Atika Capital Management LLC Reduces Holdings in GE Vernova Inc. (NYSE:GEV)

Atika Capital Management LLC trimmed its position in shares of GE Vernova Inc. (NYSE:GEV) by 5.9% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 40,450 shares of the company’s stock after selling 2,550 shares during the period. GE Vernova makes up 1.4% of Atika Capital Management LLC’s portfolio, making the stock its 17th biggest position. Atika Capital Management LLC’s holdings in GE Vernova were worth $13,305,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Norges Bank purchased a new position in shares of GE Vernova during the 4th quarter valued at approximately $1,109,720,000. Massachusetts Financial Services Co. MA grew its holdings in GE Vernova by 1,638.5% during the 4th quarter. Massachusetts Financial Services Co. MA now owns 1,314,288 shares of the company’s stock worth $432,309,000 after acquiring an additional 1,238,690 shares in the last quarter. Raymond James Financial Inc. acquired a new position in GE Vernova during the 4th quarter worth $219,187,000. Arrowstreet Capital Limited Partnership increased its position in shares of GE Vernova by 555.2% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 569,738 shares of the company’s stock worth $187,404,000 after purchasing an additional 482,787 shares during the last quarter. Finally, Assenagon Asset Management S.A. raised its stake in shares of GE Vernova by 284.3% in the 4th quarter. Assenagon Asset Management S.A. now owns 617,559 shares of the company’s stock valued at $203,134,000 after purchasing an additional 456,879 shares in the last quarter.

GE Vernova Price Performance

GE Vernova stock opened at $271.40 on Friday. GE Vernova Inc. has a 12-month low of $125.86 and a 12-month high of $447.50. The stock has a market capitalization of $74.19 billion and a PE ratio of 48.81. The firm has a 50 day simple moving average of $334.07 and a 200-day simple moving average of $325.35.

GE Vernova (NYSE:GEV) last issued its quarterly earnings results on Wednesday, January 22nd. The company reported $1.73 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.30 by ($0.57). GE Vernova had a net margin of 4.44% and a return on equity of 6.70%. The firm had revenue of $10.56 billion for the quarter, compared to the consensus estimate of $10.70 billion. The firm’s quarterly revenue was up 5.1% on a year-over-year basis. On average, analysts forecast that GE Vernova Inc. will post 6.59 earnings per share for the current fiscal year.

GE Vernova announced that its Board of Directors has authorized a share buyback plan on Tuesday, December 10th that allows the company to repurchase $6.00 billion in shares. This repurchase authorization allows the company to repurchase up to 6.7% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s management believes its shares are undervalued.

Analyst Ratings Changes

A number of research firms recently commented on GEV. Truist Financial set a $440.00 price target on GE Vernova in a research note on Thursday, March 27th. William Blair reiterated an “outperform” rating on shares of GE Vernova in a report on Thursday, January 23rd. Baird R W upgraded GE Vernova to a “strong-buy” rating in a research note on Thursday, February 13th. The Goldman Sachs Group lifted their price objective on shares of GE Vernova from $446.00 to $500.00 and gave the stock a “buy” rating in a report on Friday, January 24th. Finally, Susquehanna initiated coverage on shares of GE Vernova in a report on Wednesday. They set a “positive” rating and a $370.00 target price on the stock. Seven investment analysts have rated the stock with a hold rating, twenty-three have given a buy rating and four have issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $349.20.

GE Vernova Company Profile

GE Vernova LLC, an energy business company, generates electricity. It operates under three segments: Power, Wind, and Electrification. The Power segments generates and sells electricity through hydro, gas, nuclear, and steam power. Wind segment engages in the manufacturing and sale of wind turbine blades; and Electrification segment provides grid solutions, power conversion, solar, and storage solutions.