Allspring Global Investments Holdings LLC Has $7.10 Million Position in CarGurus, Inc. (NASDAQ:CARG)

Allspring Global Investments Holdings LLC grew its holdings in CarGurus, Inc. (NASDAQ:CARG) by 207.9% in the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 293,730 shares of the company’s stock after buying an additional 198,321 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in CarGurus were worth $7,097,000 at the end of the most recent reporting period.

Other institutional investors have also made changes to their positions in the company. BlackRock Inc. increased its position in CarGurus by 113.0% in the 2nd quarter. BlackRock Inc. now owns 14,824,129 shares of the company’s stock valued at $335,470,000 after acquiring an additional 7,863,827 shares in the last quarter. Wellington Management Group LLP grew its stake in shares of CarGurus by 30.4% during the first quarter. Wellington Management Group LLP now owns 14,128,717 shares of the company’s stock valued at $599,905,000 after purchasing an additional 3,294,532 shares during the last quarter. Morgan Stanley increased its holdings in shares of CarGurus by 44.9% in the fourth quarter. Morgan Stanley now owns 6,112,679 shares of the company’s stock valued at $85,639,000 after purchasing an additional 1,893,891 shares in the last quarter. State Street Corp raised its position in CarGurus by 59.8% in the 2nd quarter. State Street Corp now owns 3,298,003 shares of the company’s stock worth $74,634,000 after purchasing an additional 1,234,099 shares during the last quarter. Finally, Durable Capital Partners LP bought a new position in CarGurus in the 4th quarter worth approximately $45,581,000. 86.90% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of research analysts have commented on CARG shares. UBS Group increased their price objective on CarGurus from $26.00 to $27.00 and gave the company a “neutral” rating in a research report on Friday, March 15th. Needham & Company LLC raised their price target on CarGurus from $22.00 to $24.00 and gave the company a “buy” rating in a report on Tuesday, February 27th. Oppenheimer boosted their price objective on CarGurus from $26.00 to $30.00 and gave the stock an “outperform” rating in a report on Tuesday, February 27th. Finally, JMP Securities restated a “market perform” rating on shares of CarGurus in a research report on Wednesday. Four research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, CarGurus has an average rating of “Moderate Buy” and a consensus price target of $24.90.

Insider Activity at CarGurus

In other news, CMO Dafna Sarnoff sold 10,573 shares of CarGurus stock in a transaction on Monday, March 18th. The shares were sold at an average price of $22.56, for a total transaction of $238,526.88. Following the transaction, the chief marketing officer now directly owns 168,099 shares of the company’s stock, valued at $3,792,313.44. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. In related news, COO Samuel Zales sold 17,668 shares of the business’s stock in a transaction that occurred on Tuesday, April 16th. The stock was sold at an average price of $21.42, for a total value of $378,448.56. Following the completion of the transaction, the chief operating officer now directly owns 548,845 shares in the company, valued at approximately $11,756,259.90. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CMO Dafna Sarnoff sold 10,573 shares of the firm’s stock in a transaction that occurred on Monday, March 18th. The stock was sold at an average price of $22.56, for a total transaction of $238,526.88. Following the sale, the chief marketing officer now owns 168,099 shares in the company, valued at $3,792,313.44. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 113,793 shares of company stock worth $2,523,342. 15.70% of the stock is currently owned by company insiders.

CarGurus Stock Down 1.7 %

Shares of CarGurus stock opened at $21.22 on Thursday. CarGurus, Inc. has a 12 month low of $15.34 and a 12 month high of $24.64. The business has a fifty day simple moving average of $22.94 and a 200 day simple moving average of $21.74. The stock has a market cap of $2.28 billion, a PE ratio of 117.89, a price-to-earnings-growth ratio of 1.32 and a beta of 1.58.

CarGurus (NASDAQ:CARG) last posted its earnings results on Monday, February 26th. The company reported $0.35 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.34 by $0.01. The company had revenue of $223.12 million during the quarter, compared to analyst estimates of $220.05 million. CarGurus had a return on equity of 7.74% and a net margin of 3.40%. The company’s revenue for the quarter was down 22.2% compared to the same quarter last year. During the same period in the previous year, the company earned $0.25 EPS. Analysts expect that CarGurus, Inc. will post 0.94 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.