Zurcher Kantonalbank Zurich Cantonalbank Acquires 17,938 Shares of First Solar, Inc. (NASDAQ:FSLR)

Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in First Solar, Inc. (NASDAQ:FSLR) by 5.2% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 362,503 shares of the solar cell manufacturer’s stock after buying an additional 17,938 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in First Solar were worth $63,888,000 at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. Strengthening Families & Communities LLC bought a new position in First Solar during the 3rd quarter valued at about $25,000. Kennebec Savings Bank bought a new position in First Solar during the 3rd quarter valued at about $29,000. Larson Financial Group LLC grew its holdings in First Solar by 214.0% during the 3rd quarter. Larson Financial Group LLC now owns 157 shares of the solar cell manufacturer’s stock valued at $39,000 after purchasing an additional 107 shares during the last quarter. Smartleaf Asset Management LLC grew its holdings in First Solar by 31.7% during the 4th quarter. Smartleaf Asset Management LLC now owns 262 shares of the solar cell manufacturer’s stock valued at $47,000 after purchasing an additional 63 shares during the last quarter. Finally, Crews Bank & Trust bought a new position in First Solar during the 4th quarter valued at about $53,000. 92.08% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several brokerages recently commented on FSLR. UBS Group cut their price target on shares of First Solar from $360.00 to $285.00 and set a “buy” rating on the stock in a report on Wednesday, February 26th. Deutsche Bank Aktiengesellschaft set a $265.00 price objective on shares of First Solar in a research report on Thursday, February 27th. Piper Sandler lowered their price objective on shares of First Solar from $250.00 to $230.00 and set an “overweight” rating for the company in a research report on Wednesday, February 26th. Morgan Stanley lowered their price objective on shares of First Solar from $297.00 to $238.00 and set an “overweight” rating for the company in a research report on Thursday, February 27th. Finally, Citigroup lowered their price objective on shares of First Solar from $254.00 to $236.00 and set a “neutral” rating for the company in a research report on Wednesday, February 26th. Four analysts have rated the stock with a hold rating, twenty-three have issued a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $262.08.

First Solar Price Performance

Shares of FSLR opened at $139.13 on Monday. The company has a market cap of $14.90 billion, a price-to-earnings ratio of 11.98, a price-to-earnings-growth ratio of 0.19 and a beta of 1.52. First Solar, Inc. has a twelve month low of $124.96 and a twelve month high of $306.77. The company has a quick ratio of 1.44, a current ratio of 2.14 and a debt-to-equity ratio of 0.05. The company has a 50 day moving average of $167.08 and a two-hundred day moving average of $194.40.

First Solar (NASDAQ:FSLR) last posted its quarterly earnings results on Tuesday, February 25th. The solar cell manufacturer reported $3.65 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $4.81 by ($1.16). The company had revenue of $1.51 billion during the quarter, compared to analysts’ expectations of $1.48 billion. First Solar had a return on equity of 17.56% and a net margin of 32.41%. As a group, analysts predict that First Solar, Inc. will post 13.05 earnings per share for the current fiscal year.

Insider Buying and Selling at First Solar

In related news, CEO Mark R. Widmar sold 21,542 shares of the company’s stock in a transaction that occurred on Friday, February 28th. The shares were sold at an average price of $141.09, for a total transaction of $3,039,360.78. Following the sale, the chief executive officer now directly owns 103,403 shares of the company’s stock, valued at $14,589,129.27. This represents a 17.24 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Kuntal Kumar Verma sold 7,475 shares of the business’s stock in a transaction that occurred on Friday, February 28th. The stock was sold at an average price of $136.60, for a total transaction of $1,021,085.00. Following the transaction, the insider now owns 3,549 shares of the company’s stock, valued at $484,793.40. This trade represents a 67.81 % decrease in their position. The disclosure for this sale can be found here. 0.58% of the stock is owned by corporate insiders.

About First Solar

First Solar, Inc, a solar technology company, provides photovoltaic (PV) solar energy solutions in the United States, France, Japan, Chile, and internationally. The company manufactures and sells PV solar modules with a thin film semiconductor technology that provides a lower-carbon alternative to conventional crystalline silicon PV solar modules.