Principal Financial Group Inc. Decreases Stock Holdings in Carvana Co. (NYSE:CVNA)

Principal Financial Group Inc. lowered its stake in Carvana Co. (NYSE:CVNA) by 34.6% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 8,312 shares of the company’s stock after selling 4,390 shares during the quarter. Principal Financial Group Inc.’s holdings in Carvana were worth $1,070,000 at the end of the most recent quarter.

A number of other large investors have also added to or reduced their stakes in CVNA. Price T Rowe Associates Inc. MD boosted its stake in shares of Carvana by 39.5% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 7,459,065 shares of the company’s stock worth $655,727,000 after buying an additional 2,112,463 shares during the last quarter. Vanguard Group Inc. lifted its holdings in Carvana by 7.0% in the fourth quarter. Vanguard Group Inc. now owns 10,023,579 shares of the company’s stock valued at $530,648,000 after acquiring an additional 655,603 shares during the period. Assenagon Asset Management S.A. purchased a new position in Carvana in the second quarter worth about $39,997,000. First Trust Advisors LP grew its stake in shares of Carvana by 17.1% during the 4th quarter. First Trust Advisors LP now owns 1,483,944 shares of the company’s stock valued at $78,560,000 after purchasing an additional 216,893 shares during the period. Finally, Perbak Capital Partners LLP bought a new stake in shares of Carvana during the 1st quarter valued at $8,285,000. Institutional investors own 56.71% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on CVNA. TD Cowen boosted their price target on Carvana from $110.00 to $148.00 and gave the company a “hold” rating in a report on Thursday, August 1st. JMP Securities reissued a “market outperform” rating and issued a $200.00 price objective on shares of Carvana in a research note on Monday. Evercore ISI dropped their target price on shares of Carvana from $150.00 to $142.00 and set an “in-line” rating for the company in a report on Wednesday, August 7th. Piper Sandler increased their price target on Carvana from $105.00 to $151.00 and gave the stock a “neutral” rating in a research note on Thursday, August 1st. Finally, DA Davidson upped their price objective on Carvana from $110.00 to $155.00 and gave the stock a “neutral” rating in a research note on Thursday, August 1st. One equities research analyst has rated the stock with a sell rating, ten have issued a hold rating and seven have assigned a buy rating to the company. According to MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $151.00.

Carvana Stock Performance

Carvana stock opened at $140.68 on Friday. The company’s 50-day moving average price is $139.43 and its 200-day moving average price is $111.67. The company has a quick ratio of 2.02, a current ratio of 3.11 and a debt-to-equity ratio of 47.20. The company has a market cap of $28.50 billion, a PE ratio of 61.70 and a beta of 3.43. Carvana Co. has a twelve month low of $25.09 and a twelve month high of $159.85.

Insider Buying and Selling

In other news, major shareholder Ernest C. Garcia II sold 75,000 shares of the business’s stock in a transaction that occurred on Monday, September 9th. The stock was sold at an average price of $135.73, for a total transaction of $10,179,750.00. Following the transaction, the insider now owns 40,583,131 shares of the company’s stock, valued at approximately $5,508,348,370.63. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In related news, major shareholder Ernest C. Garcia II sold 75,000 shares of the company’s stock in a transaction dated Monday, September 9th. The shares were sold at an average price of $135.73, for a total transaction of $10,179,750.00. Following the transaction, the insider now directly owns 40,583,131 shares in the company, valued at approximately $5,508,348,370.63. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, major shareholder Ernest C. Garcia II sold 60,000 shares of the stock in a transaction dated Monday, June 17th. The stock was sold at an average price of $104.79, for a total transaction of $6,287,400.00. Following the completion of the sale, the insider now directly owns 1,177,500 shares in the company, valued at $123,390,225. The disclosure for this sale can be found here. Over the last quarter, insiders sold 2,561,866 shares of company stock worth $346,609,884. Corporate insiders own 17.12% of the company’s stock.

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.