Envestnet Asset Management Inc. Has $488.91 Million Position in Tesla, Inc. (NASDAQ:TSLA)

Envestnet Asset Management Inc. raised its holdings in shares of Tesla, Inc. (NASDAQ:TSLA - Free Report) by 9.5% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 1,210,664 shares of the electric vehicle producer's stock after acquiring an additional 105,371 shares during the quarter. Envestnet Asset Management Inc.'s holdings in Tesla were worth $488,914,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Principal Financial Group Inc. grew its holdings in shares of Tesla by 5.6% in the 3rd quarter. Principal Financial Group Inc. now owns 3,650,393 shares of the electric vehicle producer's stock valued at $955,052,000 after acquiring an additional 194,796 shares in the last quarter. United Bank bought a new position in Tesla in the third quarter valued at approximately $287,000. Quarry LP increased its position in shares of Tesla by 184.7% during 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 last quarter. Stifel Financial Corp raised its stake in shares of Tesla by 4.4% during the 3rd quarter. Stifel Financial Corp now owns 516,398 shares of the electric vehicle producer's stock worth $135,106,000 after purchasing an additional 21,727 shares in the last quarter. Finally, Texas Capital Bank Wealth Management Services Inc acquired a new stake in shares of Tesla in the 3rd quarter valued at approximately $690,000. 66.20% of the stock is currently owned by institutional investors and hedge funds.

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Analysts Set New Price Targets

A number of brokerages recently weighed in on TSLA. JPMorgan Chase & Co. lowered their target price on shares of Tesla from $135.00 to $120.00 and set an "underweight" rating on the stock in a report on Wednesday, March 12th. Robert W. Baird dropped their target price on shares of Tesla from $440.00 to $370.00 and set an "outperform" rating on the stock in a report on Thursday, March 6th. Royal Bank of Canada reduced their price target on Tesla from $440.00 to $320.00 and set an "outperform" rating for the company in a report on Tuesday, March 18th. Canaccord Genuity Group restated a "buy" rating and issued a $404.00 price objective on shares of Tesla in a research note on Monday, March 17th. Finally, StockNews.com cut Tesla from a "hold" rating to a "sell" rating in a research report on Friday, January 31st. Eight research analysts have rated the stock with a sell rating, nine have assigned a hold rating, twenty-one have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Hold" and an average price target of $305.31.

Insider Activity

In other news, Director James R. Murdoch sold 54,776 shares of the company'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 value of $13,189,513.04. Following the completion of the transaction, the director now owns 477,011 shares of the company's stock, valued at $114,859,478.69. This represents a 10.30 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CFO Vaibhav Taneja sold 7,000 shares of the firm's stock in a transaction that occurred on Monday, February 3rd. The shares were sold at an average price of $383.11, for a total transaction of $2,681,770.00. Following the completion of the transaction, the chief financial officer now owns 108,965 shares of the company's stock, valued at approximately $41,745,581.15. This trade represents a 6.04 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 370,228 shares of company stock worth $122,791,123. Insiders own 20.70% of the company's stock.

Tesla Price Performance

Shares of Tesla stock traded down $6.14 during trading on Monday, reaching $233.29. 181,900,757 shares of the company's stock were exchanged, compared to its average volume of 94,625,450. The firm's 50-day moving average price is $305.98 and its 200 day moving average price is $324.24. The company has a market cap of $750.38 billion, a P/E ratio of 114.36, a PEG ratio of 5.86 and a beta of 2.58. 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 1-year low of $138.80 and a 1-year high of $488.54.

Tesla (NASDAQ:TSLA - Get Free Report) last posted its quarterly earnings results on Wednesday, January 29th. The electric vehicle producer reported $0.66 earnings per share for the quarter, missing analysts' consensus estimates of $0.74 by ($0.08). Tesla had a net margin of 7.26% and a return on equity of 10.31%. As a group, research analysts anticipate that Tesla, Inc. will post 2.56 earnings per share for the current year.

Tesla 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.