Westfield Capital Management Co. LP Has $52.39 Million Stock Holdings in Nextracker Inc. (NASDAQ:NXT)

Westfield Capital Management Co. LP boosted its holdings in shares of Nextracker Inc. (NASDAQ:NXT) by 2.8% during the 1st quarter, HoldingsChannel reports. The institutional investor owned 1,243,151 shares of the company’s stock after buying an additional 33,537 shares during the period. Westfield Capital Management Co. LP’s holdings in Nextracker were worth $52,386,000 as of its most recent SEC filing.

Several other hedge funds have also recently bought and sold shares of the business. Sterling Capital Management LLC grew its position in shares of Nextracker by 448.9% in the fourth quarter. Sterling Capital Management LLC now owns 1,290 shares of the company’s stock valued at $47,000 after purchasing an additional 1,055 shares during the last quarter. Virtus Fund Advisers LLC bought a new stake in shares of Nextracker in the fourth quarter valued at about $47,000. Fifth Third Bancorp lifted its stake in shares of Nextracker by 27.5% in the first quarter. Fifth Third Bancorp now owns 1,204 shares of the company’s stock valued at $51,000 after buying an additional 260 shares during the period. UMB Bank n.a. lifted its stake in shares of Nextracker by 127.2% in the first quarter. UMB Bank n.a. now owns 1,504 shares of the company’s stock valued at $63,000 after buying an additional 842 shares during the period. Finally, Quadrant Capital Group LLC lifted its stake in Nextracker by 92.5% during the fourth quarter. Quadrant Capital Group LLC now owns 1,817 shares of the company’s stock worth $66,000 after purchasing an additional 873 shares during the period. 67.41% of the stock is owned by institutional investors and hedge funds.

Nextracker Stock Down 0.5%

NXT stock opened at $56.31 on Tuesday. The firm has a 50 day moving average of $59.95 and a 200 day moving average of $50.27. The stock has a market capitalization of $8.24 billion, a PE ratio of 15.34, a price-to-earnings-growth ratio of 1.31 and a beta of 2.25. Nextracker Inc. has a 52 week low of $30.93 and a 52 week high of $67.87.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on NXT shares. TD Cowen lifted 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. Robert W. Baird upped their price objective on shares of Nextracker from $67.00 to $76.00 and gave the company an “outperform” rating in a research report on Tuesday, July 8th. Piper Sandler reaffirmed an “overweight” rating on shares of Nextracker in a research note on Thursday, May 15th. The Goldman Sachs Group increased their price objective on shares of Nextracker from $61.00 to $68.00 and gave the stock a “buy” rating in a research note on Thursday, May 15th. Finally, Northland Securities restated a “market perform” rating on shares of Nextracker in a research note on Wednesday, July 30th. Nine investment analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat, Nextracker has a consensus rating of “Moderate Buy” and an average target price of $64.37.

Insider Activity

In other news, COO Nicholas Marco Miller sold 69,774 shares of Nextracker stock in a transaction that occurred on Thursday, June 12th. The shares were sold at an average price of $59.65, for a total transaction of $4,162,019.10. Following the completion of the transaction, the chief operating officer directly owned 175,216 shares of the company’s stock, valued at $10,451,634.40. The trade was a 28.48% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, President Howard Wenger sold 6,066 shares of Nextracker stock in a transaction that occurred on Tuesday, May 13th. The shares were sold at an average price of $55.00, for a total transaction of $333,630.00. Following the transaction, the president directly owned 219,389 shares of the company’s stock, valued at approximately $12,066,395. This trade represents a 2.69% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 210,476 shares of company stock valued at $12,169,880 in the last quarter. Company insiders own 0.56% of the company’s stock.

About Nextracker

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.