Teachers Retirement System of The State of Kentucky lifted its position in CarGurus, Inc. (NASDAQ:CARG – Get Rating) by 2.4% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 125,208 shares of the company’s stock after acquiring an additional 2,880 shares during the period. Teachers Retirement System of The State of Kentucky owned about 0.11% of CarGurus worth $5,316,000 as of its most recent SEC filing.
Other institutional investors have also made changes to their positions in the company. Exchange Traded Concepts LLC acquired a new stake in shares of CarGurus during the first quarter worth approximately $47,000. Counterpoint Mutual Funds LLC acquired a new stake in shares of CarGurus during the first quarter worth approximately $68,000. Penserra Capital Management LLC acquired a new stake in shares of CarGurus during the first quarter worth approximately $117,000. Advisor Group Holdings Inc. boosted its holdings in shares of CarGurus by 35.7% during the fourth quarter. Advisor Group Holdings Inc. now owns 3,566 shares of the company’s stock worth $120,000 after purchasing an additional 938 shares during the period. Finally, Convergence Investment Partners LLC acquired a new stake in shares of CarGurus during the first quarter worth approximately $136,000. 86.18% of the stock is owned by hedge funds and other institutional investors.
Analyst Ratings Changes
Several research firms recently commented on CARG. Needham & Company LLC decreased their price target on shares of CarGurus from $32.00 to $27.00 and set a “buy” rating for the company in a report on Tuesday, August 9th. JMP Securities started coverage on shares of CarGurus in a research note on Thursday, June 30th. They issued a “market perform” rating for the company. DA Davidson reduced their target price on shares of CarGurus from $34.00 to $30.00 and set a “neutral” rating for the company in a research note on Tuesday, August 9th. Royal Bank of Canada reduced their target price on shares of CarGurus from $45.00 to $35.00 and set an “outperform” rating for the company in a research note on Tuesday, August 9th. Finally, Oppenheimer reduced their target price on shares of CarGurus from $32.00 to $23.00 in a research note on Friday, September 9th. Three analysts have rated the stock with a hold rating and nine have given a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $34.18.
CarGurus Trading Down 2.1 %
CarGurus (NASDAQ:CARG – Get Rating) last announced its earnings results on Monday, August 8th. The company reported $0.15 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.11 by $0.04. CarGurus had a negative net margin of 0.90% and a positive return on equity of 20.37%. The business had revenue of $511.20 million for the quarter, compared to analyst estimates of $507.31 million. During the same quarter in the previous year, the firm posted $0.29 earnings per share. CarGurus’s revenue was up 134.7% compared to the same quarter last year. Equities research analysts anticipate that CarGurus, Inc. will post 0.31 EPS for the current fiscal year.
Insider Buying and Selling
In related news, COO Samuel Zales sold 17,707 shares of the business’s stock in a transaction 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 owns 392,587 shares of the company’s stock, valued at $9,822,526.74. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 14.80% of the stock is currently owned by insiders.
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.
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