Federated Hermes Inc. Grows Stake in CarGurus, Inc. (NASDAQ:CARG)

Federated Hermes Inc. grew its stake in shares of CarGurus, Inc. (NASDAQ:CARG - Free Report) by 3.7% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 377,564 shares of the company's stock after acquiring an additional 13,400 shares during the period. Federated Hermes Inc. owned 0.36% of CarGurus worth $13,796,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently made changes to their positions in CARG. Thames Capital Management LLC acquired a new position in shares of CarGurus during the 4th quarter worth approximately $2,783,000. Russell Investments Group Ltd. lifted its position in shares of CarGurus by 22.2% during the 4th quarter. Russell Investments Group Ltd. now owns 104,660 shares of the company's stock valued at $3,825,000 after acquiring an additional 18,989 shares during the period. Envestnet Asset Management Inc. increased its position in shares of CarGurus by 41.5% in the fourth quarter. Envestnet Asset Management Inc. now owns 36,206 shares of the company's stock worth $1,323,000 after purchasing an additional 10,614 shares during the period. Grantham Mayo Van Otterloo & Co. LLC bought a new stake in CarGurus during the fourth quarter worth about $625,000. Finally, Wells Fargo & Company MN increased its stake in CarGurus by 12.8% in the fourth quarter. Wells Fargo & Company MN now owns 221,857 shares of the company's stock valued at $8,107,000 after acquiring an additional 25,157 shares during the last quarter. Institutional investors and hedge funds own 86.90% of the company's stock.

Analyst Ratings Changes

CARG has been the subject of several research analyst reports. UBS Group lowered their target price on CarGurus from $36.00 to $29.00 and set a "neutral" rating for the company in a research note on Thursday, April 10th. Needham & Company LLC reaffirmed a "buy" rating and issued a $45.00 target price on shares of CarGurus in a report on Friday, February 21st. JPMorgan Chase & Co. lowered CarGurus from an "overweight" rating to a "neutral" rating and cut their price target for the company from $42.00 to $34.00 in a research note on Thursday, March 27th. 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 report on Monday, February 24th. Finally, JMP Securities decreased 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 report on Wednesday, April 9th. Three research analysts have rated the stock with a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $37.14.

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CarGurus Price Performance

Shares of CarGurus stock traded up $0.23 during trading hours on Tuesday, hitting $27.23. 114,498 shares of the company's stock traded hands, compared to its average volume of 853,198. The stock has a market capitalization of $2.84 billion, a price-to-earnings ratio of 151.34, a PEG ratio of 1.72 and a beta of 1.46. CarGurus, Inc. has a 12-month low of $21.18 and a 12-month high of $41.33. The company has a fifty day simple moving average of $31.83 and a 200-day simple moving average of $34.12.

CarGurus (NASDAQ:CARG - Get Free Report) last announced its quarterly earnings results on Thursday, February 20th. The company reported $0.44 earnings per share (EPS) for the quarter, missing analysts' consensus estimates 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, analysts forecast that CarGurus, Inc. will post 1.41 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CEO Zachary Emerson Hallowell sold 2,203 shares of the firm's stock in a transaction that occurred on Friday, January 17th. The shares were sold at an average price of $38.12, for a total transaction of $83,978.36. Following the transaction, the chief executive officer now directly owns 115,983 shares of the company's stock, valued at approximately $4,421,271.96. This trade represents a 1.86 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, COO Samuel Zales sold 10,000 shares of the stock in a transaction on Monday, March 17th. The stock was sold at an average price of $30.78, for a total value of $307,800.00. Following the transaction, the chief operating officer now directly owns 390,025 shares in the company, valued at $12,004,969.50. The trade was a 2.50 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 32,203 shares of company stock valued at $1,158,978. Corporate 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.