Principal Financial Group Inc. Has $2.20 Million Stake in Tesla Inc. (NASDAQ:TSLA)

Principal Financial Group Inc. reduced its stake in shares of Tesla Inc. (NASDAQ:TSLA) by 2.7% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 7,914 shares of the electric vehicle producer’s stock after selling 217 shares during the period. Principal Financial Group Inc.’s holdings in Tesla were worth $2,202,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. Crestwood Advisors Group LLC acquired a new position in shares of Tesla during the first quarter valued at about $101,000. Advisory Services Network LLC purchased a new position in Tesla during the first quarter valued at $122,000. Korea Investment CORP raised its position in Tesla by 225.0% in the first quarter. Korea Investment CORP now owns 494 shares of the electric vehicle producer’s stock valued at $137,000 after buying an additional 342 shares during the last quarter. First Manhattan Co. raised its position in Tesla by 6.0% in the first quarter. First Manhattan Co. now owns 890 shares of the electric vehicle producer’s stock valued at $181,000 after buying an additional 50 shares during the last quarter. Finally, State of Alaska Department of Revenue purchased a new position in Tesla during the first quarter valued at $201,000. 62.92% of the stock is currently owned by institutional investors.

Shares of Tesla Inc. (NASDAQ:TSLA) traded down 3.03% on Thursday, reaching $351.92. The company’s stock had a trading volume of 5,008,170 shares. The stock’s market cap is $58.73 billion. Tesla Inc. has a 12 month low of $178.19 and a 12 month high of $386.99. The firm’s 50-day moving average price is $340.15 and its 200-day moving average price is $309.81.

Tesla (NASDAQ:TSLA) last announced its quarterly earnings data on Wednesday, August 2nd. The electric vehicle producer reported ($1.33) earnings per share for the quarter, beating the Zacks’ consensus estimate of ($2.00) by $0.67. The company had revenue of $2.79 billion for the quarter, compared to analysts’ expectations of $2.50 billion. Tesla had a negative return on equity of 16.36% and a negative net margin of 7.61%. Tesla’s revenue for the quarter was up 119.6% compared to the same quarter last year. During the same period last year, the firm posted ($1.06) EPS. On average, analysts forecast that Tesla Inc. will post ($6.34) earnings per share for the current fiscal year.

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TSLA has been the topic of several recent analyst reports. Guggenheim reissued a “buy” rating and set a $320.00 price objective on shares of Tesla in a research note on Wednesday, April 19th. Goldman Sachs Group, Inc. (The) reissued a “sell” rating and set a $187.00 price objective on shares of Tesla in a research note on Saturday, April 22nd. Zacks Investment Research raised shares of Tesla from a “hold” rating to a “buy” rating and set a $345.00 price objective on the stock in a research note on Tuesday, April 25th. Bank of America Corporation reduced their price objective on shares of Tesla from $170.00 to $165.00 and set an “underperform” rating on the stock in a research note on Wednesday, April 26th. Finally, Morgan Stanley restated an “overweight” rating and set a $305.00 target price on shares of Tesla in a report on Wednesday, April 26th. Eight investment analysts have rated the stock with a sell rating, twelve have assigned a hold rating and fifteen have issued a buy rating to the company. The stock has a consensus rating of “Hold” and a consensus price target of $310.84.

In related news, Director Kimbal Musk sold 2,190 shares of the firm’s stock in a transaction dated Tuesday, August 1st. The stock was sold at an average price of $321.36, for a total transaction of $703,778.40. Following the transaction, the director now directly owns 160,274 shares of the company’s stock, valued at approximately $51,505,652.64. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 23.10% of the company’s stock.

Tesla Company Profile

Tesla, Inc, formerly Tesla Motors, Inc, designs, develops, manufactures and sells fully electric vehicles, and energy storage systems, as well as installs, operates and maintains solar and energy storage products. The Company operates through two segments: Automotive, and Energy generation and storage.