Congress Wealth Management LLC DE Decreases Stock Holdings in Tesla, Inc. (NASDAQ:TSLA)

Congress Wealth Management LLC DE decreased its holdings in Tesla, Inc. (NASDAQ:TSLA) by 8.6% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 8,589 shares of the electric vehicle producer’s stock after selling 808 shares during the period. Congress Wealth Management LLC DE’s holdings in Tesla were worth $3,469,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of TSLA. Principal Financial Group Inc. grew its position in Tesla by 5.6% in the 3rd quarter. Principal Financial Group Inc. now owns 3,650,393 shares of the electric vehicle producer’s stock valued at $955,052,000 after acquiring an additional 194,796 shares during the last quarter. United Bank purchased a new position in Tesla in the third quarter valued at about $287,000. Quantbot Technologies LP bought a new position in shares of Tesla during the 3rd quarter worth approximately $687,000. Insight Wealth Partners LLC lifted its holdings in shares of Tesla by 4.9% during the 3rd quarter. Insight Wealth Partners LLC now owns 1,441 shares of the electric vehicle producer’s stock valued at $377,000 after purchasing an additional 67 shares during the last quarter. Finally, Glenmede Trust Co. NA raised its stake in Tesla by 34.1% in the third quarter. Glenmede Trust Co. NA now owns 50,899 shares of the electric vehicle producer’s stock valued at $13,317,000 after buying an additional 12,955 shares during the last quarter. Hedge funds and other institutional investors own 66.20% of the company’s stock.

Insider Buying and Selling

In other news, CFO Vaibhav Taneja sold 7,000 shares of the firm’s stock in a transaction dated Monday, January 6th. The stock was sold at an average price of $413.56, for a total transaction of $2,894,920.00. Following the sale, the chief financial officer now owns 108,965 shares of the company’s stock, valued at approximately $45,063,565.40. This trade represents a 6.04 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director James R. Murdoch sold 54,776 shares of the company’s stock in a transaction on Monday, March 10th. The shares were sold at an average price of $240.79, for a total transaction of $13,189,513.04. Following the completion of the transaction, the director now owns 477,011 shares of the company’s stock, valued at approximately $114,859,478.69. The trade was a 10.30 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 477,228 shares of company stock worth $166,849,043 over the last 90 days. 20.70% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

TSLA has been the subject of a number of research analyst reports. Guggenheim decreased their price target on shares of Tesla from $175.00 to $170.00 and set a “sell” rating for the company in a report on Wednesday, March 12th. Stifel Nicolaus lowered their price objective on Tesla from $492.00 to $474.00 and set a “buy” rating on the stock in a research report on Monday, February 10th. Wedbush restated an “outperform” rating and set a $550.00 target price on shares of Tesla in a research report on Thursday, March 20th. Canaccord Genuity Group reissued a “buy” rating and issued a $404.00 price target on shares of Tesla in a report on Monday, March 17th. Finally, Oppenheimer reiterated a “mixed” rating on shares of Tesla in a research note on Tuesday, March 18th. Nine investment analysts have rated the stock with a sell rating, eight have given a hold rating, twenty-one have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $318.93.

Tesla Price Performance

TSLA opened at $272.06 on Thursday. The company has a current ratio of 2.02, a quick ratio of 1.61 and a debt-to-equity ratio of 0.08. The firm has a market cap of $875.09 billion, a price-to-earnings ratio of 133.36, a PEG ratio of 5.86 and a beta of 2.50. The stock’s 50-day moving average price is $327.40 and its 200 day moving average price is $321.69. Tesla, Inc. has a 12-month low of $138.80 and a 12-month high of $488.54.

Tesla (NASDAQ:TSLA) last posted its quarterly earnings data on Wednesday, January 29th. The electric vehicle producer reported $0.66 earnings per share for the quarter, missing analysts’ consensus estimates of $0.74 by ($0.08). Tesla had a return on equity of 10.31% and a net margin of 7.26%. As a group, sell-side analysts expect that Tesla, Inc. will post 2.56 earnings per share for the current year.

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.