Norges Bank Invests $14.37 Million in CarGurus, Inc. (NASDAQ:CARG)

Norges Bank purchased a new position in shares of CarGurus, Inc. (NASDAQ:CARG) during the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 393,237 shares of the company’s stock, valued at approximately $14,369,000. Norges Bank owned about 0.38% of CarGurus at the end of the most recent quarter.

Several other large investors also recently bought and sold shares of the business. Loomis Sayles & Co. L P boosted its holdings in shares of CarGurus by 35.1% during the 4th quarter. Loomis Sayles & Co. L P now owns 946,974 shares of the company’s stock worth $34,603,000 after purchasing an additional 245,919 shares during the last quarter. JPMorgan Chase & Co. boosted its stake in CarGurus by 48.7% during the fourth quarter. JPMorgan Chase & Co. now owns 600,530 shares of the company’s stock worth $21,943,000 after buying an additional 196,697 shares during the last quarter. Vanguard Group Inc. grew its holdings in CarGurus by 2.4% in the 4th quarter. Vanguard Group Inc. now owns 9,686,886 shares of the company’s stock valued at $353,959,000 after buying an additional 225,430 shares in the last quarter. LPL Financial LLC increased its stake in shares of CarGurus by 12.9% in the 4th quarter. LPL Financial LLC now owns 47,145 shares of the company’s stock worth $1,723,000 after acquiring an additional 5,389 shares during the last quarter. Finally, KLP Kapitalforvaltning AS acquired a new position in shares of CarGurus during the 4th quarter valued at about $632,000. Hedge funds and other institutional investors own 86.90% of the company’s stock.

Wall Street Analyst Weigh In

CARG has been the topic of several recent analyst reports. Oppenheimer decreased their target price on shares of CarGurus from $44.00 to $42.00 and set an “outperform” rating on the stock in a report on Monday, February 24th. JMP Securities reiterated a “market outperform” rating and issued a $46.00 price objective on shares of CarGurus in a research report on Monday, December 16th. JPMorgan Chase & Co. downgraded CarGurus from an “overweight” rating to a “neutral” rating and reduced their target price for the company from $42.00 to $34.00 in a research report on Thursday, March 27th. Finally, Needham & Company LLC reiterated a “buy” rating and set a $45.00 price target on shares of CarGurus in a report on Friday, February 21st. Two research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $38.75.

CarGurus Stock Performance

Shares of CarGurus stock opened at $25.76 on Tuesday. The business has a 50-day simple moving average of $33.65 and a 200-day simple moving average of $34.31. CarGurus, Inc. has a one year low of $21.18 and a one year high of $41.33. The company has a market cap of $2.69 billion, a PE ratio of 143.12, a P/E/G ratio of 1.72 and a beta of 1.46.

CarGurus (NASDAQ:CARG) last posted its quarterly earnings results on Thursday, February 20th. The company reported $0.44 earnings per share for the quarter, missing analysts’ consensus estimates of $0.50 by ($0.06). CarGurus had a net margin of 2.34% and a return on equity of 27.14%. The business had revenue of $228.54 million during the quarter, compared to analyst estimates of $231.72 million. On average, sell-side analysts predict that CarGurus, Inc. will post 1.41 earnings per share for the current fiscal year.

Insider Buying and Selling at CarGurus

In other CarGurus news, COO Samuel Zales sold 10,000 shares of CarGurus stock in a transaction that occurred on Monday, March 17th. The stock was sold at an average price of $30.78, for a total transaction of $307,800.00. Following the transaction, the chief operating officer now owns 390,025 shares of the company’s stock, valued at $12,004,969.50. The trade was a 2.50 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CEO Zachary Emerson Hallowell sold 2,203 shares of the business’s stock in a transaction that occurred on Friday, January 17th. The shares were sold at an average price of $38.12, for a total value of $83,978.36. Following the completion of the sale, the chief executive officer now owns 115,983 shares of the company’s stock, valued at approximately $4,421,271.96. This represents a 1.86 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 32,203 shares of company stock worth $1,158,978 over the last three months. Insiders own 17.20% of the company’s stock.

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.