Westfield Capital Management Co. LP Acquires 80,493 Shares of Nextpower Inc. $NXT

Westfield Capital Management Co. LP boosted its holdings in Nextpower Inc. (NASDAQ:NXT) by 6.1% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 1,398,057 shares of the company’s stock after buying an additional 80,493 shares during the period. Westfield Capital Management Co. LP owned approximately 0.94% of Nextpower worth $103,442,000 as of its most recent SEC filing.

A number of other institutional investors have also recently bought and sold shares of the business. Vanguard Group Inc. lifted its stake in shares of Nextpower by 2.0% in the 3rd quarter. Vanguard Group Inc. now owns 14,167,845 shares of the company’s stock valued at $1,048,279,000 after purchasing an additional 283,981 shares during the period. Primecap Management Co. CA lifted its stake in Nextpower by 1.1% in the second quarter. Primecap Management Co. CA now owns 7,675,821 shares of the company’s stock valued at $417,334,000 after buying an additional 83,227 shares during the period. Encompass Capital Advisors LLC boosted its holdings in Nextpower by 11.0% during the second quarter. Encompass Capital Advisors LLC now owns 2,919,777 shares of the company’s stock worth $158,748,000 after buying an additional 289,663 shares during the last quarter. Norges Bank acquired a new position in shares of Nextpower during the 2nd quarter worth about $140,772,000. Finally, Handelsbanken Fonder AB increased its stake in shares of Nextpower by 8.3% in the 2nd quarter. Handelsbanken Fonder AB now owns 2,303,206 shares of the company’s stock valued at $125,225,000 after acquiring an additional 176,530 shares during the last quarter. Institutional investors and hedge funds own 67.41% of the company’s stock.

Nextpower Price Performance

NXT opened at $116.51 on Thursday. The company has a market capitalization of $17.30 billion, a price-to-earnings ratio of 29.80, a P/E/G ratio of 3.55 and a beta of 2.35. The business’s 50-day moving average price is $104.45 and its two-hundred day moving average price is $89.47. Nextpower Inc. has a 1 year low of $36.06 and a 1 year high of $131.59.

Nextpower (NASDAQ:NXT) last posted its quarterly earnings data on Tuesday, January 27th. The company reported $1.10 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.93 by $0.17. Nextpower had a return on equity of 32.01% and a net margin of 16.43%.The business had revenue of $909.35 million during the quarter, compared to the consensus estimate of $812.43 million. Sell-side analysts anticipate that Nextpower Inc. will post 3.29 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on the stock. Barclays set a $115.00 price objective on shares of Nextpower in a research note on Thursday, January 29th. Bank of America boosted their price target on shares of Nextpower from $102.00 to $108.00 and gave the company a “buy” rating in a report on Thursday, January 22nd. Jefferies Financial Group downgraded Nextpower from a “strong-buy” rating to a “hold” rating in a research note on Sunday, February 8th. Wall Street Zen cut Nextpower from a “strong-buy” rating to a “buy” rating in a research note on Sunday, January 25th. Finally, Royal Bank Of Canada increased their price target on Nextpower from $93.00 to $96.00 and gave the stock an “outperform” rating in a report on Thursday, November 13th. One research analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and seven have issued a Hold rating to the company’s stock. According to data from MarketBeat, Nextpower presently has an average rating of “Moderate Buy” and a consensus target price of $108.32.

Insider Buying and Selling

In other Nextpower news, Director William D. Watkins sold 5,000 shares of Nextpower stock in a transaction on Friday, January 30th. The shares were sold at an average price of $118.57, for a total value of $592,850.00. Following the sale, the director directly owned 11,777 shares in the company, valued at approximately $1,396,398.89. The trade was a 29.80% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CAO David P. Bennett sold 33,725 shares of the business’s stock in a transaction dated Thursday, December 11th. The stock was sold at an average price of $88.08, for a total transaction of $2,970,498.00. Following the sale, the chief accounting officer directly owned 130,967 shares in the company, valued at $11,535,573.36. This trade represents a 20.48% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 0.56% of the stock is owned by company insiders.

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.