CarGurus, Inc. (NASDAQ:CARG) Holdings Cut by Summit Global Investments

Summit Global Investments cut its stake in shares of CarGurus, Inc. (NASDAQ:CARG) by 18.8% in the 4th quarter, Holdings Channel reports. The firm owned 45,080 shares of the company’s stock after selling 10,420 shares during the quarter. Summit Global Investments’ holdings in CarGurus were worth $1,089,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also made changes to their positions in CARG. Pacer Advisors Inc. grew its stake in CarGurus by 20.3% during the 4th quarter. Pacer Advisors Inc. now owns 1,993,523 shares of the company’s stock worth $48,164,000 after buying an additional 336,245 shares during the last quarter. Smith Graham & Co. Investment Advisors LP acquired a new stake in shares of CarGurus in the 3rd quarter worth about $5,015,000. Allspring Global Investments Holdings LLC lifted its position in CarGurus by 207.9% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 293,730 shares of the company’s stock valued at $7,097,000 after purchasing an additional 198,321 shares during the last quarter. The Manufacturers Life Insurance Company boosted its stake in CarGurus by 6.9% during the 3rd quarter. The Manufacturers Life Insurance Company now owns 2,825,275 shares of the company’s stock valued at $49,499,000 after purchasing an additional 182,028 shares during the period. Finally, Fort Washington Investment Advisors Inc. OH boosted its stake in CarGurus by 20.0% during the 3rd quarter. Fort Washington Investment Advisors Inc. OH now owns 860,455 shares of the company’s stock valued at $15,075,000 after purchasing an additional 143,210 shares during the period. 86.90% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities research analysts have commented on the stock. UBS Group raised their price target on shares of CarGurus from $26.00 to $27.00 and gave the company a “neutral” rating in a research note on Friday, March 15th. Oppenheimer lifted their target price on CarGurus from $26.00 to $30.00 and gave the company an “outperform” rating in a research note on Tuesday, February 27th. Needham & Company LLC increased their price target on CarGurus from $22.00 to $24.00 and gave the stock a “buy” rating in a research note on Tuesday, February 27th. Finally, JMP Securities restated a “market perform” rating on shares of CarGurus in a research note on Wednesday, April 17th. Four investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $24.90.

Insider Buying and Selling

In other news, insider Andrea Lee Eldridge sold 22,358 shares of the firm’s stock in a transaction on Thursday, February 29th. The stock was sold at an average price of $22.13, for a total transaction of $494,782.54. Following the completion of the sale, the insider now directly owns 117,432 shares of the company’s stock, valued at approximately $2,598,770.16. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other CarGurus news, insider Andrea Lee Eldridge sold 22,358 shares of the company’s stock in a transaction dated Thursday, February 29th. The shares were sold at an average price of $22.13, for a total transaction of $494,782.54. Following the completion of the sale, the insider now directly owns 117,432 shares of the company’s stock, valued at $2,598,770.16. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, General Counsel Javier Esquivel Zamora sold 23,557 shares of the firm’s stock in a transaction dated Thursday, February 29th. The stock was sold at an average price of $22.13, for a total transaction of $521,316.41. Following the completion of the transaction, the general counsel now owns 111,589 shares of the company’s stock, valued at $2,469,464.57. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 113,793 shares of company stock worth $2,523,342. Corporate insiders own 15.70% of the company’s stock.

CarGurus Price Performance

Shares of CarGurus stock traded down $0.16 during trading on Friday, hitting $22.75. The stock had a trading volume of 707,388 shares, compared to its average volume of 681,734. The business has a fifty day moving average of $22.80 and a two-hundred day moving average of $22.15. The firm has a market cap of $2.44 billion, a P/E ratio of 126.39, a PEG ratio of 1.39 and a beta of 1.57. CarGurus, Inc. has a fifty-two week low of $15.34 and a fifty-two week high of $24.64.

CarGurus (NASDAQ:CARG) last issued its quarterly earnings results on Monday, February 26th. The company reported $0.35 earnings per share for the quarter, beating analysts’ consensus estimates of $0.34 by $0.01. The company had revenue of $223.12 million during the quarter, compared to the consensus estimate of $220.05 million. CarGurus had a net margin of 3.40% and a return on equity of 7.74%. CarGurus’s revenue was down 22.2% on a year-over-year basis. During the same period in the prior year, the company earned $0.25 EPS. As a group, research analysts forecast that CarGurus, Inc. will post 0.94 earnings per share for the current year.

About CarGurus

CarGurus, Inc operates an online automotive platform for buying and selling vehicles in the United States and internationally. It operates through two segments, U.S. Marketplace and Digital Wholesale. The company provides an online automotive marketplace where customers can search for new and used car listings from its dealers and sell their car to dealers and other consumers; and paid listings subscriptions for enhanced access to its marketplace that connects dealers to a large audience of informed and engaged consumers.