Destination Wealth Management Acquires 9,336 Shares of Tesla, Inc. (NASDAQ:TSLA)

Destination Wealth Management increased its holdings in shares of Tesla, Inc. (NASDAQ:TSLA) by 74.1% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 21,933 shares of the electric vehicle producer’s stock after buying an additional 9,336 shares during the quarter. Destination Wealth Management’s holdings in Tesla were worth $8,857,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also modified their holdings of TSLA. Swedbank AB raised its position in Tesla by 2.8% in the third quarter. Swedbank AB now owns 1,098,717 shares of the electric vehicle producer’s stock valued at $287,457,000 after purchasing an additional 29,669 shares during the last quarter. Harbor Capital Advisors Inc. bought a new position in Tesla in the third quarter valued at about $403,000. D.B. Root & Company LLC raised its position in Tesla by 36.2% in the third quarter. D.B. Root & Company LLC now owns 4,094 shares of the electric vehicle producer’s stock valued at $1,071,000 after purchasing an additional 1,089 shares during the last quarter. Forte Capital LLC ADV raised its position in Tesla by 1.1% in the third quarter. Forte Capital LLC ADV now owns 14,277 shares of the electric vehicle producer’s stock valued at $3,735,000 after purchasing an additional 158 shares during the last quarter. Finally, Blake Schutter Theil Wealth Advisors LLC bought a new position in Tesla in the third quarter valued at about $384,000. 66.20% of the stock is currently owned by institutional investors.

Insider Activity

In other news, CFO Vaibhav Taneja sold 7,000 shares of the firm’s stock in a transaction that occurred 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 transaction, the chief financial officer now 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through 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 shares were sold at an average price of $384.04, for a total value of $43,162,255.60. Following the completion of the transaction, the director now owns 85,000 shares in the company, valued at $32,643,400. This represents a 56.94 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 422,452 shares of company stock worth $153,659,530 over the last 90 days. 20.70% of the stock is currently owned by corporate insiders.

Tesla Stock Down 5.6 %

Shares of NASDAQ:TSLA opened at $263.45 on Friday. The business’s 50 day simple moving average is $371.15 and its two-hundred day simple moving average is $317.75. The firm has a market cap of $847.39 billion, a P/E ratio of 129.14, a PEG 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. Tesla, Inc. has a 52-week low of $138.80 and a 52-week high of $488.54.

Tesla (NASDAQ:TSLA) last announced its quarterly 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%. As a group, research analysts forecast that Tesla, Inc. will post 2.56 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities analysts have commented on TSLA shares. Guggenheim reiterated a “sell” rating on shares of Tesla in a research report on Tuesday, February 25th. Deutsche Bank Aktiengesellschaft increased their target price on Tesla from $295.00 to $370.00 and gave the company a “buy” rating in a research report on Monday, December 9th. UBS Group reissued a “neutral” rating on shares of Tesla in a research note on Tuesday. Wells Fargo & Company increased their price target on Tesla from $125.00 to $135.00 and gave the company an “underweight” rating in a research note on Thursday, January 30th. Finally, Mizuho reissued an “outperform” rating and issued a $515.00 price target on shares of Tesla in a research note on Thursday, January 30th. Nine investment analysts have rated the stock with a sell rating, twelve have issued a hold rating, fifteen have assigned a buy rating and two have given a strong buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $313.15.

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.