Jennison Associates LLC Boosts Stake in Nextpower Inc. $NXT

Jennison Associates LLC increased its position in Nextpower Inc. (NASDAQ:NXT) by 24.9% in the 4th quarter, Holdings Channel reports. The firm owned 79,777 shares of the company’s stock after buying an additional 15,916 shares during the period. Jennison Associates LLC’s holdings in Nextpower were worth $6,949,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also made changes to their positions in NXT. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its holdings in shares of Nextpower by 19.6% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 437,490 shares of the company’s stock valued at $18,436,000 after purchasing an additional 71,842 shares during the last quarter. M&T Bank Corp purchased a new stake in shares of Nextpower in the 2nd quarter valued at about $223,000. EverSource Wealth Advisors LLC lifted its holdings in shares of Nextpower by 179.7% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,127 shares of the company’s stock valued at $61,000 after purchasing an additional 724 shares during the last quarter. Cerity Partners LLC lifted its holdings in shares of Nextpower by 154.0% in the 2nd quarter. Cerity Partners LLC now owns 18,539 shares of the company’s stock valued at $1,008,000 after purchasing an additional 11,239 shares during the last quarter. Finally, California Public Employees Retirement System lifted its holdings in shares of Nextpower by 36.5% in the 2nd quarter. California Public Employees Retirement System now owns 222,960 shares of the company’s stock valued at $12,122,000 after purchasing an additional 59,573 shares during the last quarter. 67.41% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

NXT has been the subject of several research reports. Glj Research reissued a “buy” rating and issued a $147.33 target price on shares of Nextpower in a report on Monday, March 16th. The Goldman Sachs Group set a $140.00 target price on Nextpower and gave the company a “buy” rating in a report on Tuesday, April 14th. Roth Mkm reaffirmed a “buy” rating and set a $130.00 price objective on shares of Nextpower in a research note on Wednesday, January 28th. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Nextpower in a research note on Friday, March 27th. Finally, BMO Capital Markets reiterated a “market perform” rating and issued a $104.00 target price on shares of Nextpower in a research note on Wednesday, January 28th. One 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 company’s stock. According to MarketBeat.com, Nextpower presently has a consensus rating of “Moderate Buy” and a consensus price target of $117.79.

Insider Activity

In other news, CEO Daniel S. Shugar sold 59,456 shares of the 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 completion of the transaction, the chief executive officer directly owned 746,339 shares of the company’s stock, valued at approximately $78,492,472.63. This represents a 7.38% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Insiders own 0.56% of the company’s stock.

Nextpower Trading Up 0.7%

NASDAQ:NXT opened at $119.93 on Friday. The firm has a market cap of $17.81 billion, a P/E ratio of 30.67, a PEG ratio of 5.70 and a beta of 1.60. The stock’s 50 day simple moving average is $114.44 and its 200-day simple moving average is $103.77. Nextpower Inc. has a 12-month low of $40.85 and a 12-month high of $131.72.

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.