New York State Common Retirement Fund Trims Position in Tesla, Inc. (NASDAQ:TSLA)

New York State Common Retirement Fund cut its holdings in shares of Tesla, Inc. (NASDAQ:TSLA) by 3.2% in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 3,403,668 shares of the electric vehicle producer’s stock after selling 112,326 shares during the quarter. Tesla accounts for about 1.3% of New York State Common Retirement Fund’s portfolio, making the stock its 11th largest holding. New York State Common Retirement Fund’s holdings in Tesla were worth $882,095,000 at the end of the most recent quarter.

A number of other institutional investors also recently bought and sold shares of TSLA. Susquehanna Fundamental Investments LLC purchased a new position in shares of Tesla during the 4th quarter valued at approximately $56,600,000. Means Investment CO. Inc. increased its holdings in shares of Tesla by 37.7% during the 1st quarter. Means Investment CO. Inc. now owns 23,089 shares of the electric vehicle producer’s stock valued at $5,984,000 after purchasing an additional 6,323 shares in the last quarter. Focus Financial Network Inc. increased its holdings in shares of Tesla by 3.1% during the 1st quarter. Focus Financial Network Inc. now owns 22,467 shares of the electric vehicle producer’s stock valued at $5,823,000 after purchasing an additional 670 shares in the last quarter. IFM Investors Pty Ltd increased its holdings in shares of Tesla by 8.5% during the 1st quarter. IFM Investors Pty Ltd now owns 586,460 shares of the electric vehicle producer’s stock valued at $153,436,000 after purchasing an additional 46,087 shares in the last quarter. Finally, Harvard Management Co. Inc. purchased a new position in shares of Tesla during the 4th quarter valued at approximately $8,158,000. 66.20% of the stock is owned by hedge funds and other institutional investors.

Tesla Price Performance

Shares of TSLA stock opened at $313.51 on Friday. The company has a debt-to-equity ratio of 0.07, a current ratio of 2.00 and a quick ratio of 1.54. The firm’s 50-day moving average is $322.60 and its two-hundred day moving average is $320.26. Tesla, Inc. has a 12 month low of $182.00 and a 12 month high of $488.54. The company has a market capitalization of $1.01 trillion, a PE ratio of 172.26, a price-to-earnings-growth ratio of 9.33 and a beta of 2.39.

Tesla (NASDAQ:TSLA) last released its quarterly earnings results on Tuesday, April 22nd. The electric vehicle producer reported $0.27 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.53 by ($0.26). The company had revenue of $19.34 billion during the quarter, compared to analysts’ expectations of $22.93 billion. Tesla had a net margin of 6.66% and a return on equity of 9.02%. During the same period last year, the firm posted $0.45 earnings per share. Analysts predict that Tesla, Inc. will post 2.56 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on the stock. Robert W. Baird reaffirmed a “neutral” rating and set a $320.00 target price on shares of Tesla in a report on Monday, June 9th. Cantor Fitzgerald dropped their price target on shares of Tesla from $425.00 to $355.00 and set an “overweight” rating on the stock in a research note on Wednesday, April 23rd. Benchmark restated a “buy” rating and set a $475.00 price objective (up from $350.00) on shares of Tesla in a research report on Thursday, June 26th. The Goldman Sachs Group dropped their target price on shares of Tesla from $315.00 to $285.00 and set a “neutral” rating on the stock in a research report on Friday. Finally, Needham & Company LLC reiterated a “hold” rating on shares of Tesla in a research report on Wednesday, April 23rd. Ten analysts have rated the stock with a sell rating, fourteen have assigned a hold rating, seventeen have assigned a buy rating and one has assigned 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 $300.19.

Insider Activity at Tesla

In other news, CFO Vaibhav Taneja sold 2,000 shares of the business’s stock in a transaction that occurred on Tuesday, July 8th. The shares were sold at an average price of $300.00, for a total value of $600,000.00. Following the sale, the chief financial officer directly owned 5,924 shares of the company’s stock, valued at approximately $1,777,200. The trade was a 25.24% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Kimbal Musk sold 91,588 shares of Tesla stock in a transaction that occurred on Tuesday, May 27th. The shares were sold at an average price of $357.39, for a total transaction of $32,732,635.32. Following the completion of the transaction, the director owned 1,463,220 shares of the company’s stock, valued at $522,940,195.80. This trade represents a 5.89% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 835,509 shares of company stock valued at $279,420,485 over the last 90 days. 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.