Maryland State Retirement & Pension System Sells 3,773 Shares of CarGurus, Inc. (NASDAQ:CARG)

Maryland State Retirement & Pension System lowered its stake in shares of CarGurus, Inc. (NASDAQ:CARG) by 12.1% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 27,367 shares of the company’s stock after selling 3,773 shares during the quarter. Maryland State Retirement & Pension System’s holdings in CarGurus were worth $717,000 at the end of the most recent quarter.

Several other institutional investors have also bought and sold shares of CARG. GAMMA Investing LLC bought a new stake in CarGurus during the fourth quarter worth $32,000. Yousif Capital Management LLC grew its holdings in CarGurus by 7.1% during the fourth quarter. Yousif Capital Management LLC now owns 46,122 shares of the company’s stock worth $1,114,000 after buying an additional 3,060 shares in the last quarter. Victory Capital Management Inc. grew its holdings in CarGurus by 11.0% during the fourth quarter. Victory Capital Management Inc. now owns 89,156 shares of the company’s stock worth $2,154,000 after buying an additional 8,827 shares in the last quarter. M&T Bank Corp grew its holdings in CarGurus by 16.3% during the fourth quarter. M&T Bank Corp now owns 121,015 shares of the company’s stock worth $2,924,000 after buying an additional 16,963 shares in the last quarter. Finally, LSV Asset Management bought a new stake in CarGurus during the fourth quarter worth $217,000. Institutional investors own 86.90% of the company’s stock.

Insiders Place Their Bets

In other CarGurus news, CTO Matthew Todd Quinn sold 3,978 shares of the firm’s stock in a transaction dated Tuesday, July 2nd. The stock was sold at an average price of $24.91, for a total value of $99,091.98. Following the completion of the transaction, the chief technology officer now owns 217,374 shares in the company, valued at approximately $5,414,786.34. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other CarGurus news, COO Samuel Zales sold 30,000 shares of the firm’s stock in a transaction dated Thursday, June 6th. The stock was sold at an average price of $25.00, for a total value of $750,000.00. Following the completion of the transaction, the chief operating officer now owns 518,845 shares in the company, valued at approximately $12,971,125. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CTO Matthew Todd Quinn sold 3,978 shares of the firm’s stock in a transaction dated Tuesday, July 2nd. The stock was sold at an average price of $24.91, for a total value of $99,091.98. Following the completion of the transaction, the chief technology officer now owns 217,374 shares of the company’s stock, valued at approximately $5,414,786.34. The disclosure for this sale can be found here. Insiders sold a total of 90,994 shares of company stock worth $2,396,053 in the last quarter. 17.20% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on CARG. JMP Securities upped their price target on CarGurus from $30.00 to $32.00 and gave the stock a “market outperform” rating in a report on Monday, August 12th. BTIG Research upped their price objective on CarGurus from $28.00 to $30.00 and gave the company a “buy” rating in a research note on Friday, August 9th. Royal Bank of Canada upped their price objective on CarGurus from $27.00 to $30.00 and gave the company an “outperform” rating in a research note on Friday, August 9th. JPMorgan Chase & Co. upped their price objective on CarGurus from $29.00 to $32.00 and gave the company an “overweight” rating in a research note on Monday, August 12th. Finally, B. Riley upped their price objective on CarGurus from $28.00 to $30.00 and gave the company a “buy” rating in a research note on Friday, August 9th. Three investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $29.25.

CarGurus Stock Performance

CARG stock opened at $28.98 on Monday. The company has a market capitalization of $3.00 billion, a price-to-earnings ratio of 103.50, a PEG ratio of 1.41 and a beta of 1.57. CarGurus, Inc. has a fifty-two week low of $16.70 and a fifty-two week high of $29.40. The stock has a fifty day moving average of $25.99 and a 200-day moving average of $24.34.

CarGurus (NASDAQ:CARG) last posted its quarterly earnings results on Thursday, August 8th. The company reported $0.30 earnings per share for the quarter, topping the consensus estimate of $0.23 by $0.07. The company had revenue of $218.69 million during the quarter, compared to the consensus estimate of $214.85 million. CarGurus had a positive return on equity of 11.06% and a negative net margin of 5.57%. Equities analysts predict that CarGurus, Inc. will post 1.18 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.