold at an average price of $141.09, for a total transaction of $3,039,360.78. Following the transaction, the chief executive officer now owns 103,403 shares of the company’s stock, valued at $14,589,129.27. The trade was a 17.24 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CTO Markus Gloeckler sold 380 shares of the stock in a transaction that occurred on Monday, March 17th. The stock was sold at an average price of $133.75, for a total transaction of $50,825.00. Following the completion of the sale, the chief technology officer now directly owns 17,594 shares of the company’s stock, valued at $2,353,197.50. This trade represents a 2.11 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 34,311 shares of company stock worth $4,767,158 over the last 90 days. 0.58% of the stock is owned by company insiders.

First Solar Stock Performance

Shares of NASDAQ FSLR opened at $128.69 on Monday. First Solar, Inc. has a 52-week low of $120.60 and a 52-week high of $306.77. The stock has a market capitalization of $13.78 billion, a price-to-earnings ratio of 11.08, a PEG ratio of 0.19 and a beta of 1.48. The company has a quick ratio of 1.44, a current ratio of 2.14 and a debt-to-equity ratio of 0.05. The stock’s fifty day simple moving average is $145.44 and its 200 day simple moving average is $181.04.

First Solar (NASDAQ:FSLR) last issued its quarterly earnings results on Tuesday, February 25th. The solar cell manufacturer reported $3.65 earnings per share for the quarter, missing analysts’ consensus estimates of $4.81 by ($1.16). First Solar had a return on equity of 17.56% and a net margin of 32.41%. The company had revenue of $1.51 billion during the quarter, compared to analysts’ expectations of $1.48 billion. As a group, sell-side analysts forecast that First Solar, Inc. will post 13.05 earnings per share for the current fiscal year.

Analysts Set New Price Targets

FSLR has been the subject of several analyst reports. UBS Group reduced their price target on shares of First Solar from $360.00 to $285.00 and set a “buy” rating for the company in a report on Wednesday, February 26th. StockNews.com upgraded shares of First Solar from a “sell” rating to a “hold” rating in a research note on Thursday, January 2nd. Robert W. Baird cut their price target on First Solar from $307.00 to $267.00 and set an “outperform” rating on the stock in a report on Wednesday, December 18th. Citigroup decreased their price objective on First Solar from $254.00 to $236.00 and set a “neutral” rating for the company in a report on Wednesday, February 26th. Finally, Piper Sandler reduced their price target on First Solar from $250.00 to $230.00 and set an “overweight” rating for the company in a research report on Wednesday, February 26th. Four investment analysts have rated the stock with a hold rating, twenty-three have assigned a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $260.42.

About First Solar

First Solar, Inc, a solar technology company, provides photovoltaic (PV) solar energy solutions in the United States, France, Japan, Chile, and internationally. The company manufactures and sells PV solar modules with a thin film semiconductor technology that provides a lower-carbon alternative to conventional crystalline silicon PV solar modules.