New York State Common Retirement Fund Lowers Stock Holdings in CarGurus, Inc. (NASDAQ:CARG)

New York State Common Retirement Fund lowered its position in shares of CarGurus, Inc. (NASDAQ:CARG) by 13.8% in the 4th quarter, Holdings Channel.com reports. The fund owned 69,354 shares of the company’s stock after selling 11,134 shares during the period. New York State Common Retirement Fund’s holdings in CarGurus were worth $1,676,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of CARG. Pacer Advisors Inc. boosted its holdings in CarGurus by 20.3% in the 4th quarter. Pacer Advisors Inc. now owns 1,993,523 shares of the company’s stock valued at $48,164,000 after purchasing an additional 336,245 shares during the period. Smith Graham & Co. Investment Advisors LP bought a new stake in CarGurus during the third quarter valued at $5,015,000. Allspring Global Investments Holdings LLC grew its position in CarGurus by 207.9% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 293,730 shares of the company’s stock worth $7,097,000 after buying an additional 198,321 shares in the last quarter. The Manufacturers Life Insurance Company increased its stake in CarGurus by 6.9% in the 3rd quarter. The Manufacturers Life Insurance Company now owns 2,825,275 shares of the company’s stock worth $49,499,000 after acquiring an additional 182,028 shares during the last quarter. Finally, Fort Washington Investment Advisors Inc. OH raised its holdings in shares of CarGurus by 20.0% in the 3rd quarter. Fort Washington Investment Advisors Inc. OH now owns 860,455 shares of the company’s stock valued at $15,075,000 after acquiring an additional 143,210 shares in the last quarter. Institutional investors own 86.90% of the company’s stock.

CarGurus Stock Up 0.6 %

CarGurus stock opened at $22.28 on Friday. The firm has a fifty day simple moving average of $22.77 and a two-hundred day simple moving average of $22.28. CarGurus, Inc. has a twelve month low of $16.70 and a twelve month high of $24.64. The company has a market capitalization of $2.39 billion, a PE ratio of 123.78, a P/E/G ratio of 1.38 and a beta of 1.57.

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

Insider Transactions at CarGurus

In related news, COO Samuel Zales sold 17,668 shares of the company’s stock in a transaction 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 sale, the chief operating officer now directly owns 548,845 shares in the company, valued at approximately $11,756,259.90. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other CarGurus news, COO Samuel Zales sold 17,668 shares of the company’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 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 approximately $11,756,259.90. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Andrea Lee Eldridge sold 22,358 shares of CarGurus stock in a transaction that occurred on 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 sale, the insider now owns 117,432 shares in the company, valued at $2,598,770.16. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 113,793 shares of company stock worth $2,523,342. Insiders own 15.70% of the company’s stock.

Analysts Set New Price Targets

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

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.