Sumitomo Life Insurance Co. Reduces Stock Holdings in Tesla, Inc. (NASDAQ:TSLA)

Sumitomo Life Insurance Co. cut its stake in shares of Tesla, Inc. (NASDAQ:TSLA - Free Report) by 20.4% during the 1st quarter, according to its most recent 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 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the stock. Cherry Tree Wealth Management LLC grew its position in shares of Tesla by 86.3% during the first quarter. Cherry Tree Wealth Management LLC now owns 95 shares of the electric vehicle producer's stock worth $25,000 after buying an additional 44 shares in the last quarter. First PREMIER Bank boosted its stake in Tesla by 79.2% during the 1st quarter. First PREMIER Bank now owns 95 shares of the electric vehicle producer's stock valued at $25,000 after acquiring an additional 42 shares during the last quarter. Newton One Investments LLC grew its holdings in Tesla by 250.0% during the 1st quarter. Newton One Investments LLC now owns 105 shares of the electric vehicle producer's stock worth $27,000 after acquiring an additional 75 shares in the last quarter. Arcadia Investment Management Corp MI bought a new stake in shares of Tesla in the 1st quarter worth about $27,000. Finally, True Wealth Design LLC lifted its position in shares of Tesla by 79.5% during the fourth quarter. True Wealth Design LLC now owns 70 shares of the electric vehicle producer's stock worth $28,000 after purchasing an additional 31 shares during the last quarter. Hedge funds and other institutional investors own 66.20% of the company's stock.

Wall Street Analyst Weigh In

A number of research analysts have commented on the company. Morgan Stanley reaffirmed an "overweight" rating and set a $410.00 target price on shares of Tesla in a report on Friday, June 6th. Deutsche Bank Aktiengesellschaft reduced their price objective on Tesla from $420.00 to $345.00 and set a "buy" rating on the stock in a research note on Friday, March 28th. Needham & Company LLC reiterated a "hold" rating on shares of Tesla in a research note on Wednesday, April 23rd. Barclays reduced their price target on shares of Tesla from $325.00 to $275.00 and set an "equal weight" rating on the stock in a research report on Monday, April 21st. Finally, Wedbush reaffirmed an "outperform" rating and set a $500.00 price objective on shares of Tesla in a research report on Tuesday, July 8th. Ten investment analysts have rated the stock with a sell rating, fourteen have given a hold rating, seventeen have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company presently has an average rating of "Hold" and an average target price of $300.19.

Tesla Stock Performance

TSLA opened at $313.51 on Monday. The business has a 50 day moving average price of $322.60 and a two-hundred day moving average price of $319.32. The company has a debt-to-equity ratio of 0.07, a current ratio of 2.00 and a quick ratio of 1.54. The company has a market capitalization of $1.01 trillion, a price-to-earnings ratio of 172.26, a price-to-earnings-growth ratio of 9.33 and a beta of 2.39. Tesla, Inc. has a 1-year low of $182.00 and a 1-year high of $488.54.

Tesla (NASDAQ:TSLA - Get Free Report) last posted 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). Tesla had a return on equity of 9.02% and a net margin of 6.66%. The firm had revenue of $19.34 billion during the quarter, compared to the consensus estimate of $22.93 billion. During the same period in the prior year, the firm posted $0.45 EPS. Research analysts predict that Tesla, Inc. will post 2.56 EPS for the current fiscal year.

Insider Buying and Selling at Tesla

In other news, CFO Vaibhav Taneja sold 2,000 shares of Tesla stock in a transaction that occurred on Tuesday, July 8th. The shares were sold at an average price of $300.00, for a total value of $600,000.00. Following the transaction, the chief financial officer owned 5,924 shares of the company's stock, valued at $1,777,200. The trade was a 25.24% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, SVP Xiaotong Zhu sold 15,000 shares of the firm's stock in a transaction that occurred on Thursday, June 12th. The stock was sold at an average price of $323.81, for a total transaction of $4,857,150.00. Following the sale, the senior vice president owned 67,600 shares of the company's stock, valued at $21,889,556. The trade was a 18.16% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 835,509 shares of company stock valued at $279,420,485 over the last 90 days. Insiders own 20.70% of the company's stock.

About Tesla

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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