Sumitomo Mitsui Trust Group Inc. Has $3.18 Billion Stock Holdings in Tesla, Inc. (NASDAQ:TSLA)

Sumitomo Mitsui Trust Group Inc. cut its holdings in shares of Tesla, Inc. (NASDAQ:TSLA) by 7.6% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 7,877,482 shares of the electric vehicle producer’s stock after selling 651,370 shares during the period. Tesla accounts for approximately 2.1% of Sumitomo Mitsui Trust Group Inc.’s investment portfolio, making the stock its 6th biggest holding. Sumitomo Mitsui Trust Group Inc. owned about 0.25% of Tesla worth $3,181,242,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the business. Geode Capital Management LLC boosted its holdings in Tesla by 1.8% in the third quarter. Geode Capital Management LLC now owns 59,356,401 shares of the electric vehicle producer’s stock worth $15,469,792,000 after acquiring an additional 1,022,589 shares in the last quarter. FMR LLC raised its position in shares of Tesla by 3.5% in the 3rd quarter. FMR LLC now owns 24,741,075 shares of the electric vehicle producer’s stock valued at $6,473,008,000 after purchasing an additional 828,308 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in Tesla by 13.7% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 24,377,822 shares of the electric vehicle producer’s stock worth $6,377,970,000 after purchasing an additional 2,946,763 shares during the last quarter. Charles Schwab Investment Management Inc. increased its stake in Tesla by 1.9% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 16,545,824 shares of the electric vehicle producer’s stock valued at $4,328,884,000 after purchasing an additional 301,968 shares in the last quarter. Finally, Jennison Associates LLC raised its holdings in shares of Tesla by 11.9% in the third quarter. Jennison Associates LLC now owns 12,201,212 shares of the electric vehicle producer’s stock worth $3,192,203,000 after buying an additional 1,294,093 shares during the last quarter. Hedge funds and other institutional investors own 66.20% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts recently issued reports on the company. Morgan Stanley upped their target price on Tesla from $400.00 to $430.00 and gave the company an “overweight” rating in a research report on Monday, January 13th. Phillip Securities lowered Tesla from a “moderate sell” rating to a “strong sell” rating in a report on Wednesday, November 13th. Wells Fargo & Company lifted their target price on Tesla from $125.00 to $135.00 and gave the stock an “underweight” rating in a report on Thursday, January 30th. KGI Securities raised shares of Tesla from a “neutral” rating to an “outperform” rating and set a $276.00 price target for the company in a research report on Thursday, October 24th. Finally, Robert W. Baird dropped their price objective on shares of Tesla from $480.00 to $440.00 and set an “outperform” rating on the stock in a report on Thursday, January 30th. Nine equities research analysts have rated the stock with a sell rating, twelve have given a hold rating, sixteen have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $321.71.

Insiders Place Their Bets

In related news, Director Kimbal Musk sold 75,000 shares of the business’s stock in a transaction on Thursday, February 6th. The shares were sold at an average price of $367.87, for a total value of $27,590,250.00. Following the completion of the sale, the director now directly owns 1,463,220 shares of the company’s stock, valued at $538,274,741.40. The trade was a 4.88 % 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 Robyn M. Denholm sold 112,390 shares of the firm’s stock in a transaction that occurred on Monday, February 3rd. The stock was sold at an average price of $384.04, for a total transaction of $43,162,255.60. Following the transaction, the director now owns 85,000 shares in the company, valued at approximately $32,643,400. This trade represents a 56.94 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 635,776 shares of company stock worth $231,335,112 in the last ninety days. 20.70% of the stock is owned by corporate insiders.

Tesla Stock Performance

Tesla stock opened at $350.73 on Tuesday. The stock has a market cap of $1.13 trillion, a price-to-earnings ratio of 171.93, a price-to-earnings-growth ratio of 6.22 and a beta of 2.34. 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 firm has a 50 day simple moving average of $408.27 and a 200-day simple moving average of $304.55. Tesla, Inc. has a 1-year low of $138.80 and a 1-year high of $488.54.

Tesla (NASDAQ:TSLA) last posted its earnings results on Wednesday, January 29th. The electric vehicle producer reported $0.66 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.74 by ($0.08). Tesla had a return on equity of 10.31% and a net margin of 7.26%. On average, analysts expect that Tesla, Inc. will post 2.54 EPS for the current year.

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.