Teacher Retirement System of Texas Purchases 108,778 Shares of CarGurus, Inc. (NASDAQ:CARG)

Teacher Retirement System of Texas increased its holdings in CarGurus, Inc. (NASDAQ:CARG - Free Report) by 546.3% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 128,691 shares of the company's stock after purchasing an additional 108,778 shares during the quarter. Teacher Retirement System of Texas owned 0.12% of CarGurus worth $4,702,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Allspring Global Investments Holdings LLC grew its position in CarGurus by 16.4% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 244,828 shares of the company's stock worth $8,748,000 after buying an additional 34,555 shares during the last quarter. Los Angeles Capital Management LLC grew its holdings in shares of CarGurus by 36.4% in the 4th quarter. Los Angeles Capital Management LLC now owns 87,862 shares of the company's stock worth $3,210,000 after acquiring an additional 23,445 shares during the last quarter. State Street Corp raised its position in shares of CarGurus by 4.8% during the third 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 during the period. Charles Schwab Investment Management Inc. lifted its holdings in shares of CarGurus by 9.4% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,043,217 shares of the company's stock valued at $31,328,000 after purchasing an additional 89,815 shares during the last quarter. Finally, Alpha DNA Investment Management LLC acquired a new position in shares of CarGurus in the 3rd quarter valued at $503,000. 86.90% of the stock is owned by institutional investors and hedge funds.

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Insider Activity

In other CarGurus news, CMO Dafna Sarnoff sold 10,570 shares of the business's stock in a transaction on Friday, January 3rd. The shares were sold at an average price of $35.78, for a total transaction of $378,194.60. Following the completion of the transaction, the chief marketing officer now owns 95,261 shares of the company's stock, valued at $3,408,438.58. The trade was a 9.99 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, COO Samuel Zales sold 10,000 shares of the firm's stock in a transaction dated Monday, March 17th. The shares were sold at an average price of $30.78, for a total value of $307,800.00. Following the completion of the sale, the chief operating officer now directly owns 390,025 shares in the company, valued at approximately $12,004,969.50. This represents a 2.50 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 61,888 shares of company stock worth $2,229,388. 17.20% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of research firms have commented on CARG. Needham & Company LLC reaffirmed a "buy" rating and set a $45.00 price objective on shares of CarGurus in a research note on Friday, February 21st. JPMorgan Chase & Co. raised their price objective on shares of CarGurus from $40.00 to $42.00 and gave the stock an "overweight" rating in a research note on Friday, February 21st. Oppenheimer cut their target price on shares of CarGurus from $44.00 to $42.00 and set an "outperform" rating on the stock in a research note on Monday, February 24th. Finally, JMP Securities reaffirmed a "market outperform" rating and issued a $46.00 target price on shares of CarGurus in a research report on Monday, December 16th. One equities research analyst has rated the stock with a hold rating, eight have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Buy" and a consensus target price of $39.55.

CarGurus Trading Up 1.2 %

NASDAQ CARG traded up $0.36 on Tuesday, reaching $31.76. The stock had a trading volume of 540,137 shares, compared to its average volume of 783,104. CarGurus, Inc. has a 1 year low of $21.18 and a 1 year high of $41.33. The business has a 50 day moving average price of $35.49 and a 200 day moving average price of $34.28. The company has a market capitalization of $3.32 billion, a price-to-earnings ratio of 176.49, a P/E/G ratio of 1.72 and a beta of 1.52.

CarGurus (NASDAQ:CARG - Get Free Report) last announced 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 firm had revenue of $228.54 million during the quarter, compared to the consensus estimate of $231.72 million. CarGurus had a net margin of 2.34% and a return on equity of 27.14%. On average, analysts anticipate that CarGurus, Inc. will post 1.41 earnings per share for the current fiscal year.

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.