Principal Financial Group Inc. Sells 819 Shares of Carvana Co. (NYSE:CVNA)

Principal Financial Group Inc. cut its stake in shares of Carvana Co. (NYSE:CVNA) by 12.1% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 5,938 shares of the company’s stock after selling 819 shares during the period. Principal Financial Group Inc.’s holdings in Carvana were worth $1,242,000 at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of the stock. Yousif Capital Management LLC grew its position in Carvana by 4.1% in the 1st quarter. Yousif Capital Management LLC now owns 1,266 shares of the company’s stock worth $265,000 after purchasing an additional 50 shares in the last quarter. Versant Capital Management Inc boosted its holdings in Carvana by 39.4% in the 1st quarter. Versant Capital Management Inc now owns 290 shares of the company’s stock worth $61,000 after buying an additional 82 shares during the period. Cerity Partners LLC boosted its holdings in Carvana by 2.3% in the 4th quarter. Cerity Partners LLC now owns 4,314 shares of the company’s stock valued at $845,000 after purchasing an additional 99 shares during the period. CacheTech Inc. boosted its holdings in Carvana by 7.8% in the 4th quarter. CacheTech Inc. now owns 1,388 shares of the company’s stock valued at $282,000 after purchasing an additional 100 shares during the period. Finally, Adams Wealth Management raised its position in shares of Carvana by 7.8% during the 4th quarter. Adams Wealth Management now owns 1,388 shares of the company’s stock valued at $282,000 after buying an additional 100 shares in the last quarter. 56.71% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

CVNA has been the topic of a number of analyst reports. Morgan Stanley boosted their price objective on shares of Carvana from $280.00 to $290.00 and gave the company an “overweight” rating in a research report on Thursday, May 15th. Piper Sandler set a $340.00 target price on shares of Carvana and gave the company an “overweight” rating in a report on Thursday, May 22nd. Citigroup upped their target price on shares of Carvana from $325.00 to $415.00 and gave the company a “buy” rating in a report on Tuesday, July 8th. Gordon Haskett initiated coverage on shares of Carvana in a report on Monday, July 14th. They set a “hold” rating and a $329.00 target price for the company. Finally, Wedbush raised shares of Carvana to a “hold” rating in a report on Thursday, May 8th. Seven equities research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $309.44.

Insider Buying and Selling

In other Carvana news, CEO Ernest C. Garcia III sold 10,000 shares of the stock in a transaction that occurred on Thursday, July 17th. The shares were sold at an average price of $349.59, for a total value of $3,495,900.00. Following the transaction, the chief executive officer directly owned 641,440 shares in the company, valued at $224,241,009.60. This represents a 1.54% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, major shareholder Ernest C. Garcia II sold 100,000 shares of the stock in a transaction that occurred on Wednesday, July 16th. The shares were sold at an average price of $352.40, for a total transaction of $35,240,000.00. Following the completion of the transaction, the insider owned 35,892,792 shares in the company, valued at $12,648,619,900.80. This represents a 0.28% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 2,001,515 shares of company stock worth $661,862,748 over the last 90 days. Insiders own 17.12% of the company’s stock.

Carvana Trading Up 0.3%

Shares of CVNA stock opened at $347.25 on Friday. The company’s 50-day moving average price is $324.19 and its 200-day moving average price is $257.42. The company has a current ratio of 3.81, a quick ratio of 2.70 and a debt-to-equity ratio of 2.97. The stock has a market cap of $74.36 billion, a price-to-earnings ratio of 121.84, a PEG ratio of 1.36 and a beta of 3.59. Carvana Co. has a twelve month low of $118.50 and a twelve month high of $364.00.

Carvana (NYSE:CVNA) last posted its earnings results on Wednesday, May 7th. The company reported $1.51 EPS for the quarter, beating analysts’ consensus estimates of $0.75 by $0.76. Carvana had a net margin of 2.68% and a return on equity of 44.86%. The company had revenue of $4.23 billion for the quarter, compared to analysts’ expectations of $3.94 billion. During the same quarter in the prior year, the company posted $0.23 earnings per share. Carvana’s revenue for the quarter was up 38.3% compared to the same quarter last year. As a group, equities analysts predict that Carvana Co. will post 2.85 earnings per share for the current year.

About Carvana

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.