California Public Employees Retirement System Has $37.49 Million Position in Carvana Co. (NYSE:CVNA)

California Public Employees Retirement System lowered its holdings in Carvana Co. (NYSE:CVNA) by 6.1% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 184,357 shares of the company’s stock after selling 11,889 shares during the period. California Public Employees Retirement System’s holdings in Carvana were worth $37,491,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of the business. Whale Rock Capital Management LLC purchased a new stake in Carvana in the 3rd quarter worth approximately $162,953,000. Norges Bank purchased a new position in Carvana in the fourth quarter valued at about $179,364,000. Vanguard Group Inc. increased its position in Carvana by 5.6% in the 4th quarter. Vanguard Group Inc. now owns 11,425,367 shares of the company’s stock worth $2,323,463,000 after purchasing an additional 610,234 shares during the last quarter. Lord Abbett & CO. LLC raised its stake in shares of Carvana by 1,454.1% during the 3rd quarter. Lord Abbett & CO. LLC now owns 538,473 shares of the company’s stock worth $93,754,000 after purchasing an additional 503,824 shares in the last quarter. Finally, Arrowstreet Capital Limited Partnership acquired a new stake in shares of Carvana during the 4th quarter valued at about $86,636,000. Institutional investors and hedge funds own 56.71% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on the stock. Citigroup raised their price objective on shares of Carvana from $277.00 to $320.00 and gave the company a “buy” rating in a research report on Friday, February 21st. Robert W. Baird lifted their price objective on shares of Carvana from $200.00 to $250.00 and gave the company a “neutral” rating in a research note on Thursday, February 20th. Evercore ISI lowered their target price on shares of Carvana from $250.00 to $240.00 and set an “in-line” rating on the stock in a research report on Tuesday, March 11th. Wells Fargo & Company reduced their price target on Carvana from $300.00 to $275.00 and set an “overweight” rating for the company in a research report on Monday, January 6th. Finally, Stephens reissued an “overweight” rating and set a $300.00 price objective on shares of Carvana in a report on Monday, March 3rd. Six investment analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $261.53.

Insiders Place Their Bets

In related news, insider Thomas Taira sold 27,593 shares of the stock in a transaction dated Tuesday, March 25th. The shares were sold at an average price of $225.03, for a total value of $6,209,252.79. Following the completion of the transaction, the insider now owns 179,673 shares of the company’s stock, valued at $40,431,815.19. This represents a 13.31 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Paul W. Breaux sold 1,362 shares of Carvana stock in a transaction that occurred on Monday, February 10th. The shares were sold at an average price of $270.08, for a total value of $367,848.96. Following the sale, the insider now directly owns 153,240 shares in the company, valued at $41,387,059.20. The trade was a 0.88 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 280,810 shares of company stock worth $61,698,820 over the last 90 days. Corporate insiders own 17.12% of the company’s stock.

Carvana Stock Up 6.3 %

Shares of CVNA opened at $226.07 on Thursday. The company has a debt-to-equity ratio of 3.82, a quick ratio of 2.12 and a current ratio of 3.64. The company has a 50-day simple moving average of $226.26 and a 200-day simple moving average of $219.11. Carvana Co. has a 52 week low of $67.61 and a 52 week high of $292.84. The firm has a market capitalization of $48.19 billion, a P/E ratio of 143.99 and a beta of 3.56.

Carvana (NYSE:CVNA) last announced its quarterly earnings data on Wednesday, February 19th. The company reported $0.56 EPS for the quarter, topping analysts’ consensus estimates of $0.29 by $0.27. The company had revenue of $3.55 billion during the quarter, compared to the consensus estimate of $3.32 billion. Carvana had a return on equity of 36.59% and a net margin of 1.54%. On average, equities research analysts expect that Carvana Co. will post 2.85 earnings per share 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.