Raymond James Financial Inc. Sells 16,104 Shares of Carvana Co. $CVNA

Key Points

• Raymond James Financial Inc. reduced its stake in Carvana Co. by 5.4%, owning 283,196 shares valued at approximately $59.2 million after selling 16,104 shares.
• CEO Ernest C. Garcia III and major shareholder Ernest C. Garcia II recently sold a combined total of over 105,000 shares, reflecting minor decreases in their ownership positions.
• Analysts have raised target prices for Carvana, with JPMorgan Chase & Co. setting a new target price of $415, indicating a positive outlook for the stock.

Raymond James Financial Inc. trimmed its position in Carvana Co. (NYSE:CVNA - Free Report) by 5.4% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 283,196 shares of the company's stock after selling 16,104 shares during the period. Raymond James Financial Inc. owned approximately 0.13% of Carvana worth $59,211,000 at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of the company. Vanguard Group Inc. increased its position in shares of Carvana by 9.7% in the first quarter. Vanguard Group Inc. now owns 12,534,843 shares of the company's stock valued at $2,620,785,000 after acquiring an additional 1,109,476 shares during the last quarter. Durable Capital Partners LP increased its position in shares of Carvana by 6.3% in the fourth quarter. Durable Capital Partners LP now owns 2,168,232 shares of the company's stock valued at $440,932,000 after acquiring an additional 129,246 shares during the last quarter. Whale Rock Capital Management LLC increased its position in shares of Carvana by 29.8% in the fourth quarter. Whale Rock Capital Management LLC now owns 1,214,679 shares of the company's stock valued at $247,017,000 after acquiring an additional 278,760 shares during the last quarter. BNP Paribas Financial Markets increased its position in shares of Carvana by 89.8% in the fourth quarter. BNP Paribas Financial Markets now owns 1,018,321 shares of the company's stock valued at $207,086,000 after acquiring an additional 481,912 shares during the last quarter. Finally, Palestra Capital Management LLC increased its position in shares of Carvana by 15.5% in the fourth quarter. Palestra Capital Management LLC now owns 807,016 shares of the company's stock valued at $164,115,000 after acquiring an additional 108,203 shares during the last quarter. 56.71% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other news, CEO Ernest C. Garcia III sold 10,000 shares of the business's stock in a transaction that occurred on Tuesday, August 19th. The stock was sold at an average price of $347.99, for a total transaction of $3,479,900.00. Following the completion of the sale, the chief executive officer owned 531,440 shares in the company, valued at $184,935,805.60. The trade was a 1.85% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, major shareholder Ernest C. Garcia II sold 95,087 shares of the business's stock in a transaction that occurred on Wednesday, August 13th. The stock was sold at an average price of $349.09, for a total value of $33,193,920.83. Following the sale, the insider owned 34,442,317 shares of the company's stock, valued at approximately $12,023,468,441.53. This represents a 0.28% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 3,036,140 shares of company stock valued at $1,057,170,571. Corporate insiders own 17.12% of the company's stock.

Analyst Upgrades and Downgrades

CVNA has been the topic of a number of recent research reports. JPMorgan Chase & Co. lifted their target price on Carvana from $350.00 to $415.00 and gave the company an "overweight" rating in a research report on Thursday, July 31st. DA Davidson lifted their target price on Carvana from $260.00 to $380.00 and gave the company a "neutral" rating in a research report on Thursday, July 31st. Oppenheimer raised Carvana from a "market perform" rating to an "outperform" rating and set a $450.00 target price on the stock in a research report on Friday, July 25th. Royal Bank Of Canada lifted their target price on Carvana from $400.00 to $460.00 and gave the company an "outperform" rating in a research report on Thursday, July 31st. Finally, JMP Securities lifted their target price on Carvana from $440.00 to $460.00 and gave the company a "market outperform" rating in a research report on Thursday, July 31st. Twelve investment analysts have rated the stock with a Buy rating and six have given a Hold rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $383.47.

Carvana Price Performance

Shares of NYSE CVNA opened at $339.1620 on Thursday. The business's 50 day moving average price is $338.48 and its two-hundred day moving average price is $277.57. The company has a market cap of $72.99 billion, a PE ratio of 85.00, a price-to-earnings-growth ratio of 1.14 and a beta of 3.57. 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 Co. has a twelve month low of $124.39 and a twelve month high of $413.33.

Carvana (NYSE:CVNA - Get Free Report) last announced its quarterly earnings results on Wednesday, July 30th. The company reported $1.28 earnings per share for the quarter, topping analysts' consensus estimates of $1.09 by $0.19. The firm 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 business's revenue was up 41.9% compared to the same quarter last year. During the same quarter in the previous year, the business earned ($0.05) earnings per share. On average, analysts predict that Carvana Co. will post 2.85 EPS for the current 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.

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