Peregrine Capital Management LLC Sells 1,130 Shares of First Solar, Inc. (NASDAQ:FSLR)

Peregrine Capital Management LLC cut its position in First Solar, Inc. (NASDAQ:FSLR) by 17.5% in the 2nd quarter, Holdings Channel.com reports. The institutional investor owned 5,318 shares of the solar cell manufacturer’s stock after selling 1,130 shares during the quarter. Peregrine Capital Management LLC’s holdings in First Solar were worth $1,199,000 at the end of the most recent reporting period.

Several other large investors have also made changes to their positions in the company. Principal Financial Group Inc. increased its stake in shares of First Solar by 24.0% in the 2nd quarter. Principal Financial Group Inc. now owns 184,201 shares of the solar cell manufacturer’s stock valued at $41,530,000 after purchasing an additional 35,658 shares during the last quarter. UMB Bank n.a. lifted its holdings in shares of First Solar by 17.7% in the second quarter. UMB Bank n.a. now owns 552 shares of the solar cell manufacturer’s stock worth $124,000 after acquiring an additional 83 shares during the last quarter. F M Investments LLC bought a new stake in shares of First Solar during the 2nd quarter valued at approximately $2,207,000. Schmidt P J Investment Management Inc. acquired a new position in First Solar during the 2nd quarter worth approximately $225,000. Finally, Lazard Freres Gestion S.A.S. bought a new position in First Solar in the 2nd quarter valued at approximately $383,000. Institutional investors and hedge funds own 92.08% of the company’s stock.

Wall Street Analysts Forecast Growth

FSLR has been the subject of several research analyst reports. JPMorgan Chase & Co. upped their price target on shares of First Solar from $262.00 to $282.00 and gave the stock an “overweight” rating in a report on Tuesday, July 16th. The Goldman Sachs Group boosted their price target on First Solar from $268.00 to $302.00 and gave the stock a “buy” rating in a report on Tuesday, June 4th. Roth Mkm reiterated a “buy” rating and issued a $320.00 price objective (up previously from $230.00) on shares of First Solar in a report on Friday, May 31st. Janney Montgomery Scott cut shares of First Solar from a “buy” rating to a “neutral” rating in a research report on Tuesday, June 18th. Finally, Royal Bank of Canada reiterated an “outperform” rating and set a $315.00 price target on shares of First Solar in a report on Wednesday, July 31st. Five research analysts have rated the stock with a hold rating and twenty-two have given a buy rating to the company’s stock. According to MarketBeat, First Solar presently has an average rating of “Moderate Buy” and a consensus target price of $275.36.

Insider Activity

In related news, insider Patrick James Buehler sold 8,619 shares of the stock in a transaction on Tuesday, August 13th. The stock was sold at an average price of $222.00, for a total value of $1,913,418.00. Following the transaction, the insider now directly owns 3,468 shares in the company, valued at approximately $769,896. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In other First Solar news, insider Kuntal Kumar Verma sold 1,621 shares of the business’s stock in a transaction that occurred on Thursday, June 20th. The stock was sold at an average price of $260.00, for a total transaction of $421,460.00. Following the completion of the sale, the insider now directly owns 3,549 shares of the company’s stock, valued at approximately $922,740. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Patrick James Buehler sold 8,619 shares of the stock in a transaction that occurred on Tuesday, August 13th. The stock was sold at an average price of $222.00, for a total value of $1,913,418.00. Following the completion of the sale, the insider now directly owns 3,468 shares of the company’s stock, valued at $769,896. The disclosure for this sale can be found here. Insiders sold a total of 12,506 shares of company stock worth $2,827,217 over the last quarter. 0.58% of the stock is currently owned by corporate insiders.

First Solar Stock Up 1.9 %

Shares of NASDAQ FSLR opened at $227.37 on Friday. First Solar, Inc. has a 12-month low of $129.21 and a 12-month high of $306.77. The company has a quick ratio of 1.86, a current ratio of 2.23 and a debt-to-equity ratio of 0.06. The firm has a market cap of $24.34 billion, a PE ratio of 23.83, a P/E/G ratio of 0.37 and a beta of 1.44. The company’s fifty day simple moving average is $224.43 and its 200 day simple moving average is $204.99.

First Solar (NASDAQ:FSLR) last issued its earnings results on Tuesday, July 30th. The solar cell manufacturer reported $3.25 EPS for the quarter, beating the consensus estimate of $2.69 by $0.56. First Solar had a return on equity of 17.73% and a net margin of 31.98%. The company had revenue of $1.01 billion during the quarter, compared to the consensus estimate of $939.71 million. During the same period last year, the business posted $1.85 EPS. The firm’s revenue for the quarter was up 24.6% compared to the same quarter last year. As a group, sell-side analysts forecast that First Solar, Inc. will post 13.53 earnings per share for the current fiscal year.

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.