Bank of New York Mellon Corp Decreases Position in CarGurus, Inc. (NASDAQ:CARG)

Bank of New York Mellon Corp decreased its stake in shares of CarGurus, Inc. (NASDAQ:CARG - Free Report) by 2.5% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 582,843 shares of the company's stock after selling 14,998 shares during the period. Bank of New York Mellon Corp owned approximately 0.56% of CarGurus worth $21,297,000 as of its most recent SEC filing.

Other large investors have also recently modified their holdings of the company. Point72 Hong Kong Ltd bought a new stake in shares of CarGurus during the 3rd quarter valued at about $28,000. Global Retirement Partners LLC lifted its stake in shares of CarGurus by 198.5% in the fourth quarter. Global Retirement Partners LLC now owns 800 shares of the company's stock worth $29,000 after buying an additional 532 shares in the last quarter. Fifth Third Bancorp lifted its stake in shares of CarGurus by 100.0% in the fourth quarter. Fifth Third Bancorp now owns 912 shares of the company's stock worth $33,000 after buying an additional 456 shares in the last quarter. Principal Securities Inc. lifted its stake in shares of CarGurus by 82.7% in the fourth quarter. Principal Securities Inc. now owns 937 shares of the company's stock worth $34,000 after buying an additional 424 shares in the last quarter. Finally, USA Financial Formulas bought a new position in shares of CarGurus in the fourth quarter worth approximately $35,000. Institutional investors own 86.90% of the company's stock.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on CARG shares. Needham & Company LLC reissued a "buy" rating and set a $45.00 price objective on shares of CarGurus in a report on Friday, February 21st. JMP Securities reissued a "market outperform" rating and set a $46.00 price objective on shares of CarGurus in a report on Monday, December 16th. Oppenheimer decreased their price objective on shares of CarGurus from $44.00 to $42.00 and set an "outperform" rating for the company in a report on Monday, February 24th. Finally, JPMorgan Chase & Co. upped their target price on shares of CarGurus from $40.00 to $42.00 and gave the company an "overweight" rating in a report on Friday, February 21st. Two research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $38.41.

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CarGurus Price Performance

Shares of CARG traded up $0.64 during midday trading on Friday, hitting $30.78. The stock had a trading volume of 1,602,428 shares, compared to its average volume of 1,077,079. CarGurus, Inc. has a 1 year low of $21.18 and a 1 year high of $41.33. The firm has a market cap of $3.21 billion, a PE ratio of 171.01, a price-to-earnings-growth ratio of 1.72 and a beta of 1.52. The stock's 50 day moving average is $36.33 and its 200 day moving average is $34.11.

CarGurus (NASDAQ:CARG - Get Free Report) last posted its quarterly earnings results on Thursday, February 20th. The company reported $0.44 EPS for the quarter, missing the consensus estimate of $0.50 by ($0.06). The company had revenue of $228.54 million during the quarter, compared to analysts' expectations of $231.72 million. CarGurus had a return on equity of 27.14% and a net margin of 2.34%. As a group, equities research analysts expect that CarGurus, Inc. will post 1.41 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CTO Matthew Todd Quinn sold 4,678 shares of CarGurus stock in a transaction that occurred on Friday, January 3rd. The shares were sold at an average price of $35.78, for a total value of $167,378.84. Following the completion of the sale, the chief technology officer now directly owns 195,795 shares in the company, valued at $7,005,545.10. This trade represents a 2.33 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, COO Samuel Zales sold 20,000 shares of the firm's stock in a transaction that occurred on Monday, February 3rd. The stock was sold at an average price of $38.36, for a total transaction of $767,200.00. Following the transaction, the chief operating officer now directly owns 400,025 shares of the company's stock, valued at $15,344,959. This represents a 4.76 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 59,388 shares of company stock valued at $2,204,338 in the last 90 days. Company insiders own 17.20% of the company's stock.

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.