New York State Teachers Retirement System Cuts Holdings in CarGurus, Inc. (NASDAQ:CARG)

New York State Teachers Retirement System cut its position in shares of CarGurus, Inc. (NASDAQ:CARG) by 17.8% during the 4th quarter, Holdings Channel reports. The firm owned 39,772 shares of the company’s stock after selling 8,616 shares during the quarter. New York State Teachers Retirement System’s holdings in CarGurus were worth $961,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Quarry LP boosted its holdings in CarGurus by 32.5% during the first quarter. Quarry LP now owns 2,269 shares of the company’s stock worth $42,000 after purchasing an additional 556 shares during the last quarter. First Horizon Advisors Inc. raised its position in CarGurus by 56.8% in the first quarter. First Horizon Advisors Inc. now owns 1,741 shares of the company’s stock worth $33,000 after acquiring an additional 631 shares during the period. State Board of Administration of Florida Retirement System raised its position in CarGurus by 2.6% in the second quarter. State Board of Administration of Florida Retirement System now owns 27,784 shares of the company’s stock worth $629,000 after acquiring an additional 710 shares during the period. Macquarie Group Ltd. raised its position in CarGurus by 11.2% in the second quarter. Macquarie Group Ltd. now owns 8,148 shares of the company’s stock worth $175,000 after acquiring an additional 818 shares during the period. Finally, M&T Bank Corp raised its position in CarGurus by 0.8% in the third quarter. M&T Bank Corp now owns 104,052 shares of the company’s stock worth $1,823,000 after acquiring an additional 850 shares during the period. 86.90% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

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

Insider Activity at CarGurus

In related news, CMO Dafna Sarnoff sold 10,573 shares of the business’s stock in a transaction that occurred 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 completion of the transaction, the chief marketing officer now owns 168,099 shares of the company’s stock, valued at $3,792,313.44. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. 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 shares were sold at an average price of $21.42, for a total transaction of $378,448.56. Following the completion of the transaction, the chief operating officer now owns 548,845 shares of the company’s stock, valued at $11,756,259.90. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CMO Dafna Sarnoff sold 10,573 shares of the business’s stock in a transaction that occurred 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 approximately $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 valued at $2,523,342. Corporate insiders own 15.70% of the company’s stock.

CarGurus Stock Up 1.5 %

NASDAQ CARG opened at $21.54 on Friday. The company’s 50 day moving average is $22.91 and its 200-day moving average is $21.74. CarGurus, Inc. has a 12-month low of $15.34 and a 12-month high of $24.64. The firm has a market cap of $2.31 billion, a P/E ratio of 119.67, a price-to-earnings-growth ratio of 1.32 and a beta of 1.58.

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

About CarGurus

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.