Cullen Frost Bankers Inc. Cuts Stock Holdings in Tesla, Inc. (NASDAQ:TSLA)

Cullen Frost Bankers Inc. reduced its stake in Tesla, Inc. (NASDAQ:TSLA) by 14.6% during the second quarter, HoldingsChannel reports. The firm owned 44,337 shares of the electric vehicle producer’s stock after selling 7,559 shares during the period. Cullen Frost Bankers Inc.’s holdings in Tesla were worth $8,773,000 at the end of the most recent reporting period.

Several other hedge funds have also bought and sold shares of TSLA. Vanguard Group Inc. raised its position in shares of Tesla by 1.7% during the 1st quarter. Vanguard Group Inc. now owns 233,602,120 shares of the electric vehicle producer’s stock valued at $41,064,917,000 after buying an additional 3,795,748 shares in the last quarter. Norges Bank purchased a new stake in Tesla during the fourth quarter valued at about $7,844,757,000. Sumitomo Mitsui Trust Holdings Inc. raised its position in Tesla by 12.9% during the first quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 9,849,425 shares of the electric vehicle producer’s stock valued at $1,731,430,000 after purchasing an additional 1,125,329 shares in the last quarter. ARK Investment Management LLC boosted its holdings in shares of Tesla by 2.6% in the 2nd quarter. ARK Investment Management LLC now owns 5,314,395 shares of the electric vehicle producer’s stock worth $1,051,613,000 after purchasing an additional 135,966 shares in the last quarter. Finally, California State Teachers Retirement System increased its position in shares of Tesla by 0.9% during the 1st quarter. California State Teachers Retirement System now owns 4,611,096 shares of the electric vehicle producer’s stock valued at $810,585,000 after purchasing an additional 41,498 shares during the last quarter. 66.20% of the stock is currently owned by institutional investors.

Insider Activity at Tesla

In other Tesla 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 value of $14,597,425.44. Following the completion of the transaction, the director now directly owns 85,000 shares of the company’s stock, valued at $18,696,600. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 25.10% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

Several analysts have issued reports on TSLA shares. Roth Mkm reaffirmed a “neutral” rating and issued a $85.00 target price on shares of Tesla in a research note on Wednesday, July 24th. Morgan Stanley reaffirmed an “overweight” rating and issued a $310.00 price objective on shares of Tesla in a research note on Thursday. Mizuho lifted their target price on shares of Tesla from $180.00 to $230.00 and gave the stock a “neutral” rating in a research report on Friday, July 12th. HSBC upped their price target on shares of Tesla from $120.00 to $130.00 in a research report on Wednesday, July 10th. Finally, Wells Fargo & Company reissued an “underweight” rating and issued a $120.00 target price on shares of Tesla in a research note on Monday, July 1st. Nine investment analysts have rated the stock with a sell rating, eighteen have assigned a hold rating and twelve have assigned a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $204.21.

Tesla Stock Performance

Tesla stock opened at $210.73 on Friday. Tesla, Inc. has a twelve month low of $138.80 and a twelve month high of $278.98. The company has a quick ratio of 1.40, a current ratio of 1.91 and a debt-to-equity ratio of 0.08. The company has a market capitalization of $673.21 billion, a P/E ratio of 53.76, a PEG ratio of 5.80 and a beta of 2.29. The stock’s 50 day moving average is $224.47 and its 200 day moving average is $193.60.

Tesla (NASDAQ:TSLA) last released its 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 company had revenue of $25.50 billion during the quarter, compared to analysts’ expectations of $24.38 billion. Tesla had a return on equity of 10.41% and a net margin of 13.00%. The company’s revenue was up 2.3% on a year-over-year basis. During the same period in the prior year, the company posted $0.78 earnings per share. On average, equities research analysts predict that Tesla, Inc. will post 1.75 earnings per share for the current fiscal 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.