First Solar (NASDAQ:FSLR) Price Target Raised to $261.00 at Argus

First Solar (NASDAQ:FSLR – Get Rating) had its price target boosted by Argus from $176.00 to $261.00 in a report published on Tuesday, The Fly reports.

A number of other research firms have also recently commented on FSLR. Citigroup increased their target price on First Solar from $75.00 to $220.00 and gave the stock a neutral rating in a research note on Friday, March 10th. Deutsche Bank Aktiengesellschaft cut their target price on First Solar from $215.00 to $190.00 in a research note on Wednesday, March 1st. KeyCorp increased their target price on First Solar from $201.00 to $227.00 and gave the stock an overweight rating in a research note on Monday, March 6th. The Goldman Sachs Group increased their price objective on First Solar from $231.00 to $260.00 and gave the company a buy rating in a research report on Wednesday, March 1st. Finally, Daiwa Capital Markets assumed coverage on First Solar in a research report on Friday, December 23rd. They set an outperform rating and a $175.00 price objective on the stock. Seven analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of Moderate Buy and a consensus target price of $199.92.

First Solar Trading Up 1.8 %

NASDAQ FSLR opened at $207.29 on Tuesday. The company has a quick ratio of 3.05, a current ratio of 3.65 and a debt-to-equity ratio of 0.03. First Solar has a twelve month low of $59.60 and a twelve month high of $218.25. The firm has a market capitalization of $22.10 billion, a PE ratio of -494.85 and a beta of 1.36. The stock’s 50 day moving average is $174.81 and its 200 day moving average is $154.69.

First Solar (NASDAQ:FSLR – Get Rating) last released its quarterly earnings results on Tuesday, February 28th. The solar cell manufacturer reported ($0.07) earnings per share for the quarter, beating the consensus estimate of ($0.18) by $0.11. First Solar had a negative return on equity of 0.75% and a negative net margin of 1.69%. The company had revenue of $1 billion for the quarter, compared to analyst estimates of $1 billion. During the same period in the previous year, the company posted $1.23 earnings per share. The firm’s revenue was up 10.5% on a year-over-year basis. Research analysts forecast that First Solar will post 7.17 earnings per share for the current fiscal year.

Insider Activity at First Solar

In related news, CEO Mark R. Widmar sold 26,553 shares of First Solar stock in a transaction that occurred on Friday, March 3rd. The stock was sold at an average price of $206.70, for a total transaction of $5,488,505.10. Following the sale, the chief executive officer now owns 108,413 shares of the company’s stock, valued at approximately $22,408,967.10. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other First Solar news, CEO Mark R. Widmar sold 26,553 shares of the firm’s stock in a transaction that occurred on Friday, March 3rd. The stock was sold at an average price of $206.70, for a total transaction of $5,488,505.10. Following the completion of the transaction, the chief executive officer now owns 108,413 shares in the company, valued at approximately $22,408,967.10. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, General Counsel Jason E. Dymbort sold 1,610 shares of the firm’s stock in a transaction that occurred on Friday, March 3rd. The shares were sold at an average price of $200.21, for a total value of $322,338.10. Following the transaction, the general counsel now owns 5,039 shares of the company’s stock, valued at approximately $1,008,858.19. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 37,909 shares of company stock valued at $7,870,618. 0.54% of the stock is owned by company insiders.

Hedge Funds Weigh In On First Solar

A number of institutional investors and hedge funds have recently modified their holdings of FSLR. Norges Bank purchased a new position in shares of First Solar in the 4th quarter worth approximately $213,049,000. Renaissance Technologies LLC boosted its holdings in shares of First Solar by 1,046.1% in the 4th quarter. Renaissance Technologies LLC now owns 1,518,401 shares of the solar cell manufacturer’s stock worth $227,441,000 after purchasing an additional 1,385,912 shares during the period. Goldman Sachs Group Inc. boosted its holdings in shares of First Solar by 197.8% in the 1st quarter. Goldman Sachs Group Inc. now owns 1,336,038 shares of the solar cell manufacturer’s stock worth $111,880,000 after purchasing an additional 887,443 shares during the period. Geode Capital Management LLC boosted its holdings in shares of First Solar by 55.7% in the 4th quarter. Geode Capital Management LLC now owns 2,180,340 shares of the solar cell manufacturer’s stock worth $326,050,000 after purchasing an additional 780,028 shares during the period. Finally, Fred Alger Management LLC purchased a new position in shares of First Solar in the 3rd quarter worth approximately $100,007,000. Hedge funds and other institutional investors own 80.97% of the company’s stock.

First Solar Company Profile

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First Solar, Inc engages in designing, manufacturing, marketing, and the distribution of photovoltaic solar power systems and solar modules. It operates through the Modules and Systems segments. The Modules segment involves the design, manufacture, and sale of cadmium telluride solar modules, which convert sunlight into electricity.