Raymond James Trust N.A. Boosts Position in CarGurus, Inc. (NASDAQ:CARG)

Raymond James Trust N.A. boosted its holdings in shares of CarGurus, Inc. (NASDAQ:CARGGet Rating) by 38.2% in the third quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 22,773 shares of the company’s stock after buying an additional 6,298 shares during the quarter. Raymond James Trust N.A.’s holdings in CarGurus were worth $323,000 at the end of the most recent reporting period.

A number of other institutional investors also recently bought and sold shares of CARG. Wellington Management Group LLP raised its position in CarGurus by 30.4% during the 1st quarter. Wellington Management Group LLP now owns 14,128,717 shares of the company’s stock worth $599,905,000 after buying an additional 3,294,532 shares during the last quarter. Millennium Management LLC increased its holdings in shares of CarGurus by 754.5% during the 2nd quarter. Millennium Management LLC now owns 704,456 shares of the company’s stock valued at $15,139,000 after purchasing an additional 622,016 shares in the last quarter. Provident Investment Management Inc. increased its holdings in shares of CarGurus by 40.0% during the 2nd quarter. Provident Investment Management Inc. now owns 1,478,323 shares of the company’s stock valued at $31,769,000 after purchasing an additional 422,341 shares in the last quarter. Kornitzer Capital Management Inc. KS purchased a new position in shares of CarGurus during the 2nd quarter valued at approximately $5,300,000. Finally, Voya Investment Management LLC increased its holdings in shares of CarGurus by 654.8% during the 2nd quarter. Voya Investment Management LLC now owns 282,380 shares of the company’s stock valued at $6,069,000 after purchasing an additional 244,967 shares in the last quarter. 89.37% of the stock is owned by hedge funds and other institutional investors.

CarGurus Stock Down 0.6 %

Shares of CARG opened at $16.27 on Monday. CarGurus, Inc. has a 52-week low of $9.14 and a 52-week high of $50.03. The firm’s fifty day moving average is $13.76 and its two-hundred day moving average is $16.92. The stock has a market cap of $1.94 billion, a PE ratio of -14.03, a price-to-earnings-growth ratio of 4.47 and a beta of 1.52.

CarGurus (NASDAQ:CARGGet Rating) last announced its earnings results on Tuesday, November 8th. The company reported $0.26 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.03 by $0.23. The company had revenue of $426.45 million for the quarter, compared to analysts’ expectations of $463.18 million. CarGurus had a net margin of 3.76% and a return on equity of 20.56%. As a group, research analysts anticipate that CarGurus, Inc. will post 0.44 earnings per share for the current year.

Analyst Ratings Changes

Several equities analysts have recently weighed in on CARG shares. Raymond James cut their target price on shares of CarGurus from $20.00 to $16.00 and set an “outperform” rating for the company in a report on Wednesday, November 9th. BTIG Research dropped their price target on shares of CarGurus to $19.00 in a research note on Tuesday, November 15th. Royal Bank of Canada dropped their price target on shares of CarGurus from $35.00 to $19.00 and set an “outperform” rating on the stock in a research note on Wednesday, November 9th. Oppenheimer dropped their price target on shares of CarGurus from $26.00 to $16.00 in a research note on Thursday, November 10th. Finally, Jefferies Financial Group dropped their price target on shares of CarGurus from $32.00 to $20.00 and set a “buy” rating on the stock in a research note on Thursday, October 6th. Four investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $22.79.

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.

See Also

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Institutional Ownership by Quarter for CarGurus (NASDAQ:CARG)

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