Tesla, Inc. (NASDAQ:TSLA) Shares Sold by Principal Financial Group Inc.

by · The Markets Daily

Principal Financial Group Inc. lowered its holdings in Tesla, Inc. (NASDAQ:TSLA – Free Report) by 4.4% during the first quarter, HoldingsChannel reports. The fund owned 3,619,506 shares of the electric vehicle producer’s stock after selling 165,095 shares during the period. Principal Financial Group Inc.’s holdings in Tesla were worth $938,031,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in the business. Norges Bank purchased a new stake in Tesla in the fourth quarter valued at $14,420,248,000. FMR LLC increased its position in shares of Tesla by 40.1% during the fourth quarter. FMR LLC now owns 34,661,400 shares of the electric vehicle producer’s stock worth $13,997,660,000 after purchasing an additional 9,920,325 shares in the last quarter. GAMMA Investing LLC increased its position in shares of Tesla by 27,378.6% during the first quarter. GAMMA Investing LLC now owns 9,812,316 shares of the electric vehicle producer’s stock worth $2,542,960,000 after purchasing an additional 9,776,607 shares in the last quarter. Massachusetts Financial Services Co. MA lifted its holdings in shares of Tesla by 4,963.0% in the 4th quarter. Massachusetts Financial Services Co. MA now owns 5,834,707 shares of the electric vehicle producer’s stock valued at $2,356,288,000 after purchasing an additional 5,719,466 shares during the last quarter. Finally, Northern Trust Corp grew its stake in Tesla by 21.6% during the 4th quarter. Northern Trust Corp now owns 28,579,615 shares of the electric vehicle producer’s stock worth $11,541,592,000 after buying an additional 5,075,418 shares during the last quarter. Institutional investors and hedge funds own 66.20% of the company’s stock.

Tesla Stock Down 0.7%

TSLA opened at $313.56 on Friday. Tesla, Inc. has a one year low of $182.00 and a one year high of $488.54. The company has a market cap of $1.01 trillion, a price-to-earnings ratio of 172.29, a PEG ratio of 9.17 and a beta of 2.39. The business’s fifty day moving average is $320.36 and its two-hundred day moving average is $327.07. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.54 and a current ratio of 2.00.

Tesla (NASDAQ:TSLA – Get Free Report) last issued its quarterly earnings data on Tuesday, April 22nd. The electric vehicle producer reported $0.27 EPS for the quarter, missing analysts’ consensus estimates of $0.53 by ($0.26). The business had revenue of $19.34 billion during the quarter, compared to analyst estimates of $22.93 billion. Tesla had a net margin of 6.66% and a return on equity of 9.02%. During the same period in the previous year, the company posted $0.45 earnings per share. Analysts anticipate that Tesla, Inc. will post 2.56 EPS for the current fiscal year.

Analysts Set New Price Targets

TSLA has been the subject of a number of research reports. Cfra Research cut Tesla from a “moderate buy” rating to a “hold” rating in a research note on Tuesday, April 22nd. Wedbush reiterated an “outperform” rating and issued a $500.00 price target on shares of Tesla in a research report on Tuesday. Benchmark reissued a “buy” rating and set a $475.00 price objective (up from $350.00) on shares of Tesla in a research report on Thursday, June 26th. The Goldman Sachs Group upped their target price on shares of Tesla from $285.00 to $315.00 and gave the company a “neutral” rating in a report on Thursday. Finally, Baird R W lowered Tesla from a “strong-buy” rating to a “hold” rating in a report on Monday, June 9th. Ten equities research analysts have rated the stock with a sell rating, thirteen have issued a hold rating, nineteen have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, Tesla presently has an average rating of “Hold” and a consensus price target of $301.24.

Read Our Latest Stock Report on Tesla

Insiders Place Their Bets

In related news, Director Kimbal Musk sold 91,588 shares of Tesla stock in a transaction that occurred on Tuesday, May 27th. The stock was sold at an average price of $357.39, for a total transaction of $32,732,635.32. Following the completion of the transaction, the director directly owned 1,463,220 shares in the company, valued at $522,940,195.80. The trade was a 5.89% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Robyn M. Denholm sold 112,395 shares of the company’s stock in a transaction that occurred on Tuesday, May 6th. The shares were sold at an average price of $274.12, for a total value of $30,809,717.40. Following the completion of the sale, the director directly owned 85,000 shares in the company, valued at approximately $23,300,200. The trade was a 56.94% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 833,509 shares of company stock valued at $278,648,925. Corporate insiders own 20.70% of the company’s stock.

Tesla Profile

(Free Report)

Tesla, Inc designs, develops, manufactures, leases, and sells electric vehicles, and energy generation and storage systems in the United States, China, and internationally. The company operates in two segments, Automotive, and Energy Generation and Storage. The Automotive segment offers electric vehicles, as well as sells automotive regulatory credits; and non-warranty after-sales vehicle, used vehicles, body shop and parts, supercharging, retail merchandise, and vehicle insurance services.

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