Federated Hermes Inc. Cuts Stake in CarGurus, Inc. (NASDAQ:CARG)

Federated Hermes Inc. lowered its position in shares of CarGurus, Inc. (NASDAQ:CARG) by 36.9% during the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 477,194 shares of the company’s stock after selling 279,111 shares during the period. Federated Hermes Inc.’s holdings in CarGurus were worth $11,529,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Exchange Traded Concepts LLC bought a new stake in CarGurus during the third quarter valued at about $30,000. Acadian Asset Management LLC bought a new stake in CarGurus during the third quarter valued at about $32,000. Daiwa Securities Group Inc. bought a new stake in CarGurus during the fourth quarter valued at about $65,000. PNC Financial Services Group Inc. boosted its position in CarGurus by 298.2% during the third quarter. PNC Financial Services Group Inc. now owns 2,951 shares of the company’s stock valued at $52,000 after purchasing an additional 2,210 shares in the last quarter. Finally, DekaBank Deutsche Girozentrale bought a new stake in CarGurus during the third quarter valued at about $107,000. Hedge funds and other institutional investors own 86.90% of the company’s stock.

CarGurus Stock Performance

Shares of NASDAQ CARG opened at $23.47 on Wednesday. The company has a market cap of $2.52 billion, a PE ratio of 130.39, a P/E/G ratio of 1.35 and a beta of 1.58. The business has a 50-day simple moving average of $22.85 and a two-hundred day simple moving average of $21.88. CarGurus, Inc. has a fifty-two week low of $15.34 and a fifty-two week high of $24.64.

CarGurus (NASDAQ:CARG) last issued its quarterly earnings results on Monday, February 26th. The company reported $0.35 earnings per share for the quarter, topping the consensus estimate of $0.34 by $0.01. The business had revenue of $223.12 million during the quarter, compared to the consensus estimate of $220.05 million. CarGurus had a return on equity of 7.74% and a net margin of 3.40%. The company’s quarterly revenue was down 22.2% on a year-over-year basis. During the same quarter last year, the company earned $0.25 earnings per share. On average, sell-side analysts predict that CarGurus, Inc. will post 0.94 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on the company. UBS Group raised 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. Oppenheimer raised their price objective on CarGurus from $26.00 to $30.00 and gave the company an “outperform” rating in a research report on Tuesday, February 27th. Needham & Company LLC raised their price objective on CarGurus from $22.00 to $24.00 and gave the company a “buy” rating in a research report on Tuesday, February 27th. Finally, JMP Securities reaffirmed a “market perform” rating on shares of CarGurus in a research report on Wednesday, April 17th. Four investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $24.90.

Insider Transactions at CarGurus

In other news, CMO Dafna Sarnoff sold 10,573 shares of the firm’s stock in a transaction dated Monday, March 18th. The stock was sold at an average price of $22.56, for a total value of $238,526.88. Following the completion of the transaction, the chief marketing officer now directly owns 168,099 shares in the company, valued at $3,792,313.44. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In other news, CMO Dafna Sarnoff sold 10,573 shares of the firm’s stock in a transaction dated Monday, March 18th. The stock was sold at an average price of $22.56, for a total value of $238,526.88. Following the completion of the transaction, the chief marketing officer now directly owns 168,099 shares in the company, valued at $3,792,313.44. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Andrea Lee Eldridge sold 22,358 shares of the firm’s stock in a transaction dated Thursday, February 29th. The stock was sold at an average price of $22.13, for a total value of $494,782.54. Following the completion of the transaction, the insider now owns 117,432 shares of the company’s stock, valued at $2,598,770.16. The disclosure for this sale can be found here. Insiders sold a total of 113,793 shares of company stock worth $2,523,342 over the last three months. 15.70% of the stock is currently owned by insiders.

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.