California Public Employees Retirement System Trims Stock Position in Lyft, Inc. (NASDAQ:LYFT)

California Public Employees Retirement System lowered its position in Lyft, Inc. (NASDAQ:LYFT - Free Report) by 6.0% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 621,737 shares of the ride-sharing company's stock after selling 39,461 shares during the quarter. California Public Employees Retirement System owned about 0.15% of Lyft worth $8,020,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Vanguard Group Inc. raised its position in shares of Lyft by 2.8% during the 4th quarter. Vanguard Group Inc. now owns 36,002,611 shares of the ride-sharing company's stock worth $464,434,000 after acquiring an additional 984,907 shares in the last quarter. Pacer Advisors Inc. raised its position in shares of Lyft by 32.4% in the fourth quarter. Pacer Advisors Inc. now owns 9,408,466 shares of the ride-sharing company's stock valued at $121,369,000 after buying an additional 2,302,248 shares during the last quarter. Bank of New York Mellon Corp grew its holdings in Lyft by 33.9% in the fourth quarter. Bank of New York Mellon Corp now owns 3,878,369 shares of the ride-sharing company's stock valued at $50,031,000 after purchasing an additional 981,186 shares during the period. Norges Bank acquired a new stake in Lyft during the 4th quarter worth approximately $49,599,000. Finally, Connor Clark & Lunn Investment Management Ltd. grew its stake in shares of Lyft by 25.7% in the fourth quarter. Connor Clark & Lunn Investment Management Ltd. now owns 2,290,461 shares of the ride-sharing company's stock valued at $29,547,000 after buying an additional 468,735 shares in the last quarter. Institutional investors and hedge funds own 83.07% of the company's stock.

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Lyft Stock Performance

NASDAQ LYFT traded up $0.10 during trading hours on Friday, hitting $11.03. 9,889,385 shares of the company's stock traded hands, compared to its average volume of 15,558,108. Lyft, Inc. has a 52 week low of $8.93 and a 52 week high of $19.47. The company has a current ratio of 0.76, a quick ratio of 0.75 and a debt-to-equity ratio of 0.74. The firm has a market capitalization of $4.61 billion, a P/E ratio of 183.83, a P/E/G ratio of 1.90 and a beta of 2.13. The business's fifty day moving average price is $12.34 and its two-hundred day moving average price is $13.72.

Lyft (NASDAQ:LYFT - Get Free Report) last posted its quarterly earnings results on Tuesday, February 11th. The ride-sharing company reported $0.10 earnings per share for the quarter, missing the consensus estimate of $0.20 by ($0.10). Lyft had a return on equity of 8.03% and a net margin of 0.39%. Equities research analysts predict that Lyft, Inc. will post 0.22 EPS for the current year.

Lyft announced that its Board of Directors has authorized a stock buyback program on Tuesday, February 11th that authorizes the company to buyback $500.00 million in outstanding shares. This buyback authorization authorizes the ride-sharing company to buy up to 8.4% of its stock through open market purchases. Stock buyback programs are often an indication that the company's board of directors believes its shares are undervalued.

Insider Activity at Lyft

In other Lyft news, Director Logan Green sold 11,411 shares of the business's stock in a transaction that occurred on Thursday, February 27th. The shares were sold at an average price of $13.34, for a total transaction of $152,222.74. Following the sale, the director now owns 297,640 shares of the company's stock, valued at approximately $3,970,517.60. The trade was a 3.69 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director John Patrick Zimmer sold 2,424 shares of the company's stock in a transaction dated Tuesday, February 25th. The stock was sold at an average price of $12.52, for a total value of $30,348.48. Following the completion of the sale, the director now owns 911,922 shares in the company, valued at $11,417,263.44. The trade was a 0.27 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 15,407 shares of company stock worth $203,778. Company insiders own 3.07% of the company's stock.

Analysts Set New Price Targets

Several research analysts have weighed in on the stock. Roth Capital reissued a "neutral" rating on shares of Lyft in a report on Wednesday, February 12th. UBS Group reduced their target price on shares of Lyft from $16.00 to $15.00 and set a "neutral" rating for the company in a research note on Wednesday, February 12th. Royal Bank of Canada reaffirmed an "outperform" rating and issued a $21.00 price objective on shares of Lyft in a report on Monday, March 17th. Wells Fargo & Company lowered their target price on Lyft from $14.00 to $13.00 and set an "equal weight" rating on the stock in a report on Thursday, April 3rd. Finally, BMO Capital Markets lowered their price objective on shares of Lyft from $18.00 to $15.00 and set a "market perform" rating on the stock in a research report on Wednesday, February 12th. One equities research analyst has rated the stock with a sell rating, twenty-seven have issued a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat, Lyft has an average rating of "Hold" and an average target price of $16.60.

Lyft Profile

Lyft, Inc operates a peer-to-peer marketplace for on-demand ridesharing in the United States and Canada. It operates multimodal transportation networks that offer access to various transportation options through the Lyft platform and mobile-based applications. The company's platform provides a ridesharing marketplace, which connects drivers with riders; Express Drive, a car rental program for drivers; and a network of shared bikes and scooters in various cities to address the needs of riders for short trips.