Bank of America Corp DE Has $12.96 Million Stock Position in CarGurus, Inc. (NASDAQ:CARG)

Bank of America Corp DE cut its stake in CarGurus, Inc. (NASDAQ:CARG) by 28.4% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 354,531 shares of the company’s stock after selling 140,963 shares during the period. Bank of America Corp DE owned approximately 0.34% of CarGurus worth $12,955,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in CARG. Arrowstreet Capital Limited Partnership boosted its stake in CarGurus by 168.7% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 1,524,478 shares of the company’s stock worth $55,704,000 after purchasing an additional 957,035 shares during the period. Wellington Management Group LLP boosted its stake in CarGurus by 12.7% in the 4th quarter. Wellington Management Group LLP now owns 7,145,350 shares of the company’s stock worth $261,091,000 after purchasing an additional 802,602 shares during the period. Raymond James Financial Inc. acquired a new position in CarGurus in the 4th quarter worth $19,465,000. Oberweis Asset Management Inc. acquired a new position in CarGurus in the 4th quarter worth $18,270,000. Finally, Norges Bank acquired a new position in CarGurus in the 4th quarter worth $14,369,000. 86.90% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

CARG has been the subject of a number of research analyst reports. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $42.00 target price on shares of CarGurus in a research note on Monday, May 12th. UBS Group upped their target price on shares of CarGurus from $29.00 to $33.00 and gave the stock a “neutral” rating in a research note on Friday, May 9th. Needham & Company LLC reduced their target price on shares of CarGurus from $45.00 to $39.00 and set a “buy” rating for the company in a research note on Friday, May 9th. Oppenheimer cut their price target on shares of CarGurus from $44.00 to $42.00 and set an “outperform” rating on the stock in a research report on Monday, February 24th. Finally, JPMorgan Chase & Co. cut shares of CarGurus from an “overweight” rating to a “neutral” rating and cut their price target for the stock from $42.00 to $34.00 in a research report on Thursday, March 27th. Three investment analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $36.95.

CarGurus Price Performance

Shares of NASDAQ:CARG opened at $31.81 on Friday. The company’s 50-day moving average price is $28.98 and its two-hundred day moving average price is $33.79. The stock has a market capitalization of $3.32 billion, a PE ratio of 176.73, a price-to-earnings-growth ratio of 1.72 and a beta of 1.45. CarGurus, Inc. has a one year low of $21.65 and a one year high of $41.33.

CarGurus (NASDAQ:CARG) last issued its earnings results on Thursday, May 8th. The company reported $0.46 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.42 by $0.04. The company had revenue of $225.16 million for the quarter, compared to analysts’ expectations of $226.72 million. CarGurus had a net margin of 2.34% and a return on equity of 27.14%. CarGurus’s quarterly revenue was up 4.3% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.32 EPS. On average, analysts anticipate that CarGurus, Inc. will post 1.41 earnings per share for the current fiscal year.

Insider Activity

In other CarGurus news, COO Samuel Zales sold 10,000 shares of the stock in a transaction dated Monday, March 17th. The shares were sold at an average price of $30.78, for a total value of $307,800.00. Following the transaction, the chief operating officer now directly owns 390,025 shares of the company’s stock, valued at $12,004,969.50. This represents a 2.50% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Zachary Emerson Hallowell sold 1,824 shares of the stock in a transaction dated Thursday, April 17th. The shares were sold at an average price of $26.73, for a total transaction of $48,755.52. Following the completion of the transaction, the chief executive officer now directly owns 129,790 shares in the company, valued at approximately $3,469,286.70. This represents a 1.39% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 31,824 shares of company stock valued at $907,856. 16.99% of the stock is owned by company 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.