Neuberger Berman Group LLC Purchases 48,903 Shares of Carvana Co. (NYSE:CVNA)

Key Points

• Neuberger Berman Group LLC increased its stake in Carvana Co. by 39.7% during the first quarter, owning approximately 0.08% of the company valued at about $35.99 million.
• Carvana reported a 41.9% year-over-year revenue increase, reaching $4.84 billion for the quarter, surpassing analyst expectations.
• Insider selling has occurred, with CEO Ernest C. Garcia III selling 10,000 shares valued at approximately $3.48 million, reflecting a decrease in his ownership position.

Neuberger Berman Group LLC boosted its stake in shares of Carvana Co. (NYSE:CVNA - Free Report) by 39.7% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The fund owned 172,153 shares of the company's stock after purchasing an additional 48,903 shares during the period. Neuberger Berman Group LLC owned 0.08% of Carvana worth $35,994,000 as of its most recent filing with the SEC.

Other large investors have also recently bought and sold shares of the company. N.E.W. Advisory Services LLC acquired a new position in Carvana during the first quarter valued at approximately $33,000. Transce3nd LLC acquired a new stake in shares of Carvana in the fourth quarter valued at approximately $48,000. Versant Capital Management Inc lifted its position in shares of Carvana by 39.4% in the first quarter. Versant Capital Management Inc now owns 290 shares of the company's stock valued at $61,000 after buying an additional 82 shares during the last quarter. Strategic Investment Solutions Inc. IL acquired a new stake in shares of Carvana in the first quarter valued at approximately $90,000. Finally, Gordian Capital Singapore Pte Ltd acquired a new stake in shares of Carvana in the fourth quarter valued at approximately $98,000. 56.71% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other news, major shareholder Ernest C. Garcia II sold 100,000 shares of the business's stock in a transaction dated Friday, June 6th. The stock was sold at an average price of $346.99, for a total value of $34,699,000.00. Following the transaction, the insider directly owned 37,092,317 shares of the company's stock, valued at $12,870,663,075.83. The trade was a 0.27% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Over the last 90 days, insiders sold 3,036,140 shares of company stock valued at $1,056,235,871. 17.12% of the stock is owned by insiders.

Analyst Ratings Changes

A number of research firms have recently issued reports on CVNA. Robert W. Baird raised their price objective on Carvana from $200.00 to $275.00 and gave the company a "neutral" rating in a research report on Thursday, May 8th. JPMorgan Chase & Co. increased their target price on Carvana from $350.00 to $415.00 and gave the stock an "overweight" rating in a research note on Thursday, July 31st. Citigroup reiterated an "outperform" rating on shares of Carvana in a research note on Thursday, July 31st. Wells Fargo & Company increased their target price on Carvana from $390.00 to $425.00 and gave the stock an "overweight" rating in a research note on Thursday, July 31st. Finally, Gordon Haskett started coverage on Carvana in a research note on Monday, July 14th. They set a "hold" rating and a $329.00 target price on the stock. Seven research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $383.47.

Carvana Trading Up 2.2%

CVNA traded up $7.41 during midday trading on Friday, hitting $350.00. 3,650,161 shares of the company were exchanged, compared to its average volume of 3,192,514. The firm has a market capitalization of $75.32 billion, a P/E ratio of 87.72, a P/E/G ratio of 1.16 and a beta of 3.57. Carvana Co. has a 1-year low of $124.39 and a 1-year high of $413.33. The firm's 50 day moving average price is $337.99 and its 200-day moving average price is $275.67. The company has a quick ratio of 2.58, a current ratio of 4.00 and a debt-to-equity ratio of 2.51.

Carvana (NYSE:CVNA - Get Free Report) last announced its quarterly earnings data on Wednesday, July 30th. The company reported $1.28 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.09 by $0.19. The company had revenue of $4.84 billion for the quarter, compared to the consensus estimate of $4.54 billion. Carvana had a return on equity of 40.57% and a net margin of 3.46%. The firm's revenue was up 41.9% compared to the same quarter last year. During the same period in the previous year, the business earned ($0.05) EPS. As a group, equities analysts forecast that Carvana Co. will post 2.85 EPS for the current fiscal year.

Carvana 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.