Principal Financial Group Inc. Lowers Position in Carvana Co. (NYSE:CVNA)

Principal Financial Group Inc. trimmed its position in shares of Carvana Co. (NYSE:CVNAFree Report) by 5.7% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 11,634 shares of the company’s stock after selling 702 shares during the quarter. Principal Financial Group Inc.’s holdings in Carvana were worth $616,000 as of its most recent SEC filing.

Other large investors have also recently made changes to their positions in the company. Blue Trust Inc. purchased a new stake in shares of Carvana during the fourth quarter worth about $29,000. Hanseatic Management Services Inc. purchased a new stake in Carvana during the 3rd quarter worth approximately $34,000. DekaBank Deutsche Girozentrale acquired a new position in shares of Carvana during the third quarter valued at approximately $64,000. Headlands Technologies LLC acquired a new stake in shares of Carvana in the fourth quarter worth approximately $87,000. Finally, Russell Investments Group Ltd. increased its position in shares of Carvana by 112.9% during the fourth quarter. Russell Investments Group Ltd. now owns 1,699 shares of the company’s stock worth $90,000 after purchasing an additional 901 shares in the last quarter. 56.71% of the stock is currently owned by institutional investors and hedge funds.

Carvana Price Performance

Shares of NYSE:CVNA opened at $98.99 on Tuesday. The firm’s 50-day moving average is $95.58 and its two-hundred day moving average is $68.36. Carvana Co. has a 1 year low of $14.32 and a 1 year high of $129.00. The firm has a market capitalization of $20.05 billion, a PE ratio of 43.42 and a beta of 3.29.

Carvana (NYSE:CVNAGet Free Report) last issued its quarterly earnings results on Wednesday, May 1st. The company reported ($0.41) EPS for the quarter, beating the consensus estimate of ($0.76) by $0.35. The business had revenue of $3.06 billion during the quarter, compared to analysts’ expectations of $2.72 billion. Analysts expect that Carvana Co. will post -0.96 EPS for the current fiscal year.

Insider Activity

In related news, CEO Ernest C. Garcia III sold 9,390 shares of Carvana stock in a transaction that occurred on Tuesday, April 2nd. The shares were sold at an average price of $82.83, for a total value of $777,773.70. Following the completion of the transaction, the chief executive officer now owns 861,458 shares in the company, valued at $71,354,566.14. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Carvana news, CEO Ernest C. Garcia III sold 9,390 shares of the firm’s stock in a transaction on Tuesday, April 2nd. The stock was sold at an average price of $82.83, for a total value of $777,773.70. Following the sale, the chief executive officer now directly owns 861,458 shares in the company, valued at $71,354,566.14. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, COO Benjamin E. Huston sold 9,296 shares of the company’s stock in a transaction dated Tuesday, April 2nd. The stock was sold at an average price of $82.92, for a total value of $770,824.32. Following the transaction, the chief operating officer now directly owns 178,885 shares of the company’s stock, valued at $14,833,144.20. The disclosure for this sale can be found here. In the last quarter, insiders sold 1,153,273 shares of company stock worth $122,134,240. 17.18% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on CVNA. Raymond James raised shares of Carvana from an “underperform” rating to a “market perform” rating in a research note on Friday, February 23rd. Evercore ISI dropped their price objective on shares of Carvana from $78.00 to $77.00 and set an “in-line” rating for the company in a research note on Tuesday, April 16th. JMP Securities reiterated a “market outperform” rating and issued a $135.00 price objective on shares of Carvana in a report on Tuesday, May 14th. Wells Fargo & Company boosted their target price on Carvana from $60.00 to $77.00 and gave the stock an “equal weight” rating in a report on Thursday, May 2nd. Finally, JPMorgan Chase & Co. raised Carvana from a “neutral” rating to an “overweight” rating and increased their price target for the company from $70.00 to $130.00 in a report on Thursday, May 2nd. One research analyst has rated the stock with a sell rating, thirteen have issued a hold rating and three have issued a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $77.60.

Read Our Latest Report on Carvana

Carvana Profile

(Free Report)

Carvana Co, together with its subsidiaries, operates an e-commerce platform for buying and selling used cars in the United States. Its platform allows customers to research and identify a vehicle; inspect it using company's 360-degree vehicle imaging technology; obtain financing and warranty coverage; purchase the vehicle; and schedule delivery or pick-up from their desktop or mobile devices.

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Institutional Ownership by Quarter for Carvana (NYSE:CVNA)

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