Arizona State Retirement System Increases Position in Tesla, Inc. (NASDAQ:TSLA)

Arizona State Retirement System lifted its position in shares of Tesla, Inc. (NASDAQ:TSLA) by 1.7% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 836,648 shares of the electric vehicle producer’s stock after purchasing an additional 13,670 shares during the quarter. Tesla accounts for 2.1% of Arizona State Retirement System’s portfolio, making the stock its 6th largest position. Arizona State Retirement System’s holdings in Tesla were worth $337,872,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the company. Geode Capital Management LLC boosted its position in shares of Tesla by 1.8% during the third quarter. Geode Capital Management LLC now owns 59,356,401 shares of the electric vehicle producer’s stock worth $15,469,792,000 after purchasing an additional 1,022,589 shares in the last quarter. FMR LLC boosted its stake in Tesla by 3.5% in the 3rd quarter. FMR LLC now owns 24,741,075 shares of the electric vehicle producer’s stock worth $6,473,008,000 after purchasing an additional 828,308 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its holdings in Tesla by 13.7% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 24,377,822 shares of the electric vehicle producer’s stock worth $6,377,970,000 after purchasing an additional 2,946,763 shares in the last quarter. Charles Schwab Investment Management Inc. raised its stake in shares of Tesla by 4.7% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 17,325,850 shares of the electric vehicle producer’s stock valued at $6,996,871,000 after purchasing an additional 780,026 shares during the period. Finally, Jennison Associates LLC lifted its holdings in shares of Tesla by 11.9% in the third quarter. Jennison Associates LLC now owns 12,201,212 shares of the electric vehicle producer’s stock valued at $3,192,203,000 after purchasing an additional 1,294,093 shares in the last quarter. 66.20% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts have commented on TSLA shares. Roth Mkm upgraded Tesla from a “neutral” rating to a “buy” rating and boosted their target price for the company from $85.00 to $380.00 in a research note on Monday, December 2nd. Morgan Stanley restated a “top pick” rating and set a $430.00 target price on shares of Tesla in a report on Monday. Piper Sandler lifted their price target on shares of Tesla from $315.00 to $500.00 and gave the company an “overweight” rating in a research note on Tuesday, January 21st. Benchmark began coverage on shares of Tesla in a research note on Wednesday, February 12th. They set a “buy” rating and a $475.00 price objective for the company. Finally, Deutsche Bank Aktiengesellschaft lifted 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. Nine equities research analysts have rated the stock with a sell rating, twelve have assigned a hold rating, fifteen have assigned a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $315.33.

Tesla Trading Up 2.6 %

TSLA stock opened at $279.10 on Thursday. The company has a debt-to-equity ratio of 0.08, a quick ratio of 1.61 and a current ratio of 2.02. The company’s 50-day simple moving average is $374.97 and its 200 day simple moving average is $318.13. Tesla, Inc. has a 52 week low of $138.80 and a 52 week high of $488.54. The company has a market capitalization of $897.73 billion, a PE ratio of 136.81, a price-to-earnings-growth ratio of 5.86 and a beta of 2.50.

Tesla (NASDAQ:TSLA) last announced its quarterly earnings data 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, sell-side analysts anticipate that Tesla, Inc. will post 2.56 earnings per share for the current year.

Insiders Place Their Bets

In other Tesla news, Director Robyn M. Denholm sold 112,390 shares of the stock in a transaction dated Monday, March 3rd. The shares were sold at an average price of $299.61, for a total transaction of $33,673,167.90. Following the sale, the director now directly owns 85,000 shares in the company, valued at $25,466,850. This represents a 56.94 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO Vaibhav Taneja sold 2,606 shares of the stock in a transaction dated Friday, December 6th. The stock was sold at an average price of $374.21, for a total transaction of $975,191.26. Following the completion of the transaction, the chief financial officer now directly owns 108,965 shares of the company’s stock, valued at $40,775,792.65. This trade represents a 2.34 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 422,386 shares of company stock worth $153,916,675 over the last ninety days. Corporate insiders own 20.70% of the company’s stock.

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.