Loomis Sayles & Co. L P Reduces Stake in CarGurus, Inc. (NASDAQ:CARG)

Loomis Sayles & Co. L P reduced its position in CarGurus, Inc. (NASDAQ:CARGGet Rating) by 1.9% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,095,391 shares of the company’s stock after selling 20,911 shares during the period. Loomis Sayles & Co. L P owned about 0.93% of CarGurus worth $46,510,000 as of its most recent SEC filing.

Several other hedge funds have also recently bought and sold shares of the company. The Manufacturers Life Insurance Company increased its stake in CarGurus by 1.3% in the 4th quarter. The Manufacturers Life Insurance Company now owns 9,312,123 shares of the company’s stock valued at $312,940,000 after purchasing an additional 115,026 shares in the last quarter. Contour Asset Management LLC increased its stake in CarGurus by 34.8% in the 4th quarter. Contour Asset Management LLC now owns 4,815,767 shares of the company’s stock valued at $162,002,000 after purchasing an additional 1,241,975 shares in the last quarter. Eaton Vance Management increased its position in CarGurus by 2.7% during the fourth quarter. Eaton Vance Management now owns 2,226,125 shares of the company’s stock worth $74,887,000 after buying an additional 58,421 shares in the last quarter. Geode Capital Management LLC increased its position in CarGurus by 2.6% during the fourth quarter. Geode Capital Management LLC now owns 1,582,858 shares of the company’s stock worth $53,247,000 after buying an additional 39,587 shares in the last quarter. Finally, Dimensional Fund Advisors LP increased its position in CarGurus by 4.1% during the first quarter. Dimensional Fund Advisors LP now owns 1,283,542 shares of the company’s stock worth $54,502,000 after buying an additional 50,774 shares in the last quarter. 86.18% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

CARG has been the subject of several recent research reports. JMP Securities initiated coverage on CarGurus in a research report on Thursday, June 30th. They set a “market perform” rating for the company. BTIG Research dropped their price target on CarGurus to $30.00 in a research report on Monday, August 15th. Needham & Company LLC dropped their price target on CarGurus from $32.00 to $27.00 and set a “buy” rating for the company in a research report on Tuesday, August 9th. Truist Financial dropped their price target on CarGurus from $44.00 to $38.00 and set a “buy” rating for the company in a research report on Tuesday, August 9th. Finally, Oppenheimer dropped their target price on CarGurus from $38.00 to $32.00 and set a “buy” rating for the company in a research note on Tuesday, August 9th. Three research analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $35.00.

CarGurus Stock Performance

CARG opened at $19.13 on Friday. The company’s 50 day simple moving average is $21.70 and its 200 day simple moving average is $29.28. CarGurus, Inc. has a 1 year low of $17.90 and a 1 year high of $50.03. The stock has a market capitalization of $2.27 billion, a PE ratio of -18.05, a P/E/G ratio of 3.47 and a beta of 1.61.

CarGurus (NASDAQ:CARGGet Rating) last released its earnings results on Monday, August 8th. The company reported $0.32 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.31 by $0.01. The business had revenue of $511.20 million for the quarter, compared to analysts’ expectations of $507.31 million. CarGurus had a negative net margin of 0.90% and a positive return on equity of 20.37%. The company’s quarterly revenue was up 134.7% on a year-over-year basis. During the same period last year, the company earned $0.29 earnings per share. As a group, sell-side analysts expect that CarGurus, Inc. will post 0.41 earnings per share for the current fiscal year.

Insider Buying and Selling at CarGurus

In other CarGurus news, COO Samuel Zales sold 17,707 shares of CarGurus stock in a transaction that occurred on Thursday, July 21st. The shares were sold at an average price of $25.02, for a total transaction of $443,029.14. Following the transaction, the chief operating officer now directly owns 392,587 shares of the company’s stock, valued at $9,822,526.74. The sale was disclosed in a filing with the SEC, which is available at this link. 14.80% of the stock is currently owned by corporate insiders.

About CarGurus

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CarGurus, Inc operates an online automotive marketplace connecting buyers and sellers of new and used cars in the United States and internationally. The company provides consumers an online automotive marketplace where they can search for new and used car listings from its dealers, as well as sell their car in the United States marketplace.

Further Reading

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Institutional Ownership by Quarter for CarGurus (NASDAQ:CARG)

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