California State Teachers Retirement System Has $2.39 Billion Holdings in Nextpower Inc. $NXT

California State Teachers Retirement System increased its position in shares of Nextpower Inc. (NASDAQ:NXT) by 11,488.4% during the second quarter, HoldingsChannel.com reports. The firm owned 20,045,186 shares of the company’s stock after buying an additional 19,872,209 shares during the period. California State Teachers Retirement System owned 0.13% of Nextpower worth $2,388,183,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also modified their holdings of the company. Smartleaf Asset Management LLC boosted its stake in Nextpower by 107.6% during the fourth quarter. Smartleaf Asset Management LLC now owns 299 shares of the company’s stock worth $26,000 after buying an additional 155 shares in the last quarter. Signature Equity Partners LLC raised its stake in shares of Nextpower by 76.4% in the 1st quarter. Signature Equity Partners LLC now owns 261 shares of the company’s stock valued at $31,000 after buying an additional 113 shares in the last quarter. Huntington National Bank raised its stake in shares of Nextpower by 480.3% in the 4th quarter. Huntington National Bank now owns 383 shares of the company’s stock valued at $33,000 after buying an additional 317 shares in the last quarter. Continuum Advisory LLC bought a new position in shares of Nextpower during the 2nd quarter worth about $37,000. Finally, Northwestern Mutual Wealth Management Co. lifted its holdings in shares of Nextpower by 511.1% during the 3rd quarter. Northwestern Mutual Wealth Management Co. now owns 495 shares of the company’s stock worth $37,000 after acquiring an additional 414 shares during the period. 67.41% of the stock is currently owned by institutional investors and hedge funds.

Nextpower Stock Performance

NXT opened at $81.35 on Friday. The firm has a market cap of $12.34 billion, a price-to-earnings ratio of 21.08, a PEG ratio of 1.66 and a beta of 1.92. The firm’s 50-day simple moving average is $96.67 and its 200-day simple moving average is $112.20. Nextpower Inc. has a twelve month low of $65.75 and a twelve month high of $163.13.

Nextpower (NASDAQ:NXT) last announced its quarterly earnings results on Thursday, July 30th. The company reported $1.20 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.05 by $0.15. The firm had revenue of $935.17 million during the quarter, compared to the consensus estimate of $935.39 million. Nextpower had a net margin of 16.36% and a return on equity of 26.29%. As a group, sell-side analysts anticipate that Nextpower Inc. will post 3.7 EPS for the current fiscal year.

Analyst Ratings Changes

A number of research firms recently weighed in on NXT. BMO Capital Markets raised shares of Nextpower from a “hold” rating to an “outperform” rating and set a $132.00 target price on the stock in a research note on Friday, July 31st. Wells Fargo & Company raised their price target on shares of Nextpower from $143.00 to $151.00 and gave the stock an “overweight” rating in a research note on Friday, May 29th. Freedom Capital upgraded shares of Nextpower from a “hold” rating to a “strong-buy” rating in a research note on Friday, July 31st. Deutsche Bank Aktiengesellschaft set a $137.00 price objective on Nextpower in a report on Monday, August 3rd. Finally, Glj Research reiterated a “buy” rating and issued a $149.00 price objective on shares of Nextpower in a research note on Wednesday, August 5th. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-two have given a Buy rating and four have issued a Hold rating to the stock. According to data from MarketBeat.com, Nextpower has a consensus rating of “Moderate Buy” and a consensus target price of $144.96.

Insider Activity at Nextpower

In related news, Director Brandi Thomas sold 7,415 shares of the stock in a transaction that occurred on Wednesday, August 19th. The stock was sold at an average price of $91.25, for a total transaction of $676,618.75. Following the sale, the director directly owned 7,914 shares in the company, valued at $722,152.50. This represents a 48.37% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, President Howard Wenger sold 11,176 shares of the stock in a transaction that occurred on Tuesday, August 11th. The stock was sold at an average price of $104.78, for a total value of $1,171,021.28. Following the sale, the president owned 419,868 shares in the company, valued at approximately $43,993,769.04. This trade represents a 2.59% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders have sold 100,431 shares of company stock valued at $10,039,748. Insiders own 0.84% of the company’s stock.

About Nextpower

Nextracker Inc (NASDAQ: NXT) is a solar technology company that designs, manufactures and supplies intelligent solar tracker systems for utility-scale and distributed-generation photovoltaic projects. Its tracker systems adjust the position of solar panels throughout the day to help optimize energy production.

The company’s product portfolio includes single-axis solar tracking systems, associated hardware and controls, as well as software and digital tools used to monitor and manage solar plant performance.