Bank of New York Mellon Corp Sells 25,038 Shares of CarGurus, Inc. (NASDAQ:CARG)

Bank of New York Mellon Corp cut its holdings in shares of CarGurus, Inc. (NASDAQ:CARG) by 4.3% during the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 557,805 shares of the company’s stock after selling 25,038 shares during the period. Bank of New York Mellon Corp owned 0.53% of CarGurus worth $16,249,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Vanguard Group Inc. lifted its position in CarGurus by 2.4% during the fourth quarter. Vanguard Group Inc. now owns 9,686,886 shares of the company’s stock valued at $353,959,000 after acquiring an additional 225,430 shares during the last quarter. Wellington Management Group LLP raised its holdings in shares of CarGurus by 12.7% during the fourth 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 last quarter. Arrowstreet Capital Limited Partnership increased its holdings in shares of CarGurus by 168.7% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 1,524,478 shares of the company’s stock valued at $55,704,000 after purchasing an additional 957,035 shares in the last quarter. Prevatt Capital Ltd increased its holdings in CarGurus by 9.8% in the fourth quarter. Prevatt Capital Ltd now owns 1,350,000 shares of the company’s stock valued at $49,329,000 after buying an additional 120,000 shares in the last quarter. Finally, Loomis Sayles & Co. L P increased its holdings in CarGurus by 35.1% in the fourth quarter. Loomis Sayles & Co. L P now owns 946,974 shares of the company’s stock valued at $34,603,000 after buying an additional 245,919 shares in the last quarter. 86.90% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other CarGurus news, insider Ismail Elshareef sold 1,325 shares of the business’s stock in a transaction dated Thursday, July 10th. The shares were sold at an average price of $35.00, for a total transaction of $46,375.00. Following the sale, the insider directly owned 104,322 shares in the company, valued at approximately $3,651,270. The trade was a 1.25% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Zachary Emerson Hallowell sold 1,733 shares of CarGurus stock in a transaction that occurred on Thursday, July 17th. The stock was sold at an average price of $33.84, for a total transaction of $58,644.72. Following the completion of the transaction, the chief executive officer directly owned 117,045 shares in the company, valued at $3,960,802.80. This represents a 1.46% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 59,049 shares of company stock valued at $1,899,297. Corporate insiders own 16.99% of the company’s stock.

Analyst Ratings Changes

Several brokerages have recently issued reports on CARG. Royal Bank Of Canada reiterated an “outperform” rating and issued a $42.00 target price on shares of CarGurus in a research report on Monday, May 12th. UBS Group lifted 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. Gordon Haskett initiated coverage on shares of CarGurus in a research note on Monday, July 14th. They set a “hold” rating and a $35.00 target price on the stock. Needham & Company LLC reduced their price target on shares of CarGurus from $45.00 to $39.00 and set a “buy” rating on the stock in a research note on Friday, May 9th. Finally, JMP Securities restated a “market perform” rating and set a $38.00 price target on shares of CarGurus in a report on Wednesday, July 2nd. Seven research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $37.63.

CarGurus Stock Performance

CarGurus stock opened at $33.16 on Friday. The firm’s 50-day moving average is $32.62 and its 200-day moving average is $32.67. CarGurus, Inc. has a 1 year low of $21.65 and a 1 year high of $41.33. The company has a market cap of $3.46 billion, a P/E ratio of 94.75, a PEG ratio of 1.64 and a beta of 1.44.

CarGurus (NASDAQ:CARG) last issued its quarterly earnings data on Thursday, May 8th. The company reported $0.46 earnings per share for the quarter, beating the consensus estimate 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 net margin of 4.28% and a return on equity of 32.54%. CarGurus’s quarterly revenue was up 4.3% compared to the same quarter last year. During the same period last year, the firm posted $0.32 EPS. As a group, sell-side analysts predict that CarGurus, Inc. will post 1.41 earnings per share for the current year.

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.