Allspring Global Investments Holdings LLC Purchases 75,533 Shares of Carvana Co. (NYSE:CVNA)

Allspring Global Investments Holdings LLC lifted its position in Carvana Co. (NYSE:CVNA) by 2,384.2% during the 4th quarter, HoldingsChannel reports. The firm owned 78,701 shares of the company’s stock after buying an additional 75,533 shares during the period. Allspring Global Investments Holdings LLC’s holdings in Carvana were worth $15,706,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in the company. Quent Capital LLC bought a new position in Carvana in the fourth quarter valued at $28,000. ORG Wealth Partners LLC purchased a new stake in Carvana during the fourth quarter valued at about $34,000. Capital Performance Advisors LLP purchased a new stake in Carvana during the third quarter valued at about $40,000. Versant Capital Management Inc purchased a new stake in Carvana during the fourth quarter valued at about $42,000. Finally, First Horizon Advisors Inc. boosted its position in Carvana by 363.0% during the third quarter. First Horizon Advisors Inc. now owns 250 shares of the company’s stock valued at $44,000 after buying an additional 196 shares during the period. Institutional investors own 56.71% of the company’s stock.

Carvana Trading Up 4.9 %

Shares of CVNA stock opened at $285.62 on Monday. Carvana Co. has a 12-month low of $48.15 and a 12-month high of $286.38. The company has a current ratio of 3.25, a quick ratio of 2.12 and a debt-to-equity ratio of 18.99. The firm’s 50 day moving average is $232.45 and its 200 day moving average is $204.36. The stock has a market capitalization of $59.30 billion, a P/E ratio of 28,590.19 and a beta of 3.37.

Analysts Set New Price Targets

A number of research firms have recently weighed in on CVNA. Evercore ISI increased their target price on shares of Carvana from $240.00 to $245.00 and gave the stock an “in-line” rating in a report on Tuesday, December 3rd. Robert W. Baird raised their price objective on shares of Carvana from $160.00 to $240.00 and gave the stock a “neutral” rating in a report on Thursday, October 31st. Morgan Stanley upgraded shares of Carvana from an “underweight” rating to an “equal weight” rating and raised their price objective for the stock from $110.00 to $260.00 in a report on Tuesday, November 5th. JMP Securities restated a “market outperform” rating and issued a $320.00 price objective on shares of Carvana in a report on Monday, December 16th. Finally, Piper Sandler raised their target price on shares of Carvana from $151.00 to $225.00 and gave the company a “neutral” rating in a research note on Thursday, October 31st. Nine investment analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $249.29.

Insider Buying and Selling

In other news, CFO Mark W. Jenkins sold 10,000 shares of Carvana stock in a transaction on Monday, December 2nd. The shares were sold at an average price of $255.07, for a total transaction of $2,550,700.00. Following the transaction, the chief financial officer now owns 189,761 shares in the company, valued at $48,402,338.27. This trade represents a 5.01 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Daniel J. Gill sold 44,000 shares of Carvana stock in a transaction on Monday, December 2nd. The shares were sold at an average price of $259.47, for a total transaction of $11,416,680.00. Following the transaction, the insider now owns 191,225 shares in the company, valued at approximately $49,617,150.75. This trade represents a 18.71 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 125,207 shares of company stock worth $31,110,504. 17.12% of the stock is owned by insiders.

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.