Sagespring Wealth Partners LLC Purchases 3,986 Shares of Tesla, Inc. (NASDAQ:TSLA)

Sagespring Wealth Partners LLC boosted its stake in shares of Tesla, Inc. (NASDAQ:TSLA - Free Report) by 17.6% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 26,586 shares of the electric vehicle producer's stock after purchasing an additional 3,986 shares during the quarter. Sagespring Wealth Partners LLC's holdings in Tesla were worth $6,890,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors also recently added to or reduced their stakes in TSLA. Wealth Group Ltd. purchased a new stake in Tesla in the fourth quarter valued at about $275,000. Tallon Kerry Patrick purchased a new position in shares of Tesla in the fourth quarter worth about $374,000. Eagle Capital Management LLC purchased a new position in shares of Tesla in the fourth quarter worth about $331,000. Brighton Jones LLC raised its stake in shares of Tesla by 11.8% in the fourth quarter. Brighton Jones LLC now owns 87,929 shares of the electric vehicle producer's stock worth $35,509,000 after purchasing an additional 9,293 shares during the last quarter. Finally, Revolve Wealth Partners LLC raised its stake in shares of Tesla by 21.2% in the fourth quarter. Revolve Wealth Partners LLC now owns 5,317 shares of the electric vehicle producer's stock worth $2,147,000 after purchasing an additional 931 shares during the last quarter. Institutional investors own 66.20% of the company's stock.

Analysts Set New Price Targets

Several brokerages recently weighed in on TSLA. Canaccord Genuity Group reduced their price target on Tesla from $404.00 to $303.00 and set a "buy" rating for the company in a research report on Wednesday, April 23rd. Deutsche Bank Aktiengesellschaft lowered their price target on Tesla from $420.00 to $345.00 and set a "buy" rating on the stock in a research note on Friday, March 28th. Wedbush set a $500.00 price objective on Tesla in a research report on Thursday, June 5th. Baird R W downgraded Tesla from a "strong-buy" rating to a "hold" rating in a research report on Monday, June 9th. Finally, Cantor Fitzgerald reduced their price objective on Tesla from $425.00 to $355.00 and set an "overweight" rating on the stock in a research report on Wednesday, April 23rd. Ten investment analysts have rated the stock with a sell rating, thirteen have issued a hold rating, nineteen have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company currently has an average rating of "Hold" and a consensus target price of $293.67.

Insider Buying and Selling

In other news, Director Kimbal Musk sold 91,588 shares of the company's stock in a transaction dated 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 now directly owns 1,463,220 shares of the company's stock, valued at approximately $522,940,195.80. This represents a 5.89% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Vaibhav Taneja sold 4,000 shares of the company's stock in a transaction dated Monday, April 7th. The stock was sold at an average price of $250.00, for a total value of $1,000,000.00. Following the transaction, the chief financial officer now directly owns 26,950 shares of the company's stock, valued at approximately $6,737,500. This represents a 12.92% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 818,509 shares of company stock valued at $273,791,775 in the last three months. 20.70% of the stock is owned by corporate insiders.

Tesla Trading Up 1.9%

TSLA opened at $325.31 on Monday. Tesla, Inc. has a 12 month low of $177.00 and a 12 month high of $488.54. The stock has a market capitalization of $1.05 trillion, a price-to-earnings ratio of 159.47, a PEG ratio of 5.86 and a beta of 2.47. The company has a debt-to-equity ratio of 0.08, a current ratio of 2.02 and a quick ratio of 1.61. The business has a fifty day moving average price of $299.39 and a 200 day moving average price of $332.88.

Tesla (NASDAQ:TSLA - Get Free Report) last released its earnings results on Tuesday, April 22nd. The electric vehicle producer reported $0.27 EPS for the quarter, missing the consensus estimate of $0.53 by ($0.26). Tesla had a return on equity of 10.31% and a net margin of 7.26%. The company had revenue of $19.34 billion for the quarter, compared to analyst estimates of $22.93 billion. During the same period in the previous year, the firm earned $0.45 earnings per share. Sell-side analysts expect that Tesla, Inc. will post 2.56 earnings per share for the current fiscal year.

Tesla Company Profile

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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