Cullen Frost Bankers Inc. Has $19.56 Million Stake in Tesla, Inc. $TSLA

Cullen Frost Bankers Inc. raised its position in shares of Tesla, Inc. (NASDAQ:TSLA) by 4.0% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 61,576 shares of the electric vehicle producer’s stock after buying an additional 2,361 shares during the period. Cullen Frost Bankers Inc.’s holdings in Tesla were worth $19,560,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently modified their holdings of the company. LGT Financial Advisors LLC acquired a new stake in shares of Tesla in the second quarter valued at approximately $29,000. Arcadia Investment Management Corp MI acquired a new stake in shares of Tesla in the first quarter valued at approximately $27,000. Chelsea Counsel Co. increased its holdings in shares of Tesla by 59.7% in the first quarter. Chelsea Counsel Co. now owns 107 shares of the electric vehicle producer’s stock valued at $28,000 after purchasing an additional 40 shares in the last quarter. Evergreen Private Wealth LLC increased its holdings in shares of Tesla by 270.0% in the second quarter. Evergreen Private Wealth LLC now owns 111 shares of the electric vehicle producer’s stock valued at $35,000 after purchasing an additional 81 shares in the last quarter. Finally, Centennial Bank AR increased its holdings in shares of Tesla by 833.3% in the first quarter. Centennial Bank AR now owns 112 shares of the electric vehicle producer’s stock valued at $29,000 after purchasing an additional 100 shares in the last quarter. Institutional investors and hedge funds own 66.20% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on TSLA. Canaccord Genuity Group raised their price target on shares of Tesla from $333.00 to $490.00 and gave the company a “buy” rating in a report on Tuesday, September 30th. TD Cowen raised their price objective on shares of Tesla from $374.00 to $509.00 and gave the company a “buy” rating in a research note on Thursday, October 9th. Baird R W raised shares of Tesla from a “hold” rating to a “strong-buy” rating in a research note on Friday, September 19th. The Goldman Sachs Group raised their price objective on shares of Tesla from $395.00 to $425.00 and gave the company a “neutral” rating in a research note on Friday, October 3rd. Finally, Morgan Stanley reaffirmed an “overweight” rating on shares of Tesla in a research note on Wednesday, October 15th. Two analysts have rated the stock with a Strong Buy rating, twenty-one have assigned a Buy rating, twelve have issued a Hold rating and ten have assigned a Sell rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $363.54.

Tesla Trading Down 1.1%

Shares of NASDAQ TSLA opened at $442.60 on Wednesday. The company’s fifty day moving average is $391.74 and its 200-day moving average is $336.26. The stock 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, Inc. has a twelve month low of $212.11 and a twelve month high of $488.54. The company has a quick ratio of 1.55, a current ratio of 2.04 and a debt-to-equity ratio of 0.07.

Tesla (NASDAQ:TSLA) last announced its earnings results on Wednesday, July 23rd. The electric vehicle producer reported $0.40 earnings per share for the quarter, missing analysts’ consensus estimates of $0.43 by ($0.03). Tesla had a return on equity of 7.98% and a net margin of 6.54%.The company had revenue of $22.50 billion during the quarter, compared to analyst estimates of $23.18 billion. During the same period in the previous year, the company posted $0.52 earnings per share. Tesla’s revenue for the quarter was down 11.8% on a year-over-year basis. Equities research analysts predict that Tesla, Inc. will post 2.56 EPS for the current year.

Insider Transactions at Tesla

In other Tesla news, CFO Vaibhav Taneja sold 2,606 shares of the business’s stock in a transaction that occurred 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 sale, the chief financial officer owned 9,856 shares in the company, valued at approximately $3,473,057.28. The trade was a 20.91% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, SVP Xiaotong Zhu sold 20,000 shares of the business’s stock in a transaction that occurred on Thursday, September 11th. The shares were sold at an average price of $363.75, for a total value of $7,275,000.00. Following the completion of the sale, the senior vice president owned 47,600 shares in the company, valued at $17,314,500. The trade was a 29.59% decrease in their position. The disclosure for this sale can be found here. Insiders sold 202,606 shares of company stock valued at $75,588,902 over the last three months. Company insiders own 19.90% of the company’s stock.

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.