State of New Jersey Common Pension Fund D Sells 577,435 Shares of Tesla, Inc. (NASDAQ:TSLA)

State of New Jersey Common Pension Fund D lowered its stake in shares of Tesla, Inc. (NASDAQ:TSLA) by 35.4% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 1,053,852 shares of the electric vehicle producer’s stock after selling 577,435 shares during the period. Tesla accounts for 0.9% of State of New Jersey Common Pension Fund D’s holdings, making the stock its 14th biggest position. State of New Jersey Common Pension Fund D’s holdings in Tesla were worth $208,536,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors also recently made changes to their positions in TSLA. Vanguard Group Inc. grew its holdings in Tesla by 1.7% during the first quarter. Vanguard Group Inc. now owns 233,602,120 shares of the electric vehicle producer’s stock worth $41,064,917,000 after purchasing an additional 3,795,748 shares during the period. Norges Bank acquired a new stake in shares of Tesla in the fourth quarter valued at approximately $7,844,757,000. Sumitomo Mitsui Trust Holdings Inc. boosted its stake in shares of Tesla by 12.9% during the 1st quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 9,849,425 shares of the electric vehicle producer’s stock worth $1,731,430,000 after acquiring an additional 1,125,329 shares during the period. Strategic Financial Concepts LLC raised its stake in Tesla by 21,816.0% in the 2nd quarter. Strategic Financial Concepts LLC now owns 5,902,416 shares of the electric vehicle producer’s stock valued at $1,167,970,000 after acquiring an additional 5,875,484 shares during the period. Finally, ARK Investment Management LLC lifted its holdings in Tesla by 2.6% during the 2nd quarter. ARK Investment Management LLC now owns 5,314,395 shares of the electric vehicle producer’s stock valued at $1,051,613,000 after purchasing an additional 135,966 shares during the last quarter. Institutional investors and hedge funds own 66.20% of the company’s stock.

Tesla Price Performance

TSLA stock opened at $228.13 on Thursday. The stock has a market cap of $728.79 billion, a price-to-earnings ratio of 58.20, a P/E/G ratio of 5.57 and a beta of 2.29. The company has a debt-to-equity ratio of 0.08, a current ratio of 1.91 and a quick ratio of 1.40. The company has a 50 day simple moving average of $224.13 and a 200 day simple moving average of $194.20. Tesla, Inc. has a 1 year low of $138.80 and a 1 year high of $278.98.

Tesla (NASDAQ:TSLA) last announced its quarterly earnings results on Tuesday, July 23rd. The electric vehicle producer reported $0.52 EPS for the quarter, missing analysts’ consensus estimates of $0.62 by ($0.10). The firm had revenue of $25.50 billion during the quarter, compared to the consensus estimate of $24.38 billion. Tesla had a net margin of 13.00% and a return on equity of 10.41%. The firm’s revenue was up 2.3% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.78 earnings per share. Research analysts anticipate that Tesla, Inc. will post 1.75 EPS for the current fiscal year.

Insider Buying and Selling at Tesla

In other news, SVP Xiaotong Zhu sold 297 shares of the company’s stock in a transaction that occurred on Friday, September 6th. The stock was sold at an average price of $221.77, for a total value of $65,865.69. Following the completion of the transaction, the senior vice president now owns 67,491 shares of the company’s stock, valued at $14,967,479.07. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In other Tesla news, SVP Xiaotong Zhu sold 297 shares of the business’s stock in a transaction that occurred on Friday, September 6th. The shares were sold at an average price of $221.77, for a total transaction of $65,865.69. Following the sale, the senior vice president now directly owns 67,491 shares of the company’s stock, valued at approximately $14,967,479.07. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Robyn M. Denholm sold 66,364 shares of the company’s stock in a transaction that occurred on Thursday, July 25th. The shares were sold at an average price of $219.96, for a total transaction of $14,597,425.44. Following the completion of the transaction, the director now owns 85,000 shares of the company’s stock, valued at $18,696,600. The disclosure for this sale can be found here. Corporate insiders own 25.10% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have commented on the stock. Canaccord Genuity Group upped their price objective on shares of Tesla from $222.00 to $254.00 and gave the company a “buy” rating in a report on Wednesday, July 3rd. Guggenheim reissued a “sell” rating and issued a $134.00 price target on shares of Tesla in a report on Tuesday, July 23rd. William Blair initiated coverage on Tesla in a report on Thursday, August 29th. They set an “outperform” rating for the company. Sanford C. Bernstein reiterated an “underperform” rating and set a $120.00 target price on shares of Tesla in a research note on Monday, June 10th. Finally, Morgan Stanley restated an “overweight” rating and issued a $310.00 price target on shares of Tesla in a research note on Thursday, September 5th. Nine investment analysts have rated the stock with a sell rating, seventeen have issued a hold rating and thirteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $209.03.

About Tesla

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.