Carvana Co. $CVNA Shares Bought by California State Teachers Retirement System

Key Points

• California State Teachers Retirement System dramatically increased its Carvana stake by 31,281.7% in the second quarter, ending with 63.9 million shares worth approximately $4.2 billion, or 5.8% of the company.
• Carvana insiders sold about 400,775 shares valued at $27.5 million over the past 90 days, including sales by CFO Mark Jenkins and director J. Quayle under pre-arranged Rule 10b5-1 plans.
• Analysts remain broadly bullish, with a consensus “Moderate Buy” rating and $84.14 target price. Carvana also beat quarterly estimates, reporting $0.42 in EPS and $7.38 billion in revenue, up 52.4% year over year.

California State Teachers Retirement System raised its position in shares of Carvana Co. (NYSE:CVNA - Free Report) by 31,281.7% during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 63,866,397 shares of the company's stock after purchasing an additional 63,662,882 shares during the quarter. California State Teachers Retirement System owned 5.80% of Carvana worth $4,203,686,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Gilder Gagnon Howe & Co. LLC boosted its position in Carvana by 1.7% in the second quarter. Gilder Gagnon Howe & Co. LLC now owns 1,846 shares of the company's stock valued at $622,000 after buying an additional 31 shares during the last quarter. Insigneo Advisory Services LLC lifted its stake in Carvana by 4.8% during the 4th quarter. Insigneo Advisory Services LLC now owns 696 shares of the company's stock valued at $294,000 after acquiring an additional 32 shares during the period. SJS Investment Consulting Inc. lifted its stake in Carvana by 29.8% during the 1st quarter. SJS Investment Consulting Inc. now owns 183 shares of the company's stock valued at $58,000 after acquiring an additional 42 shares during the period. Moors & Cabot Inc. lifted its stake in Carvana by 5.7% during the 3rd quarter. Moors & Cabot Inc. now owns 813 shares of the company's stock valued at $307,000 after acquiring an additional 44 shares during the period. Finally, HighPoint Advisor Group LLC boosted its holdings in shares of Carvana by 7.7% in the 4th quarter. HighPoint Advisor Group LLC now owns 631 shares of the company's stock valued at $266,000 after acquiring an additional 45 shares during the last quarter. 56.71% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In related news, CFO Mark W. Jenkins sold 63,750 shares of the business's stock in a transaction on Wednesday, July 1st. The shares were sold at an average price of $68.34, for a total value of $4,356,675.00. Following the completion of the sale, the chief financial officer owned 1,029,580 shares of the company's stock, valued at approximately $70,361,497.20. The trade was a 5.83% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director J Quayle sold 14,525 shares of the company's stock in a transaction on Friday, August 14th. The stock was sold at an average price of $75.00, for a total transaction of $1,089,375.00. Following the transaction, the director owned 214,960 shares of the company's stock, valued at $16,122,000. This represents a 6.33% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders have sold 400,775 shares of company stock worth $27,522,038. Insiders own 15.19% of the company's stock.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on the stock. Barclays cut their price objective on shares of Carvana from $94.00 to $93.00 and set an "overweight" rating on the stock in a research note on Friday, July 31st. Zacks Research lowered shares of Carvana from a "strong-buy" rating to a "hold" rating in a report on Wednesday, July 15th. Robert W. Baird set a $72.00 price target on Carvana in a research report on Thursday, July 30th. Deutsche Bank Aktiengesellschaft reaffirmed a "buy" rating and set a $80.00 price target on shares of Carvana in a research report on Friday, July 31st. Finally, BTIG Research reiterated a "buy" rating and set a $87.00 price objective on shares of Carvana in a research note on Tuesday, August 18th. One investment analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and seven have assigned a Hold rating to the company. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $84.14.

Carvana Stock Performance

NYSE CVNA opened at $73.49 on Thursday. The stock has a market capitalization of $80.87 billion, a price-to-earnings ratio of 40.65, a PEG ratio of 2.15 and a beta of 3.49. The stock has a 50-day moving average of $69.40 and a 200 day moving average of $68.39. The company has a current ratio of 3.93, a quick ratio of 2.33 and a debt-to-equity ratio of 0.94. Carvana Co. has a twelve month low of $54.46 and a twelve month high of $97.38.

Carvana (NYSE:CVNA - Get Free Report) last issued its quarterly earnings data on Wednesday, July 29th. The company reported $0.42 EPS for the quarter, beating the consensus estimate of $0.39 by $0.03. The company had revenue of $7.38 billion for the quarter, compared to analyst estimates of $6.90 billion. Carvana had a return on equity of 37.06% and a net margin of 6.26%.Carvana's quarterly revenue was up 52.4% compared to the same quarter last year. During the same period last year, the company earned $1.51 earnings per share. Sell-side analysts anticipate that Carvana Co. will post 1.68 EPS for the current fiscal year.

About Carvana

Carvana Co NYSE: CVNA is an online used-car retailer that enables consumers to research, purchase, finance and sell vehicles through its website and mobile platform. The company offers a selection of used cars, trucks and SUVs, with vehicle listings that generally include photographs, pricing and vehicle-history information.

Customers can complete much of the vehicle-buying process online, including applying for financing, arranging trade-ins and scheduling vehicle pickup or delivery.

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