CarGurus, Inc. (NASDAQ:CARG) Stock Position Raised by Renaissance Technologies LLC

Renaissance Technologies LLC boosted its position in shares of CarGurus, Inc. (NASDAQ:CARG) by 500.1% during the 4th quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 139,827 shares of the company’s stock after purchasing an additional 116,527 shares during the period. Renaissance Technologies LLC owned 0.13% of CarGurus worth $5,109,000 at the end of the most recent reporting period.

Several other large investors also recently added to or reduced their stakes in CARG. Arrowstreet Capital Limited Partnership grew its holdings in shares of CarGurus by 168.7% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 1,524,478 shares of the company’s stock valued at $55,704,000 after buying an additional 957,035 shares in the last quarter. Wellington Management Group LLP boosted its position in CarGurus by 12.7% during the 4th quarter. Wellington Management Group LLP now owns 7,145,350 shares of the company’s stock worth $261,091,000 after acquiring an additional 802,602 shares during the period. Raymond James Financial Inc. purchased a new position in CarGurus during the 4th quarter valued at about $19,465,000. Norges Bank acquired a new position in shares of CarGurus in the 4th quarter valued at about $14,369,000. Finally, Loomis Sayles & Co. L P lifted its position in shares of CarGurus by 35.1% in the fourth 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 in the last quarter. 86.90% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

CARG has been the topic of a number of research analyst reports. JPMorgan Chase & Co. downgraded shares of CarGurus from an “overweight” rating to a “neutral” rating and lowered their price objective for the company from $42.00 to $34.00 in a research report on Thursday, March 27th. Needham & Company LLC reaffirmed a “buy” rating and issued a $45.00 price target on shares of CarGurus in a research note on Friday, February 21st. UBS Group cut their price objective on CarGurus from $36.00 to $29.00 and set a “neutral” rating for the company in a report on Thursday, April 10th. JMP Securities lowered their target price on CarGurus from $43.00 to $38.00 and set a “market outperform” rating on the stock in a research note on Wednesday, April 9th. Finally, Oppenheimer cut their price target on CarGurus from $44.00 to $42.00 and set an “outperform” rating for the company in a research note on Monday, February 24th. Three analysts have rated the stock with a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, CarGurus has an average rating of “Moderate Buy” and an average price target of $37.14.

CarGurus Stock Performance

Shares of CARG stock opened at $26.61 on Monday. The company has a market capitalization of $2.78 billion, a price-to-earnings ratio of 147.84, a PEG ratio of 1.72 and a beta of 1.46. The stock’s 50 day simple moving average is $30.81 and its 200 day simple moving average is $34.05. CarGurus, Inc. has a twelve month low of $21.65 and a twelve month high of $41.33.

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

Insider Transactions at CarGurus

In other CarGurus news, COO Samuel Zales sold 10,000 shares of the firm’s stock in a transaction that occurred on Monday, March 17th. The stock was sold at an average price of $30.78, for a total value of $307,800.00. Following the sale, the chief operating officer now owns 390,025 shares of the company’s stock, valued at $12,004,969.50. This trade represents a 2.50 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Over the last ninety days, insiders have sold 40,000 shares of company stock worth $1,343,400. Company 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.