Sumitomo Life Insurance Co. Sells 10,274 Shares of Tesla, Inc. (NASDAQ:TSLA)

Sumitomo Life Insurance Co. lowered its position in Tesla, Inc. (NASDAQ:TSLA - Free Report) by 20.4% in the 1st quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 40,144 shares of the electric vehicle producer's stock after selling 10,274 shares during the period. Sumitomo Life Insurance Co.'s holdings in Tesla were worth $10,404,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in TSLA. Eagle Capital Management LLC bought a new position in Tesla during the 4th quarter valued at approximately $331,000. Brighton Jones LLC increased its position in Tesla by 11.8% during the 4th quarter. Brighton Jones LLC now owns 87,929 shares of the electric vehicle producer's stock valued at $35,509,000 after buying an additional 9,293 shares in the last quarter. Revolve Wealth Partners LLC increased its position in Tesla by 21.2% during the 4th quarter. Revolve Wealth Partners LLC now owns 5,317 shares of the electric vehicle producer's stock valued at $2,147,000 after buying an additional 931 shares in the last quarter. Mascagni Wealth Management Inc. bought a new position in Tesla during the 4th quarter valued at approximately $346,000. Finally, Highview Capital Management LLC DE bought a new position in Tesla during the 4th quarter valued at approximately $2,367,000. Institutional investors own 66.20% of the company's stock.

Insiders Place Their Bets

In other news, SVP Xiaotong Zhu sold 15,000 shares of the business's stock in a transaction dated Thursday, June 12th. The stock was sold at an average price of $323.81, for a total value of $4,857,150.00. Following the transaction, the senior vice president directly owned 67,600 shares in the company, valued at $21,889,556. The trade was a 18.16% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Kimbal Musk sold 91,588 shares of the business's stock in a transaction dated Tuesday, May 27th. The shares were sold at an average price of $357.39, for a total value of $32,732,635.32. Following the completion of the transaction, the director owned 1,463,220 shares in the company, valued at $522,940,195.80. The trade was a 5.89% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 835,509 shares of company stock valued at $279,420,485. Insiders own 20.70% of the company's stock.

Analyst Upgrades and Downgrades

A number of analysts have commented on the company. Truist Financial set a $280.00 target price on Tesla in a report on Tuesday, April 22nd. Barclays reduced their target price on Tesla from $325.00 to $275.00 and set an "equal weight" rating for the company in a report on Monday, April 21st. Morgan Stanley reissued an "overweight" rating and issued a $410.00 target price on shares of Tesla in a report on Friday, June 6th. The Goldman Sachs Group reduced their target price on Tesla from $315.00 to $285.00 and set a "neutral" rating for the company in a report on Friday, July 11th. Finally, Argus reissued a "hold" rating on shares of Tesla in a report on Monday, June 9th. Ten equities research analysts have rated the stock with a sell rating, fourteen have assigned a hold rating, seventeen have given a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat, the company has an average rating of "Hold" and a consensus price target of $300.19.

Tesla Stock Performance

NASDAQ TSLA traded down $2.26 on Thursday, hitting $319.41. 73,650,109 shares of the company traded hands, compared to its average volume of 98,950,144. The company has a market capitalization of $1.03 trillion, a price-to-earnings ratio of 175.50, a P/E/G ratio of 9.80 and a beta of 2.39. The company has a current ratio of 2.00, a quick ratio of 1.54 and a debt-to-equity ratio of 0.07. The business's 50 day moving average price is $325.64 and its 200-day moving average price is $317.81. Tesla, Inc. has a 52-week low of $182.00 and a 52-week high of $488.54.

Tesla (NASDAQ:TSLA - Get Free Report) last announced its quarterly earnings data 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 net margin of 6.66% and a return on equity of 9.02%. The business had revenue of $19.34 billion during the quarter, compared to analysts' expectations of $22.93 billion. During the same quarter in the previous year, the firm earned $0.45 earnings per share. Equities analysts expect that Tesla, Inc. will post 2.56 earnings per share for the current 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.