JPMorgan Chase & Co. Acquires 196,697 Shares of CarGurus, Inc. (NASDAQ:CARG)

JPMorgan Chase & Co. increased its holdings in CarGurus, Inc. (NASDAQ:CARG - Free Report) by 48.7% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 600,530 shares of the company's stock after purchasing an additional 196,697 shares during the quarter. JPMorgan Chase & Co. owned approximately 0.58% of CarGurus worth $21,943,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also recently made changes to their positions in CARG. Raymond James Financial Inc. bought a new stake in CarGurus during the 4th quarter valued at approximately $19,465,000. Vanguard Group Inc. increased its holdings in shares of CarGurus by 2.4% in the 4th quarter. Vanguard Group Inc. now owns 9,686,886 shares of the company's stock worth $353,959,000 after purchasing an additional 225,430 shares in the last quarter. State Street Corp increased its holdings in shares of CarGurus by 4.8% in the 3rd quarter. State Street Corp now owns 3,298,894 shares of the company's stock worth $99,066,000 after purchasing an additional 151,862 shares in the last quarter. Barclays PLC raised its stake in shares of CarGurus by 252.2% in the third quarter. Barclays PLC now owns 169,461 shares of the company's stock worth $5,089,000 after purchasing an additional 121,341 shares during the last quarter. Finally, Teacher Retirement System of Texas lifted its holdings in shares of CarGurus by 546.3% during the fourth quarter. Teacher Retirement System of Texas now owns 128,691 shares of the company's stock valued at $4,702,000 after purchasing an additional 108,778 shares in the last quarter. 86.90% of the stock is currently owned by institutional investors.

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Analyst Upgrades and Downgrades

Several research firms recently commented on CARG. JPMorgan Chase & Co. downgraded CarGurus from an "overweight" rating to a "neutral" rating and reduced their price objective for the stock from $42.00 to $34.00 in a report on Thursday, March 27th. JMP Securities reduced their price target on shares of CarGurus from $43.00 to $38.00 and set a "market outperform" rating for the company in a research note on Wednesday, April 9th. Oppenheimer lowered their price objective 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. Needham & Company LLC reaffirmed a "buy" rating and issued a $45.00 target price on shares of CarGurus in a research report on Friday, February 21st. Finally, UBS Group lowered their price target on CarGurus from $36.00 to $29.00 and set a "neutral" rating on the stock in a report on Thursday, April 10th. Three analysts have rated the stock with a hold rating, seven have given a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $37.14.

CarGurus Stock Up 0.6 %

CARG traded up $0.15 during midday trading on Tuesday, reaching $27.15. The company had a trading volume of 60,740 shares, compared to its average volume of 852,994. The business has a 50-day moving average of $31.83 and a two-hundred day moving average of $34.12. CarGurus, Inc. has a 1 year low of $21.18 and a 1 year high of $41.33. The company has a market cap of $2.83 billion, a P/E ratio of 150.89, a P/E/G ratio of 1.72 and a beta of 1.46.

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

Insider Activity

In other news, CEO Zachary Emerson Hallowell sold 2,203 shares of the business's stock in a transaction on Friday, January 17th. The shares were sold at an average price of $38.12, for a total value of $83,978.36. Following the transaction, the chief executive officer now owns 115,983 shares of the company's stock, valued at approximately $4,421,271.96. The trade was a 1.86 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, COO Samuel Zales sold 20,000 shares of the firm's stock in a transaction on Monday, February 3rd. The shares were 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. The trade was a 4.76 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 32,203 shares of company stock worth $1,158,978 in the last three months. 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.