Sumitomo Life Insurance Co. Has $20.36 Million Stock Position in Tesla, Inc. (NASDAQ:TSLA)

Sumitomo Life Insurance Co. boosted its holdings in Tesla, Inc. (NASDAQ:TSLA) by 61.9% during the 4th quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 50,418 shares of the electric vehicle producer’s stock after acquiring an additional 19,273 shares during the quarter. Tesla accounts for approximately 0.4% of Sumitomo Life Insurance Co.’s investment portfolio, making the stock its 21st biggest holding. Sumitomo Life Insurance Co.’s holdings in Tesla were worth $20,361,000 as of its most recent SEC filing.

A number of other hedge funds have also added to or reduced their stakes in TSLA. R Squared Ltd bought a new position in shares of Tesla in the fourth quarter valued at approximately $186,000. DiNuzzo Private Wealth Inc. raised its position in Tesla by 13.3% in the 4th quarter. DiNuzzo Private Wealth Inc. now owns 863 shares of the electric vehicle producer’s stock valued at $349,000 after buying an additional 101 shares during the last quarter. Foster Group Inc. lifted its stake in Tesla by 1.0% during the 4th quarter. Foster Group Inc. now owns 5,103 shares of the electric vehicle producer’s stock valued at $2,061,000 after acquiring an additional 53 shares in the last quarter. Baker Boyer National Bank boosted its holdings in Tesla by 1.2% during the 4th quarter. Baker Boyer National Bank now owns 2,924 shares of the electric vehicle producer’s stock worth $1,181,000 after acquiring an additional 34 shares during the last quarter. Finally, Gateway Wealth Partners LLC grew its stake in shares of Tesla by 1.0% in the 4th quarter. Gateway Wealth Partners LLC now owns 4,336 shares of the electric vehicle producer’s stock worth $1,751,000 after acquiring an additional 44 shares in the last quarter. Institutional investors and hedge funds own 66.20% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on the stock. HSBC restated a “reduce” rating and set a $124.00 price target on shares of Tesla in a report on Friday, October 11th. Morgan Stanley upped their target price on Tesla from $400.00 to $430.00 and gave the company an “overweight” rating in a report on Monday, January 13th. Wedbush boosted their price objective on Tesla from $515.00 to $550.00 and gave the stock an “outperform” rating in a research report on Wednesday, January 22nd. Stifel Nicolaus increased their price target on shares of Tesla from $411.00 to $492.00 and gave the company a “buy” rating in a research report on Monday, January 6th. Finally, Canaccord Genuity Group lifted their price objective on shares of Tesla from $298.00 to $400.00 and gave the stock a “buy” rating in a research report on Friday, January 3rd. Nine analysts have rated the stock with a sell rating, thirteen have given a hold rating, sixteen have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $318.31.

Tesla Price Performance

TSLA opened at $404.60 on Friday. The stock has a 50-day moving average price of $404.22 and a 200-day moving average price of $299.05. The stock has a market capitalization of $1.30 trillion, a P/E ratio of 198.33, a PEG ratio of 8.08 and a beta of 2.30. Tesla, Inc. has a 12-month low of $138.80 and a 12-month high of $488.54. The company has a current ratio of 1.84, a quick ratio of 1.37 and a debt-to-equity ratio of 0.08.

Tesla (NASDAQ:TSLA) last posted its quarterly earnings results on Wednesday, January 29th. The electric vehicle producer reported $0.66 earnings per share for the quarter, missing the consensus estimate of $0.74 by ($0.08). Tesla had a return on equity of 10.54% and a net margin of 7.26%. Equities analysts predict that Tesla, Inc. will post 2.82 earnings per share for the current fiscal year.

Insider Buying and Selling at Tesla

In other Tesla news, CFO Vaibhav Taneja sold 2,606 shares of the business’s stock in a transaction dated Friday, December 6th. The shares were sold at an average price of $374.21, for a total value of $975,191.26. Following the transaction, the chief financial officer now owns 108,965 shares in the company, valued at approximately $40,775,792.65. The trade was a 2.34 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Robyn M. Denholm sold 112,390 shares of the stock in a transaction that occurred on Friday, November 15th. The stock was sold at an average price of $314.44, for a total value of $35,339,911.60. Following the completion of the sale, the director now owns 85,000 shares of the company’s stock, valued at approximately $26,727,400. This trade represents a 56.94 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 553,386 shares of company stock worth $196,305,796. 20.70% of the stock is currently owned by insiders.

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.