Resona Asset Management Co. Ltd. Takes Position in Tesla, Inc. (NASDAQ:TSLA)

Resona Asset Management Co. Ltd. bought a new position in shares of Tesla, Inc. (NASDAQ:TSLA) during the 4th quarter, HoldingsChannel reports. The institutional investor bought 877,703 shares of the electric vehicle producer’s stock, valued at approximately $358,201,000. Tesla makes up 2.1% of Resona Asset Management Co. Ltd.’s portfolio, making the stock its 6th biggest position.

A number of other institutional investors have also recently added to or reduced their stakes in TSLA. Principal Financial Group Inc. raised its position in shares of Tesla by 5.6% during the third quarter. Principal Financial Group Inc. now owns 3,650,393 shares of the electric vehicle producer’s stock worth $955,052,000 after acquiring an additional 194,796 shares during the last quarter. United Bank bought a new position in Tesla during the 3rd quarter worth approximately $287,000. Quarry LP lifted its position in shares of Tesla by 184.7% in the 3rd quarter. Quarry LP now owns 689 shares of the electric vehicle producer’s stock worth $180,000 after purchasing an additional 447 shares during the period. Stifel Financial Corp boosted its stake in shares of Tesla by 4.4% in the 3rd quarter. Stifel Financial Corp now owns 516,398 shares of the electric vehicle producer’s stock valued at $135,106,000 after purchasing an additional 21,727 shares during the last quarter. Finally, Texas Capital Bank Wealth Management Services Inc acquired a new stake in shares of Tesla during the third quarter worth $690,000. 66.20% of the stock is owned by institutional investors.

Analyst Ratings Changes

TSLA has been the topic of a number of research analyst reports. Wedbush reaffirmed an “outperform” rating and set a $550.00 price target on shares of Tesla in a research report on Thursday, March 27th. Cowen upgraded Tesla from a “hold” rating to a “buy” rating in a research report on Thursday, March 6th. Glj Research reaffirmed a “buy” rating on shares of Tesla in a research note on Tuesday, March 11th. Benchmark initiated coverage on Tesla in a research note on Wednesday, February 12th. They issued a “buy” rating and a $475.00 price target on the stock. Finally, Morgan Stanley reduced their price objective on shares of Tesla from $430.00 to $410.00 and set an “overweight” rating for the company in a research report on Friday, March 21st. Eight research analysts have rated the stock with a sell rating, nine have given a hold rating, twenty-one have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, Tesla presently has an average rating of “Hold” and a consensus price target of $312.65.

Tesla Stock Down 10.4 %

TSLA stock opened at $239.43 on Friday. Tesla, Inc. has a 1-year low of $138.80 and a 1-year high of $488.54. The stock has a market cap of $770.13 billion, a P/E ratio of 117.37, a P/E/G ratio of 5.86 and a beta of 2.58. The stock’s fifty day simple moving average is $305.98 and its two-hundred day simple moving average is $322.90. The company has a current ratio of 2.02, a quick ratio of 1.61 and a debt-to-equity ratio of 0.08.

Tesla (NASDAQ:TSLA) last announced 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%. Analysts expect that Tesla, Inc. will post 2.56 EPS for the current year.

Insider Buying and Selling

In other Tesla news, CFO Vaibhav Taneja sold 7,000 shares of the business’s stock in a transaction on Monday, January 6th. The stock was sold at an average price of $413.56, for a total value of $2,894,920.00. Following the sale, the chief financial officer now directly owns 108,965 shares in the company, valued at $45,063,565.40. The trade was a 6.04 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director James R. Murdoch sold 54,776 shares of the stock in a transaction on Monday, March 10th. The stock was sold at an average price of $240.79, for a total value of $13,189,513.04. Following the transaction, the director now owns 477,011 shares of the company’s stock, valued at $114,859,478.69. The trade was a 10.30 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 477,228 shares of company stock valued at $166,849,043. 20.70% of the stock is owned by company insiders.

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.