SG Americas Securities LLC cut its holdings in CarGurus, Inc. (NASDAQ:CARG – Free Report) by 43.6% during the first quarter, Holdings Channel.com reports. The fund owned 9,763 shares of the company’s stock after selling 7,540 shares during the period. SG Americas Securities LLC’s holdings in CarGurus were worth $284,000 at the end of the most recent quarter.
A number of other institutional investors have also recently bought and sold shares of the business. Los Angeles Capital Management LLC lifted its stake in shares of CarGurus by 36.4% in the 4th quarter. Los Angeles Capital Management LLC now owns 87,862 shares of the company’s stock valued at $3,210,000 after purchasing an additional 23,445 shares during the period. Summit Global Investments bought a new stake in CarGurus in the fourth quarter valued at about $1,150,000. Cookson Peirce & Co. Inc. lifted its stake in CarGurus by 59.6% in the fourth quarter. Cookson Peirce & Co. Inc. now owns 21,376 shares of the company’s stock valued at $781,000 after buying an additional 7,982 shares during the period. Scalar Gauge Management LLC acquired a new position in shares of CarGurus during the 4th quarter worth about $4,019,000. Finally, Charles Schwab Investment Management Inc. grew its position in shares of CarGurus by 2.9% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,073,810 shares of the company’s stock worth $39,237,000 after buying an additional 30,593 shares during the period. Institutional investors and hedge funds own 86.90% of the company’s stock.
Insider Transactions at CarGurus
In related news, insider Ismail Elshareef sold 5,246 shares of CarGurus stock in a transaction that occurred on Wednesday, June 4th. The stock was sold at an average price of $31.37, for a total value of $164,567.02. Following the sale, the insider now owns 107,007 shares of the company’s stock, valued at approximately $3,356,809.59. This trade represents a 4.67% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Zachary Emerson Hallowell sold 1,824 shares of the business’s stock in a transaction that occurred on Thursday, April 17th. The shares were sold at an average price of $26.73, for a total value of $48,755.52. Following the completion of the sale, the chief executive officer now owns 129,790 shares in the company, valued at $3,469,286.70. The trade was a 1.39% decrease in their position. The disclosure for this sale can be found here. Insiders sold 39,335 shares of company stock valued at $1,149,376 over the last three months. Company insiders own 16.99% of the company’s stock.
CarGurus Stock Up 1.0%
CarGurus (NASDAQ:CARG – Get Free Report) last posted its quarterly earnings data on Thursday, May 8th. The company reported $0.46 EPS for the quarter, beating the consensus estimate of $0.42 by $0.04. The business had revenue of $225.16 million for the quarter, compared to analysts’ expectations of $226.72 million. CarGurus had a net margin of 4.28% and a return on equity of 32.54%. The firm’s revenue was up 4.3% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.32 EPS. Equities analysts anticipate that CarGurus, Inc. will post 1.41 EPS for the current fiscal year.
Analyst Upgrades and Downgrades
Several research firms recently weighed in on CARG. JMP Securities reduced their price objective on shares of CarGurus from $43.00 to $38.00 and set a “market outperform” rating on the stock in a research note on Wednesday, April 9th. Royal Bank Of Canada reiterated an “outperform” rating and issued a $42.00 target price on shares of CarGurus in a report on Monday, May 12th. UBS Group boosted their price target on shares of CarGurus from $29.00 to $33.00 and gave the company a “neutral” rating in a report on Friday, May 9th. JPMorgan Chase & Co. cut shares of CarGurus from an “overweight” rating to a “neutral” rating and lowered their price objective for the company from $42.00 to $34.00 in a research report on Thursday, March 27th. Finally, Needham & Company LLC dropped their price objective on CarGurus from $45.00 to $39.00 and set a “buy” rating on the stock in a research note on Friday, May 9th. Three research analysts have rated the stock with a hold rating, seven have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $36.95.
CarGurus Company Profile
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.
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