Principal Financial Group Inc. Sells 54,069 Shares of Nextpower Inc. $NXT

Principal Financial Group Inc. lowered its stake in shares of Nextpower Inc. (NASDAQ:NXT) by 10.7% during the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 450,375 shares of the company’s stock after selling 54,069 shares during the quarter. Principal Financial Group Inc. owned 0.30% of Nextpower worth $54,293,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently bought and sold shares of the stock. Smartleaf Asset Management LLC lifted its position in Nextpower by 107.6% in 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 during the last quarter. Whittier Trust Co. of Nevada Inc. raised its stake in shares of Nextpower by 268.7% in the fourth quarter. Whittier Trust Co. of Nevada Inc. now owns 306 shares of the company’s stock valued at $28,000 after acquiring an additional 223 shares during the period. Huntington National Bank raised its stake in shares of Nextpower by 480.3% in the fourth quarter. Huntington National Bank now owns 383 shares of the company’s stock valued at $33,000 after acquiring an additional 317 shares during the period. Baillie Gifford & Co. lifted its holdings in shares of Nextpower by 76.5% in the 4th quarter. Baillie Gifford & Co. now owns 420 shares of the company’s stock worth $37,000 after acquiring an additional 182 shares during the last quarter. Finally, Northwestern Mutual Wealth Management Co. lifted its holdings in shares of Nextpower by 511.1% in 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 last quarter. Hedge funds and other institutional investors own 67.41% of the company’s stock.

Analysts Set New Price Targets

NXT has been the topic of several analyst reports. Loop Capital set a $135.00 price target on shares of Nextpower in a report on Wednesday, May 13th. Royal Bank Of Canada raised their price objective on shares of Nextpower from $146.00 to $149.00 and gave the stock an “outperform” rating in a research note on Friday, May 29th. Jefferies Financial Group set a $153.00 target price on Nextpower in a research report on Friday, June 26th. Mizuho upped their target price on Nextpower from $130.00 to $142.00 and gave the company a “neutral” rating in a research note on Monday, June 8th. Finally, Weiss Ratings lowered Nextpower from a “buy (b)” rating to a “buy (b-)” rating in a research note on Friday, June 26th. Two investment analysts have rated the stock with a Strong Buy rating, twenty-one have assigned a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat, Nextpower currently has a consensus rating of “Moderate Buy” and an average price target of $150.10.

Nextpower Price Performance

Shares of NXT opened at $103.10 on Friday. Nextpower Inc. has a 1-year low of $52.61 and a 1-year high of $163.13. The company has a 50-day moving average of $123.89 and a 200 day moving average of $115.59. The firm has a market capitalization of $15.49 billion, a price-to-earnings ratio of 26.92, a PEG ratio of 2.12 and a beta of 1.86.

Nextpower (NASDAQ:NXT) last released its quarterly earnings data on Tuesday, May 12th. The company reported $1.05 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.89 by $0.16. The company had revenue of $880.52 million during the quarter, compared to analysts’ expectations of $826.26 million. Nextpower had a net margin of 16.46% and a return on equity of 28.18%. Nextpower has set its FY 2027 guidance at 4.210-4.590 EPS. On average, equities analysts anticipate that Nextpower Inc. will post 3.75 earnings per share for the current fiscal year.

Insider Transactions at Nextpower

In related news, CEO Daniel S. Shugar sold 26,077 shares of the stock in a transaction that occurred on Tuesday, May 26th. The stock was sold at an average price of $134.72, for a total value of $3,513,093.44. Following the transaction, the chief executive officer owned 931,419 shares of the company’s stock, valued at $125,480,767.68. This represents a 2.72% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, COO Nicholas Marco Miller sold 22,427 shares of the stock in a transaction that occurred on Friday, May 29th. The stock was sold at an average price of $156.00, for a total value of $3,498,612.00. Following the completion of the transaction, the chief operating officer directly owned 186,194 shares in the company, valued at approximately $29,046,264. This trade represents a 10.75% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 168,574 shares of company stock valued at $22,559,770 in the last ninety days. Corporate insiders own 0.84% of the company’s stock.

Nextpower 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.