56,502 Shares in CarGurus, Inc. (NASDAQ:CARG) Acquired by Convergence Investment Partners LLC

Convergence Investment Partners LLC acquired a new stake in shares of CarGurus, Inc. (NASDAQ:CARG - Free Report) during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund acquired 56,502 shares of the company's stock, valued at approximately $2,065,000. Convergence Investment Partners LLC owned about 0.05% of CarGurus as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Point72 Hong Kong Ltd purchased a new position in shares of CarGurus during the third quarter worth approximately $28,000. Signaturefd LLC grew its stake in CarGurus by 81.3% in the third quarter. Signaturefd LLC now owns 959 shares of the company's stock worth $29,000 after purchasing an additional 430 shares in the last quarter. Fifth Third Bancorp increased its holdings in CarGurus by 100.0% during the 4th quarter. Fifth Third Bancorp now owns 912 shares of the company's stock worth $33,000 after purchasing an additional 456 shares during the period. Principal Securities Inc. raised its position in CarGurus by 82.7% during the 4th quarter. Principal Securities Inc. now owns 937 shares of the company's stock valued at $34,000 after purchasing an additional 424 shares in the last quarter. Finally, USA Financial Formulas purchased a new stake in shares of CarGurus in the 4th quarter worth $35,000. Hedge funds and other institutional investors own 86.90% of the company's stock.

Insider Activity

In other news, CMO Dafna Sarnoff sold 10,570 shares of the business's stock in a transaction that occurred on Friday, January 3rd. The stock was sold at an average price of $35.78, for a total transaction of $378,194.60. Following the sale, the chief marketing officer now directly owns 95,261 shares in the company, valued at approximately $3,408,438.58. The trade was a 9.99 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, COO Samuel Zales sold 7,500 shares of the business's stock in a transaction on Monday, December 16th. The shares were sold at an average price of $37.70, for a total transaction of $282,750.00. Following the completion of the sale, the chief operating officer now directly owns 434,821 shares in the company, valued at $16,392,751.70. This trade represents a 1.70 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 59,388 shares of company stock worth $2,204,338. 17.20% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

CARG has been the topic of several analyst reports. B. Riley lifted their target price on CarGurus from $30.00 to $40.00 and gave the company a "buy" rating in a research note on Monday, November 11th. Citigroup raised shares of CarGurus from a "hold" rating to a "strong-buy" rating in a research report on Monday, November 11th. JPMorgan Chase & Co. boosted 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. Oppenheimer raised their target price on shares of CarGurus from $32.00 to $44.00 and gave the company an "outperform" rating in a research note on Friday, November 8th. Finally, JMP Securities reaffirmed a "market outperform" rating and set a $46.00 price target on shares of CarGurus in a research report on Monday, December 16th. Two investment analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $38.59.

CarGurus Stock Down 17.1 %

NASDAQ:CARG traded down $6.44 during trading hours on Friday, reaching $31.15. 3,763,547 shares of the stock were exchanged, compared to its average volume of 847,608. The stock has a market capitalization of $3.23 billion, a P/E ratio of -67.72, a P/E/G ratio of 1.74 and a beta of 1.59. The firm has a 50 day simple moving average of $37.94 and a 200-day simple moving average of $33.60. CarGurus, Inc. has a 52 week low of $21.18 and a 52 week high of $41.33.

CarGurus (NASDAQ:CARG - Get Free Report) last posted its 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 positive return on equity of 13.96% and a negative net margin of 5.47%. As a group, analysts expect that CarGurus, Inc. will post 1.25 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.