Legato Capital Management LLC Sells 11,716 Shares of ACV Auctions Inc. (NASDAQ:ACVA)

Legato Capital Management LLC lowered its holdings in shares of ACV Auctions Inc. (NASDAQ:ACVA) by 23.8% in the fourth quarter, HoldingsChannel reports. The firm owned 37,466 shares of the company’s stock after selling 11,716 shares during the period. Legato Capital Management LLC’s holdings in ACV Auctions were worth $809,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently made changes to their positions in the company. Massachusetts Financial Services Co. MA boosted its holdings in shares of ACV Auctions by 11.6% during the third quarter. Massachusetts Financial Services Co. MA now owns 8,655,640 shares of the company’s stock worth $175,969,000 after acquiring an additional 897,477 shares during the period. Jennison Associates LLC boosted its holdings in shares of ACV Auctions by 17.2% during the fourth quarter. Jennison Associates LLC now owns 4,980,354 shares of the company’s stock worth $107,576,000 after acquiring an additional 732,422 shares during the period. Geode Capital Management LLC boosted its holdings in shares of ACV Auctions by 2.0% during the third quarter. Geode Capital Management LLC now owns 3,517,088 shares of the company’s stock worth $71,516,000 after acquiring an additional 67,969 shares during the period. State Street Corp boosted its holdings in shares of ACV Auctions by 3.7% during the third quarter. State Street Corp now owns 3,242,388 shares of the company’s stock worth $65,918,000 after acquiring an additional 115,700 shares during the period. Finally, JPMorgan Chase & Co. boosted its holdings in shares of ACV Auctions by 10.9% during the third quarter. JPMorgan Chase & Co. now owns 3,167,615 shares of the company’s stock worth $64,398,000 after acquiring an additional 311,465 shares during the period. Institutional investors own 88.55% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on the company. Stephens upgraded ACV Auctions to a “hold” rating in a report on Saturday, February 1st. Citigroup boosted their price objective on ACV Auctions from $22.00 to $27.00 and gave the stock a “buy” rating in a report on Wednesday, November 27th. Piper Sandler lifted their price target on shares of ACV Auctions from $16.00 to $18.00 and gave the company a “neutral” rating in a research report on Friday, November 8th. Needham & Company LLC reiterated a “buy” rating and issued a $28.00 price target (up from $26.00) on shares of ACV Auctions in a research report on Thursday, December 26th. Finally, B. Riley lifted their price target on shares of ACV Auctions from $24.00 to $27.00 and gave the company a “buy” rating in a research report on Tuesday, November 26th. Three equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $23.65.

ACV Auctions Stock Up 0.6 %

Shares of ACVA opened at $21.59 on Friday. ACV Auctions Inc. has a one year low of $13.59 and a one year high of $23.46. The company has a market cap of $3.62 billion, a P/E ratio of -45.94 and a beta of 1.69. The company has a debt-to-equity ratio of 0.25, a current ratio of 1.51 and a quick ratio of 1.51. The firm has a 50 day simple moving average of $21.32 and a two-hundred day simple moving average of $19.98.

Insider Buying and Selling at ACV Auctions

In other ACV Auctions news, insider Michael Waterman sold 15,000 shares of the business’s stock in a transaction that occurred on Tuesday, February 4th. The shares were sold at an average price of $20.27, for a total transaction of $304,050.00. Following the completion of the transaction, the insider now directly owns 311,354 shares in the company, valued at $6,311,145.58. The trade was a 4.60 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO William Zerella sold 32,500 shares of the business’s stock in a transaction that occurred on Monday, December 30th. The shares were sold at an average price of $21.65, for a total transaction of $703,625.00. Following the transaction, the chief financial officer now owns 490,482 shares of the company’s stock, valued at approximately $10,618,935.30. This represents a 6.21 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 125,162 shares of company stock worth $2,663,776 over the last three months. Corporate insiders own 8.50% of the company’s stock.

ACV Auctions Profile

ACV Auctions Inc operates a digital marketplace that connects buyers and sellers for the online auction of wholesale vehicles. The company’s marketplace platform includes digital marketplace, which connects buyers and sellers by providing online auction, which facilitates real-time transactions of wholesale vehicles; Run List for pre-filtering and pre-screening of vehicles up to 24 hours prior to an auction taking place; ACV transportation service to enable the buyers to see real-time transportation quotes and status reports of the vehicle; ACV capital, a short-term inventory financing services for buyers to purchase vehicles; and Go Green’s seller assurance service for against claims related to defects in the vehicle.