Jennison Associates LLC Sells 1,356 Shares of Carvana Co. (NYSE:CVNA)

Jennison Associates LLC lessened its stake in Carvana Co. (NYSE:CVNA) by 14.3% during the first quarter, Holdings Channel reports. The firm owned 8,097 shares of the company’s stock after selling 1,356 shares during the period. Jennison Associates LLC’s holdings in Carvana were worth $712,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of the stock. Parallel Advisors LLC lifted its holdings in shares of Carvana by 39.0% in the fourth quarter. Parallel Advisors LLC now owns 692 shares of the company’s stock valued at $37,000 after purchasing an additional 194 shares in the last quarter. Diversified Trust Co lifted its holdings in shares of Carvana by 6.0% in the fourth quarter. Diversified Trust Co now owns 5,659 shares of the company’s stock valued at $300,000 after purchasing an additional 319 shares in the last quarter. Sequoia Financial Advisors LLC lifted its holdings in shares of Carvana by 11.9% in the first quarter. Sequoia Financial Advisors LLC now owns 4,687 shares of the company’s stock valued at $412,000 after purchasing an additional 500 shares in the last quarter. Blue Trust Inc. bought a new position in shares of Carvana in the fourth quarter valued at approximately $29,000. Finally, Neuberger Berman Group LLC lifted its holdings in shares of Carvana by 10.2% in the fourth quarter. Neuberger Berman Group LLC now owns 6,543 shares of the company’s stock valued at $346,000 after purchasing an additional 606 shares in the last quarter. Institutional investors own 56.71% of the company’s stock.

Carvana Price Performance

Shares of NYSE:CVNA opened at $130.97 on Thursday. Carvana Co. has a 1 year low of $25.09 and a 1 year high of $136.92. The company has a market cap of $26.53 billion, a PE ratio of 57.44 and a beta of 3.37. The stock’s 50-day moving average is $115.26 and its 200 day moving average is $82.54.

Carvana (NYSE:CVNA) last announced its quarterly earnings results on Wednesday, May 1st. The company reported ($0.41) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.76) by $0.35. The business had revenue of $3.06 billion for the quarter, compared to analysts’ expectations of $2.72 billion. Analysts expect that Carvana Co. will post -0.75 EPS for the current fiscal year.

Insiders Place Their Bets

In other Carvana news, major shareholder Ernest C. Garcia II sold 75,000 shares of the company’s stock in a transaction that occurred on Friday, June 28th. The stock was sold at an average price of $131.76, for a total transaction of $9,882,000.00. Following the transaction, the insider now owns 637,500 shares in the company, valued at approximately $83,997,000. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Carvana news, major shareholder Ernest C. Garcia II sold 75,000 shares of the company’s stock in a transaction that occurred on Friday, June 28th. The stock was sold at an average price of $131.76, for a total transaction of $9,882,000.00. Following the transaction, the insider now owns 637,500 shares in the company, valued at approximately $83,997,000. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Thomas Taira sold 68,556 shares of the company’s stock in a transaction that occurred on Friday, June 14th. The stock was sold at an average price of $102.74, for a total value of $7,043,443.44. Following the transaction, the insider now owns 186,397 shares in the company, valued at approximately $19,150,427.78. The disclosure for this sale can be found here. In the last quarter, insiders have sold 2,098,946 shares of company stock worth $236,826,806. Company insiders own 17.18% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have recently weighed in on CVNA. Needham & Company LLC upgraded Carvana from a “hold” rating to a “buy” rating and set a $160.00 target price on the stock in a report on Wednesday. William Blair reaffirmed an “outperform” rating on shares of Carvana in a research report on Thursday, May 2nd. JPMorgan Chase & Co. increased their price target on Carvana from $130.00 to $150.00 and gave the company an “overweight” rating in a research report on Monday, June 10th. Royal Bank of Canada increased their price target on Carvana from $90.00 to $130.00 and gave the company a “sector perform” rating in a research report on Thursday, May 2nd. Finally, Wedbush reissued a “neutral” rating and issued a $120.00 target price on shares of Carvana in a research report on Wednesday, June 26th. One equities research analyst has rated the stock with a sell rating, twelve have assigned a hold rating and four have given a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $93.27.

Carvana Company Profile

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.