California Public Employees Retirement System Has $1.93 Billion Stock Position in Tesla, Inc. (NASDAQ:TSLA)

California Public Employees Retirement System cut its position in Tesla, Inc. (NASDAQ:TSLA) by 1.7% in the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 4,767,925 shares of the electric vehicle producer’s stock after selling 84,098 shares during the quarter. Tesla accounts for 1.3% of California Public Employees Retirement System’s portfolio, making the stock its 11th biggest holding. California Public Employees Retirement System’s holdings in Tesla were worth $1,925,479,000 at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in TSLA. World Investment Advisors LLC increased its position in shares of Tesla by 1,248.9% during the third quarter. World Investment Advisors LLC now owns 199,229 shares of the electric vehicle producer’s stock worth $52,124,000 after acquiring an additional 184,459 shares in the last quarter. Destination Wealth Management increased its holdings in Tesla by 12.1% during the 3rd quarter. Destination Wealth Management now owns 12,597 shares of the electric vehicle producer’s stock worth $3,296,000 after purchasing an additional 1,359 shares in the last quarter. Stephens Consulting LLC raised its stake in shares of Tesla by 126.7% in the fourth quarter. Stephens Consulting LLC now owns 1,594 shares of the electric vehicle producer’s stock worth $644,000 after purchasing an additional 891 shares during the last quarter. MML Investors Services LLC lifted its holdings in shares of Tesla by 3.3% in the third quarter. MML Investors Services LLC now owns 309,382 shares of the electric vehicle producer’s stock valued at $80,944,000 after purchasing an additional 9,919 shares in the last quarter. Finally, Wellington Management Group LLP boosted its position in shares of Tesla by 52.0% during the third quarter. Wellington Management Group LLP now owns 7,344,526 shares of the electric vehicle producer’s stock valued at $1,921,548,000 after buying an additional 2,511,488 shares during the last quarter. 66.20% of the stock is owned by institutional investors and hedge funds.

Tesla Price Performance

NASDAQ:TSLA opened at $263.55 on Friday. The firm has a market capitalization of $847.71 billion, a price-to-earnings ratio of 129.19, a P/E/G ratio of 5.86 and a beta of 2.50. The company has a debt-to-equity ratio of 0.08, a quick ratio of 1.61 and a current ratio of 2.02. The stock has a fifty day moving average of $321.33 and a 200 day moving average of $322.34. Tesla, Inc. has a 52-week low of $138.80 and a 52-week high of $488.54.

Tesla (NASDAQ:TSLA) last issued its quarterly earnings data on Wednesday, January 29th. The electric vehicle producer reported $0.66 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, research analysts expect that Tesla, Inc. will post 2.56 EPS for the current fiscal year.

Analysts Set New Price Targets

Several brokerages have weighed in on TSLA. Benchmark assumed coverage on Tesla in a research note on Wednesday, February 12th. They set a “buy” rating and a $475.00 price objective on the stock. Morgan Stanley cut their price target on shares of Tesla from $430.00 to $410.00 and set an “overweight” rating on the stock in a report on Friday, March 21st. Bank of America decreased their price objective on shares of Tesla from $490.00 to $380.00 and set a “neutral” rating for the company in a research note on Tuesday, March 4th. Canaccord Genuity Group restated a “buy” rating and issued a $404.00 target price on shares of Tesla in a research note on Monday, March 17th. Finally, Royal Bank of Canada decreased their price target on Tesla from $440.00 to $320.00 and set an “outperform” rating for the company in a research report on Tuesday, March 18th. Nine analysts have rated the stock with a sell rating, eight have given a hold rating, twenty-one have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, Tesla currently has an average rating of “Hold” and an average price target of $318.34.

Insider Buying and Selling

In other Tesla news, CFO Vaibhav Taneja sold 7,000 shares of the stock in a transaction that occurred on Monday, January 6th. The shares were sold at an average price of $413.56, for a total transaction of $2,894,920.00. Following the transaction, the chief financial officer now directly owns 108,965 shares in the company, valued at $45,063,565.40. This trade represents a 6.04 % 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 James R. Murdoch sold 54,776 shares of the business’s stock in a transaction that occurred on Monday, March 10th. The stock was sold at an average price of $240.79, for a total transaction of $13,189,513.04. Following the completion of the sale, the director now owns 477,011 shares of the company’s stock, valued at approximately $114,859,478.69. The trade was a 10.30 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 477,228 shares of company stock worth $166,849,043. Corporate insiders own 20.70% of the company’s stock.

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.