Bank of New York Mellon Corp Sells 25,038 Shares of CarGurus, Inc. (NASDAQ:CARG)

Bank of New York Mellon Corp decreased its stake in shares of CarGurus, Inc. (NASDAQ:CARG) by 4.3% during the 1st quarter, HoldingsChannel.com reports. The firm owned 557,805 shares of the company’s stock after selling 25,038 shares during the quarter. Bank of New York Mellon Corp’s holdings in CarGurus were worth $16,249,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently made changes to their positions in CARG. GeoWealth Management LLC acquired a new position in shares of CarGurus in the 4th quarter valued at $49,000. Blue Trust Inc. increased its position in CarGurus by 49.8% in the 1st quarter. Blue Trust Inc. now owns 2,494 shares of the company’s stock valued at $73,000 after acquiring an additional 829 shares in the last quarter. Versant Capital Management Inc grew its position in shares of CarGurus by 695.4% during the 1st quarter. Versant Capital Management Inc now owns 2,593 shares of the company’s stock worth $76,000 after buying an additional 2,267 shares during the period. NewEdge Advisors LLC grew its position in shares of CarGurus by 25.0% during the 4th quarter. NewEdge Advisors LLC now owns 2,716 shares of the company’s stock worth $99,000 after buying an additional 543 shares during the period. Finally, GAMMA Investing LLC grew its position in shares of CarGurus by 35.4% during the 1st quarter. GAMMA Investing LLC now owns 4,196 shares of the company’s stock worth $122,000 after buying an additional 1,097 shares during the period. Institutional investors own 86.90% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on CARG shares. Gordon Haskett initiated coverage on shares of CarGurus in a research note on Monday, July 14th. They set a “hold” rating and a $35.00 price objective on the stock. JPMorgan Chase & Co. lowered shares of CarGurus from an “overweight” rating to a “neutral” rating and cut their price objective for the stock from $42.00 to $34.00 in a research report on Thursday, March 27th. Needham & Company LLC dropped their price target on shares of CarGurus from $45.00 to $39.00 and set a “buy” rating on the stock in a research report on Friday, May 9th. Citigroup dropped their price target on shares of CarGurus from $40.00 to $37.00 and set a “neutral” rating on the stock in a research report on Thursday, July 3rd. Finally, UBS Group upped their price objective on shares of CarGurus from $29.00 to $33.00 and gave the company a “neutral” rating in a report on Friday, May 9th. Seven investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Hold” and a consensus target price of $37.63.

Insider Activity

In other news, General Counsel Javier Esquivel Zamora sold 12,265 shares of the firm’s stock in a transaction that occurred on Wednesday, June 4th. The shares were sold at an average price of $31.37, for a total transaction of $384,753.05. Following the completion of the sale, the general counsel owned 102,723 shares of the company’s stock, valued at $3,222,420.51. This trade represents a 10.67% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Also, COO Samuel Zales sold 10,000 shares of the firm’s stock in a transaction that occurred on Friday, May 2nd. The stock was sold at an average price of $28.29, for a total transaction of $282,900.00. Following the sale, the chief operating officer directly owned 493,382 shares of the company’s stock, valued at approximately $13,957,776.78. This trade represents a 1.99% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 59,049 shares of company stock worth $1,899,297. 16.99% of the stock is owned by insiders.

CarGurus Trading Down 1.0%

CARG stock opened at $33.16 on Friday. The stock has a market capitalization of $3.46 billion, a P/E ratio of 94.75, a price-to-earnings-growth ratio of 1.64 and a beta of 1.44. CarGurus, Inc. has a 12 month low of $21.65 and a 12 month high of $41.33. The firm has a 50-day moving average price of $32.62 and a 200-day moving average price of $32.67.

CarGurus (NASDAQ:CARG) last issued its quarterly earnings data on Thursday, May 8th. The company reported $0.46 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.42 by $0.04. The business had revenue of $225.16 million during the quarter, compared to analyst estimates of $226.72 million. CarGurus had a net margin of 4.28% and a return on equity of 32.54%. The firm’s quarterly revenue was up 4.3% on a year-over-year basis. During the same quarter last year, the business earned $0.32 EPS. As a group, equities analysts predict that CarGurus, Inc. will post 1.41 EPS for the current fiscal year.

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.