Sumitomo Life Insurance Co. trimmed its holdings in shares of Tesla Inc (NASDAQ:TSLA) by 7.8% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 2,538 shares of the electric vehicle producer’s stock after selling 215 shares during the quarter. Sumitomo Life Insurance Co.’s holdings in Tesla were worth $710,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in the stock. Prime Capital Investment Advisors LLC purchased a new position in Tesla during the first quarter valued at approximately $1,769,000. BKS Advisors LLC lifted its holdings in Tesla by 40.7% during the first quarter. BKS Advisors LLC now owns 4,138 shares of the electric vehicle producer’s stock valued at $1,158,000 after purchasing an additional 1,196 shares in the last quarter. Pennsylvania Trust Co purchased a new position in Tesla during the first quarter valued at approximately $1,177,000. Flagship Harbor Advisors LLC lifted its holdings in Tesla by 26.0% during the first quarter. Flagship Harbor Advisors LLC now owns 2,532 shares of the electric vehicle producer’s stock valued at $708,000 after purchasing an additional 522 shares in the last quarter. Finally, WP Advisors LLC purchased a new position in Tesla during the first quarter valued at approximately $38,000. Institutional investors own 59.50% of the company’s stock.

Tesla stock opened at $273.26 on Friday. The firm has a market cap of $47.20 billion, a P/E ratio of -47.77, a price-to-earnings-growth ratio of 6.03 and a beta of 0.35. The company has a current ratio of 0.83, a quick ratio of 0.52 and a debt-to-equity ratio of 1.63. Tesla Inc has a 52-week low of $247.77 and a 52-week high of $387.46.

Tesla (NASDAQ:TSLA) last released its quarterly earnings results on Wednesday, January 30th. The electric vehicle producer reported $1.93 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.00 by $0.93. The company had revenue of $7.23 billion for the quarter, compared to the consensus estimate of $7.09 billion. Tesla had a negative net margin of 4.55% and a negative return on equity of 18.50%. Tesla’s revenue was up 119.8% on a year-over-year basis. During the same quarter in the prior year, the firm earned ($3.04) earnings per share. On average, equities research analysts predict that Tesla Inc will post 1.26 earnings per share for the current fiscal year.

In other Tesla news, insider Jerome M. Guillen sold 1,000 shares of the business’s stock in a transaction on Friday, February 1st. The shares were sold at an average price of $305.42, for a total transaction of $305,420.00. Following the transaction, the insider now owns 8,860 shares in the company, valued at $2,706,021.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Jeffrey B. Straubel sold 15,000 shares of the business’s stock in a transaction on Monday, January 28th. The shares were sold at an average price of $293.66, for a total transaction of $4,404,900.00. Following the transaction, the insider now owns 321,398 shares in the company, valued at approximately $94,381,736.68. The disclosure for this sale can be found here. Insiders have sold 98,040 shares of company stock worth $28,575,874 in the last quarter. Company insiders own 22.80% of the company’s stock.

TSLA has been the topic of several research analyst reports. Zacks Investment Research downgraded shares of Tesla from a “strong-buy” rating to a “hold” rating in a report on Monday, December 31st. Royal Bank of Canada lowered their target price on shares of Tesla from $340.00 to $290.00 and set a “sector perform” rating on the stock in a report on Wednesday, January 2nd. Sanford C. Bernstein reissued a “neutral” rating and issued a $325.00 target price on shares of Tesla in a report on Wednesday, January 2nd. JPMorgan Chase & Co. set a $220.00 target price on shares of Tesla and gave the stock a “sell” rating in a report on Thursday, January 3rd. Finally, UBS Group reissued a “sell” rating and issued a $230.00 target price on shares of Tesla in a report on Friday, January 18th. Fifteen investment analysts have rated the stock with a sell rating, eleven have assigned a hold rating and thirteen have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $315.41.

COPYRIGHT VIOLATION NOTICE: This piece was posted by Daily Political and is owned by of Daily Political. If you are reading this piece on another website, it was stolen and republished in violation of United States & international copyright legislation. The legal version of this piece can be accessed at https://www.dailypolitical.com/2019/04/20/sumitomo-life-insurance-co-sells-215-shares-of-tesla-inc-tsla.html.

Tesla Profile

Tesla, Inc designs, develops, manufactures, and sells electric vehicles, and energy generation and storage systems in the United States, China, Netherlands, Norway, and internationally. The company operates in two segments, Automotive, and Energy Generation and Storage. The Automotive segment offers sedans and sport utility vehicles.

Recommended Story: Put Option Volume

Want to see what other hedge funds are holding TSLA? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Tesla Inc (NASDAQ:TSLA).

Institutional Ownership by Quarter for Tesla (NASDAQ:TSLA)

Receive News & Ratings for Tesla Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Tesla and related companies with MarketBeat.com's FREE daily email newsletter.