State of New Jersey Common Pension Fund D Has $208.54 Million Holdings in Tesla, Inc. (NASDAQ:TSLA)

State of New Jersey Common Pension Fund D lowered its stake in Tesla, Inc. (NASDAQ:TSLA) by 35.4% in the 2nd quarter, HoldingsChannel.com reports. The fund owned 1,053,852 shares of the electric vehicle producer’s stock after selling 577,435 shares during the quarter. Tesla comprises 0.9% of State of New Jersey Common Pension Fund D’s investment portfolio, making the stock its 14th largest holding. State of New Jersey Common Pension Fund D’s holdings in Tesla were worth $208,536,000 at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of TSLA. Integris Wealth Management LLC grew its stake in Tesla by 1.0% in the second quarter. Integris Wealth Management LLC now owns 4,065 shares of the electric vehicle producer’s stock valued at $804,000 after acquiring an additional 42 shares during the period. Echo Wealth Management LLC lifted its holdings in shares of Tesla by 0.7% in the 2nd quarter. Echo Wealth Management LLC now owns 6,474 shares of the electric vehicle producer’s stock worth $1,281,000 after purchasing an additional 44 shares in the last quarter. WASHINGTON TRUST Co raised its holdings in Tesla by 3.2% during the second quarter. WASHINGTON TRUST Co now owns 1,433 shares of the electric vehicle producer’s stock worth $284,000 after buying an additional 45 shares during the last quarter. Bellevue Asset Management LLC lifted its stake in shares of Tesla by 1.6% in the second quarter. Bellevue Asset Management LLC now owns 2,868 shares of the electric vehicle producer’s stock valued at $568,000 after buying an additional 45 shares in the last quarter. Finally, Cypress Capital Group increased its position in shares of Tesla by 1.7% during the second quarter. Cypress Capital Group now owns 2,806 shares of the electric vehicle producer’s stock worth $555,000 after acquiring an additional 47 shares in the last quarter. Institutional investors and hedge funds own 66.20% of the company’s stock.

Wall Street Analysts Forecast Growth

TSLA has been the subject of a number of analyst reports. William Blair started coverage on Tesla in a research note on Thursday, August 29th. They set an “outperform” rating for the company. Barclays lowered their target price on shares of Tesla from $225.00 to $220.00 and set an “equal weight” rating for the company in a report on Thursday, July 25th. TD Cowen boosted their price objective on Tesla from $160.00 to $180.00 and gave the stock a “hold” rating in a research report on Wednesday, July 3rd. KGI Securities restated a “neutral” rating and set a $236.00 price objective on shares of Tesla in a report on Thursday, July 25th. Finally, Deutsche Bank Aktiengesellschaft reissued a “buy” rating and issued a $295.00 target price on shares of Tesla in a research report on Tuesday. Nine research analysts have rated the stock with a sell rating, seventeen have issued a hold rating and thirteen have issued a buy rating to the company. Based on data from MarketBeat.com, Tesla currently has a consensus rating of “Hold” and an average target price of $209.03.

Insider Activity at Tesla

In other Tesla news, Director Robyn M. Denholm sold 66,364 shares of the business’s stock in a transaction 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 transaction, the director now directly owns 85,000 shares of the company’s stock, valued at approximately $18,696,600. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other news, Director Robyn M. Denholm sold 66,364 shares of Tesla stock in a transaction dated 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 sale, the director now owns 85,000 shares of the company’s stock, valued at approximately $18,696,600. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Xiaotong Zhu sold 297 shares of the stock in a transaction dated Friday, September 6th. The stock was sold at an average price of $221.77, for a total transaction of $65,865.69. Following the completion of the transaction, the senior vice president now directly owns 67,491 shares of the company’s stock, valued at $14,967,479.07. The disclosure for this sale can be found here. 25.10% of the stock is owned by corporate insiders.

Tesla Price Performance

TSLA stock opened at $228.13 on Thursday. Tesla, Inc. has a 52 week low of $138.80 and a 52 week high of $278.98. The company has a debt-to-equity ratio of 0.08, a quick ratio of 1.40 and a current ratio of 1.91. The firm’s fifty day moving average is $224.13 and its 200 day moving average is $194.20. The firm has a market cap of $728.79 billion, a P/E ratio of 58.20, a P/E/G ratio of 5.57 and a beta of 2.29.

Tesla (NASDAQ:TSLA) last announced its quarterly earnings results on Tuesday, July 23rd. The electric vehicle producer reported $0.52 earnings per share (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 return on equity of 10.41% and a net margin of 13.00%. Tesla’s revenue was up 2.3% on a year-over-year basis. During the same period last year, the business earned $0.78 EPS. Research analysts predict that Tesla, Inc. will post 1.75 earnings per share for the current year.

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.