Assenagon Asset Management S.A. Has $708,000 Position in CarGurus, Inc. (NASDAQ:CARG)

Assenagon Asset Management S.A. cut its stake in shares of CarGurus, Inc. (NASDAQ:CARG) by 88.3% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The fund owned 24,299 shares of the company’s stock after selling 184,129 shares during the period. Assenagon Asset Management S.A.’s holdings in CarGurus were worth $708,000 as of its most recent filing with the SEC.

Several other large investors have also recently bought and sold shares of the stock. Allspring Global Investments Holdings LLC raised its stake in CarGurus by 16.4% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 244,828 shares of the company’s stock valued at $8,748,000 after buying an additional 34,555 shares during the period. New York State Teachers Retirement System increased its stake in CarGurus by 2.2% during the 4th quarter. New York State Teachers Retirement System now owns 37,092 shares of the company’s stock worth $1,355,000 after acquiring an additional 797 shares during the period. Principal Securities Inc. boosted its holdings in shares of CarGurus by 82.7% in the 4th quarter. Principal Securities Inc. now owns 937 shares of the company’s stock valued at $34,000 after purchasing an additional 424 shares in the last quarter. Principal Financial Group Inc. boosted its holdings in shares of CarGurus by 4.8% in the 4th quarter. Principal Financial Group Inc. now owns 471,697 shares of the company’s stock valued at $17,236,000 after purchasing an additional 21,682 shares in the last quarter. Finally, New York State Common Retirement Fund boosted its holdings in shares of CarGurus by 17.1% in the 4th quarter. New York State Common Retirement Fund now owns 30,035 shares of the company’s stock valued at $1,097,000 after purchasing an additional 4,386 shares in the last quarter. 86.90% of the stock is owned by institutional investors and hedge funds.

CarGurus Stock Up 1.8%

Shares of NASDAQ CARG opened at $31.75 on Thursday. CarGurus, Inc. has a twelve month low of $21.65 and a twelve month high of $41.33. The stock’s 50 day moving average price is $30.09 and its 200-day moving average price is $33.26. The company has a market capitalization of $3.32 billion, a PE ratio of 90.72, a PEG ratio of 1.53 and a beta of 1.44.

CarGurus (NASDAQ:CARG) last announced its earnings results on Thursday, May 8th. The company reported $0.46 earnings per share for the quarter, topping analysts’ consensus estimates of $0.42 by $0.04. The firm had revenue of $225.16 million for the quarter, compared to the consensus estimate of $226.72 million. CarGurus had a return on equity of 32.54% and a net margin of 4.28%. The company’s revenue was up 4.3% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.32 EPS. As a group, research analysts expect that CarGurus, Inc. will post 1.41 EPS for the current fiscal year.

Insider Buying and Selling

In other CarGurus news, insider Ismail Elshareef sold 5,246 shares of the business’s stock in a transaction on Wednesday, June 4th. The shares were sold at an average price of $31.37, for a total transaction of $164,567.02. Following the sale, the insider now owns 107,007 shares of the company’s stock, valued at $3,356,809.59. The trade was a 4.67% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Zachary Emerson Hallowell sold 1,824 shares of the business’s stock in a transaction on Thursday, April 17th. The shares were sold at an average price of $26.73, for a total transaction of $48,755.52. Following the sale, the chief executive officer now directly owns 129,790 shares in the company, valued at $3,469,286.70. The trade was a 1.39% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 39,335 shares of company stock valued at $1,149,376. 16.99% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

Several research firms recently weighed in on CARG. Oppenheimer cut their price objective on CarGurus from $44.00 to $42.00 and set an “outperform” rating on the stock in a report on Monday, February 24th. Royal Bank Of Canada reissued an “outperform” rating and issued a $42.00 price objective on shares of CarGurus in a research report on Monday, May 12th. UBS Group lifted their price objective on CarGurus from $29.00 to $33.00 and gave the stock a “neutral” rating in a research report on Friday, May 9th. Needham & Company LLC decreased their target price on CarGurus from $45.00 to $39.00 and set a “buy” rating for the company in a research report on Friday, May 9th. Finally, JPMorgan Chase & Co. lowered CarGurus from an “overweight” rating to a “neutral” rating and decreased their target price for the company 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 given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $36.95.

CarGurus 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.