Cullen Frost Bankers Inc. Purchases 2,361 Shares of Tesla, Inc. $TSLA

Cullen Frost Bankers Inc. lifted its stake in shares of Tesla, Inc. (NASDAQ:TSLA) by 4.0% during the second quarter, HoldingsChannel reports. The firm owned 61,576 shares of the electric vehicle producer’s stock after acquiring an additional 2,361 shares during the quarter. Cullen Frost Bankers Inc.’s holdings in Tesla were worth $19,560,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Arcadia Investment Management Corp MI bought a new stake in shares of Tesla during the 1st quarter worth approximately $27,000. Chelsea Counsel Co. raised its stake in shares of Tesla by 59.7% during the 1st quarter. Chelsea Counsel Co. now owns 107 shares of the electric vehicle producer’s stock worth $28,000 after purchasing an additional 40 shares in the last quarter. Centennial Bank AR raised its stake in shares of Tesla by 833.3% during the 1st quarter. Centennial Bank AR now owns 112 shares of the electric vehicle producer’s stock worth $29,000 after purchasing an additional 100 shares in the last quarter. LGT Financial Advisors LLC bought a new stake in shares of Tesla during the 2nd quarter worth approximately $29,000. Finally, Compass Wealth Management LLC raised its stake in shares of Tesla by 360.0% during the 1st quarter. Compass Wealth Management LLC now owns 115 shares of the electric vehicle producer’s stock worth $30,000 after purchasing an additional 90 shares in the last quarter. Institutional investors own 66.20% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on the company. William Blair reiterated a “market perform” rating on shares of Tesla in a research note on Friday, September 5th. Royal Bank Of Canada increased their price target on Tesla from $325.00 to $500.00 and gave the company an “outperform” rating in a research note on Friday, October 10th. Piper Sandler increased their price target on Tesla from $400.00 to $500.00 and gave the company an “overweight” rating in a research note on Monday, September 22nd. Canaccord Genuity Group increased their price target on Tesla from $333.00 to $490.00 and gave the company a “buy” rating in a research note on Tuesday, September 30th. Finally, Robert W. Baird upgraded Tesla from a “neutral” rating to an “outperform” rating and increased their price target for the company from $320.00 to $548.00 in a research note on Friday, September 19th. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-one have given a Buy rating, twelve have assigned a Hold rating and ten have assigned a Sell rating to the stock. Based on data from MarketBeat, Tesla has an average rating of “Hold” and an average price target of $363.54.

Insider Buying and Selling at Tesla

In other Tesla news, CFO Vaibhav Taneja sold 2,606 shares of the company’s stock in a transaction on Monday, September 8th. The stock was sold at an average price of $352.38, for a total value of $918,302.28. Following the transaction, the chief financial officer directly owned 9,856 shares of the company’s stock, valued at $3,473,057.28. This represents a 20.91% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, SVP Xiaotong Zhu sold 20,000 shares of the stock in a transaction on Thursday, September 11th. The stock was sold at an average price of $363.75, for a total value of $7,275,000.00. Following the sale, the senior vice president directly owned 47,600 shares in the company, valued at approximately $17,314,500. This trade represents a 29.59% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 202,606 shares of company stock valued at $75,588,902 in the last ninety days. 19.90% of the stock is currently owned by corporate insiders.

Tesla Stock Performance

Shares of NASDAQ TSLA opened at $442.60 on Wednesday. The company has a debt-to-equity ratio of 0.07, a current ratio of 2.04 and a quick ratio of 1.55. The stock’s fifty day moving average price is $391.74 and its two-hundred day moving average price is $336.26. Tesla, Inc. has a one year low of $212.11 and a one year high of $488.54. The firm has a market cap of $1.47 trillion, a price-to-earnings ratio of 255.84, a P/E/G ratio of 16.08 and a beta of 2.08.

Tesla (NASDAQ:TSLA) last issued its quarterly earnings data on Wednesday, July 23rd. The electric vehicle producer reported $0.40 EPS for the quarter, missing analysts’ consensus estimates of $0.43 by ($0.03). Tesla had a net margin of 6.54% and a return on equity of 7.98%. The firm had revenue of $22.50 billion during the quarter, compared to analyst estimates of $23.18 billion. During the same period in the prior year, the company earned $0.52 earnings per share. The business’s quarterly revenue was down 11.8% compared to the same quarter last year. On average, equities analysts forecast that Tesla, Inc. will post 2.56 EPS for the current year.

Tesla Company 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.