Legal & General Group Plc Has $6.57 Billion Stock Position in Tesla, Inc. (NASDAQ:TSLA)

Legal & General Group Plc decreased its stake in shares of Tesla, Inc. (NASDAQ:TSLA) by 24.6% in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 16,258,842 shares of the electric vehicle producer’s stock after selling 5,318,641 shares during the quarter. Tesla comprises about 1.7% of Legal & General Group Plc’s portfolio, making the stock its 8th largest holding. Legal & General Group Plc owned approximately 0.51% of Tesla worth $6,565,971,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds also recently bought and sold shares of TSLA. Invesco Ltd. increased its position in Tesla by 6.6% in the fourth quarter. Invesco Ltd. now owns 12,575,114 shares of the electric vehicle producer’s stock worth $5,078,334,000 after purchasing an additional 774,383 shares during the last quarter. Employees Retirement System of Texas increased its holdings in shares of Tesla by 20.7% in the 4th quarter. Employees Retirement System of Texas now owns 426,983 shares of the electric vehicle producer’s stock worth $172,433,000 after buying an additional 73,340 shares during the last quarter. Concentrum Wealth Management raised its position in shares of Tesla by 3.2% during the 4th quarter. Concentrum Wealth Management now owns 20,729 shares of the electric vehicle producer’s stock valued at $8,371,000 after buying an additional 639 shares in the last quarter. Wellspring Financial Advisors LLC lifted its holdings in shares of Tesla by 19.4% in the 4th quarter. Wellspring Financial Advisors LLC now owns 14,508 shares of the electric vehicle producer’s stock valued at $5,859,000 after acquiring an additional 2,357 shares during the last quarter. Finally, Cerity Partners LLC grew its position in Tesla by 1.4% in the fourth quarter. Cerity Partners LLC now owns 393,754 shares of the electric vehicle producer’s stock worth $159,014,000 after acquiring an additional 5,619 shares in the last quarter. 66.20% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other news, Director James R. Murdoch sold 54,776 shares of Tesla stock in a transaction on Monday, March 10th. The shares were sold at an average price of $240.79, for a total value of $13,189,513.04. Following the transaction, the director now directly 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 sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Vaibhav Taneja sold 7,000 shares of Tesla stock in a transaction 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 in the company, valued at approximately $41,745,581.15. This represents a 6.04 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 370,228 shares of company stock worth $122,791,123 over the last 90 days. 20.70% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Several research analysts have commented on TSLA shares. New Street Research raised shares of Tesla from a “neutral” rating to a “buy” rating and set a $460.00 price objective for the company in a research note on Monday, January 6th. 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. Barclays raised their price objective on shares of Tesla from $270.00 to $325.00 and gave the stock an “equal weight” rating in a research note on Wednesday, January 15th. Royal Bank of Canada cut their target price on Tesla from $440.00 to $320.00 and set an “outperform” rating on the stock in a research note on Tuesday, March 18th. Finally, TD Cowen raised Tesla from a “hold” rating to a “buy” rating and raised their price target for the stock from $180.00 to $388.00 in a research note on Friday, March 7th. Eight research analysts have rated the stock with a sell rating, nine have issued a hold rating, twenty-one have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $312.65.

Tesla Stock Down 10.4 %

Tesla stock opened at $239.43 on Monday. The stock’s fifty day simple moving average is $305.98 and its 200-day simple moving average is $324.24. 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, Inc. has a twelve month low of $138.80 and a twelve month high of $488.54. The firm has a market capitalization 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.

Tesla (NASDAQ:TSLA) last issued its quarterly earnings results on Wednesday, January 29th. The electric vehicle producer reported $0.66 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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, equities analysts expect that Tesla, Inc. will post 2.56 earnings per share for the current fiscal year.

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.