Cubist Systematic Strategies LLC acquired a new position in CarGurus Inc (NASDAQ:CARG) in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 5,890 shares of the company’s stock, valued at approximately $205,000.
Several other institutional investors and hedge funds have also recently bought and sold shares of CARG. First Interstate Bank boosted its holdings in shares of CarGurus by 100,560.0% in the 2nd quarter. First Interstate Bank now owns 5,033 shares of the company’s stock worth $175,000 after purchasing an additional 5,028 shares in the last quarter. NumerixS Investment Technologies Inc purchased a new position in shares of CarGurus in the 2nd quarter worth about $227,000. Amalgamated Bank purchased a new stake in CarGurus during the 2nd quarter valued at about $261,000. A.R.T. Advisors LLC purchased a new stake in CarGurus during the 1st quarter valued at about $290,000. Finally, Janus Henderson Group PLC purchased a new stake in CarGurus during the 2nd quarter valued at about $463,000. Hedge funds and other institutional investors own 63.33% of the company’s stock.
In other CarGurus news, CFO Jason Trevisan sold 30,000 shares of the stock in a transaction that occurred on Friday, August 10th. The stock was sold at an average price of $52.43, for a total value of $1,572,900.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Langley Steinert sold 176,109 shares of the stock in a transaction that occurred on Tuesday, August 7th. The stock was sold at an average price of $44.82, for a total value of $7,893,205.38. The disclosure for this sale can be found here. In the last quarter, insiders sold 5,165,417 shares of company stock valued at $258,130,559. Company insiders own 51.03% of the company’s stock.
CarGurus (NASDAQ:CARG) last issued its earnings results on Tuesday, August 7th. The company reported $0.06 earnings per share for the quarter, beating the consensus estimate of $0.02 by $0.04. The company had revenue of $110.33 million during the quarter, compared to analysts’ expectations of $103.84 million. CarGurus had a return on equity of 12.60% and a net margin of 10.34%. As a group, equities analysts predict that CarGurus Inc will post 0.1 earnings per share for the current fiscal year.
CARG has been the subject of several analyst reports. Zacks Investment Research cut CarGurus from a “buy” rating to a “hold” rating in a report on Monday, August 13th. Benchmark increased their target price on CarGurus from $44.00 to $50.00 and gave the company a “buy” rating in a report on Wednesday, August 8th. BidaskClub upgraded CarGurus from a “buy” rating to a “strong-buy” rating in a report on Thursday, July 26th. ValuEngine cut CarGurus from a “buy” rating to a “hold” rating in a report on Thursday, September 27th. Finally, JMP Securities upgraded CarGurus from a “market perform” rating to an “outperform” rating and set a $55.00 target price for the company in a report on Wednesday, August 8th. Four analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. The stock has an average rating of “Buy” and an average price target of $44.17.
CarGurus, Inc operates an online automotive marketplace connecting buyers and sellers of new and used cars worldwide. The company's marketplace enables users with third-party validation on pricing, dealer reputation, and other information. As of June 30, 2017, it had an active dealer network of approximately 40,000 dealers; and approximately 5.4 million car listings.
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