Invesco Ltd. Purchases 66,176 Shares of CarGurus, Inc. (NASDAQ:CARG)

Invesco Ltd. raised its position in CarGurus, Inc. (NASDAQ:CARG - Free Report) by 22.2% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 364,793 shares of the company's stock after purchasing an additional 66,176 shares during the quarter. Invesco Ltd. owned approximately 0.35% of CarGurus worth $13,330,000 at the end of the most recent quarter.

Other hedge funds also recently bought and sold shares of the company. Louisiana State Employees Retirement System lifted its holdings in shares of CarGurus by 0.7% during the fourth quarter. Louisiana State Employees Retirement System now owns 42,500 shares of the company's stock worth $1,553,000 after buying an additional 300 shares during the last quarter. Principal Securities Inc. grew its position in CarGurus by 82.7% during 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. Fifth Third Bancorp increased its stake in CarGurus by 100.0% during the fourth quarter. Fifth Third Bancorp now owns 912 shares of the company's stock valued at $33,000 after acquiring an additional 456 shares during the period. QRG Capital Management Inc. raised its holdings in CarGurus by 6.6% in the 4th quarter. QRG Capital Management Inc. now owns 7,687 shares of the company's stock valued at $281,000 after acquiring an additional 475 shares in the last quarter. Finally, Hillsdale Investment Management Inc. lifted its position in shares of CarGurus by 0.4% in the 4th quarter. Hillsdale Investment Management Inc. now owns 133,450 shares of the company's stock worth $4,876,000 after acquiring an additional 500 shares during the period. 86.90% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other CarGurus news, CEO Zachary Emerson Hallowell sold 1,824 shares of the company's stock in a transaction on Thursday, April 17th. The shares were sold at an average price of $26.73, for a total transaction of $48,755.52. Following the completion of the sale, the chief executive officer now owns 129,790 shares in the company, valued at approximately $3,469,286.70. The trade was a 1.39 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, COO Samuel Zales sold 20,000 shares of the firm's stock in a transaction on Monday, February 3rd. The stock was sold at an average price of $38.36, for a total value of $767,200.00. Following the completion of the transaction, the chief operating officer now owns 400,025 shares in the company, 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. In the last ninety days, insiders sold 41,824 shares of company stock valued at $1,392,156. Company insiders own 17.20% of the company's stock.

Wall Street Analysts Forecast Growth

CARG has been the topic of a number of research reports. JPMorgan Chase & Co. cut CarGurus from an "overweight" rating to a "neutral" rating and lowered their price objective for the company from $42.00 to $34.00 in a research report on Thursday, March 27th. JMP Securities dropped their price objective 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. UBS Group decreased their target price on shares of CarGurus from $36.00 to $29.00 and set a "neutral" rating on the stock in a research report on Thursday, April 10th. Oppenheimer dropped their price target on shares of CarGurus from $44.00 to $42.00 and set an "outperform" rating for the company in a research report on Monday, February 24th. Finally, Needham & Company LLC restated a "buy" rating and set a $45.00 price target on shares of CarGurus in a research note on Friday, February 21st. Three research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $37.14.

CarGurus Stock Performance

CarGurus stock traded up $0.09 on Friday, reaching $28.37. The company's stock had a trading volume of 316,709 shares, compared to its average volume of 858,990. The business's fifty day moving average price is $30.05 and its 200 day moving average price is $33.93. The company has a market cap of $2.96 billion, a price-to-earnings ratio of 157.40, a PEG ratio of 1.72 and a beta of 1.46. CarGurus, Inc. has a twelve month low of $21.65 and a twelve month high of $41.33.

CarGurus (NASDAQ:CARG - Get Free Report) last issued its quarterly 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). The company had revenue of $228.54 million for the quarter, compared to analyst estimates of $231.72 million. CarGurus had a return on equity of 27.14% and a net margin of 2.34%. As a group, equities analysts forecast that CarGurus, Inc. will post 1.41 earnings per share for the current year.

CarGurus Company 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.