CarGurus (NASDAQ:CARG) Cut to Hold at Wall Street Zen

CarGurus (NASDAQ:CARG) was downgraded by investment analysts at Wall Street Zen from a “buy” rating to a “hold” rating in a report released on Sunday.

A number of other research firms also recently weighed in on CARG. Citigroup upped their target price on shares of CarGurus from $37.00 to $41.00 and gave the stock a “neutral” rating in a research report on Tuesday, October 28th. DA Davidson set a $37.50 price objective on CarGurus in a research note on Monday, November 17th. Needham & Company LLC reduced their price target on CarGurus from $44.00 to $37.00 and set a “buy” rating for the company in a report on Thursday, February 5th. Weiss Ratings reissued a “hold (c+)” rating on shares of CarGurus in a research report on Monday, December 29th. Finally, BTIG Research raised their price target on shares of CarGurus from $39.00 to $44.00 and gave the company a “buy” rating in a research report on Tuesday, December 30th. Five investment analysts have rated the stock with a Buy rating and eight have given a Hold rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $40.23.

CarGurus Price Performance

CARG opened at $27.34 on Friday. CarGurus has a 1 year low of $24.65 and a 1 year high of $40.37. The firm has a market cap of $2.61 billion, a price-to-earnings ratio of 18.60, a PEG ratio of 1.03 and a beta of 1.35. The stock’s 50 day simple moving average is $35.14 and its 200 day simple moving average is $34.95.

Insider Buying and Selling

In other news, insider Jennifer Ladd Hanson sold 2,358 shares of the stock in a transaction on Wednesday, December 31st. The shares were sold at an average price of $38.10, for a total value of $89,839.80. Following the completion of the sale, the insider directly owned 50,466 shares of the company’s stock, valued at $1,922,754.60. This represents a 4.46% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Ismail Elshareef sold 1,645 shares of CarGurus stock in a transaction dated Monday, February 2nd. The shares were sold at an average price of $32.21, for a total value of $52,985.45. Following the completion of the sale, the insider owned 91,822 shares of the company’s stock, valued at $2,957,586.62. The trade was a 1.76% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 49,003 shares of company stock valued at $1,858,494 over the last 90 days. Company insiders own 16.99% of the company’s stock.

Institutional Trading of CarGurus

Institutional investors have recently bought and sold shares of the business. Wellington Management Group LLP grew its holdings in shares of CarGurus by 6.6% in the 3rd quarter. Wellington Management Group LLP now owns 9,636,671 shares of the company’s stock worth $358,773,000 after acquiring an additional 594,670 shares during the period. Geode Capital Management LLC lifted its position in CarGurus by 1.2% during the 4th quarter. Geode Capital Management LLC now owns 2,101,437 shares of the company’s stock worth $80,602,000 after acquiring an additional 24,910 shares in the last quarter. Prevatt Capital Ltd increased its holdings in shares of CarGurus by 28.1% in the 3rd quarter. Prevatt Capital Ltd now owns 2,050,000 shares of the company’s stock valued at $76,322,000 after acquiring an additional 450,000 shares during the last quarter. Congress Asset Management Co. increased its stake in CarGurus by 2.9% during the fourth quarter. Congress Asset Management Co. now owns 1,958,144 shares of the company’s stock valued at $75,095,000 after purchasing an additional 54,937 shares during the last quarter. Finally, The Manufacturers Life Insurance Company grew its position in shares of CarGurus by 0.3% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 1,914,925 shares of the company’s stock valued at $64,093,000 after buying an additional 6,676 shares during the last quarter. 86.90% of the stock is owned by hedge funds and other institutional investors.

About CarGurus

CarGurus, Inc operates an online automotive marketplace designed to connect buyers and sellers of new and used vehicles. Through its proprietary search engine and data-driven pricing tools, the platform enables consumers to compare listings, assess fair market values and locate local dealers offering competitive deals. CarGurus also provides detailed vehicle history reports, dealer reviews and financing options to streamline the car-shopping process for both private parties and franchised dealerships.

The company’s core product offerings include Instant Market Value (IMV), which leverages pricing algorithms to help buyers identify over- or under-priced vehicles, as well as dealer subscription services that grant automotive retailers access to lead generation tools, targeted advertising and dynamic pricing insights.