Geode Capital Management LLC Cuts Position in CarGurus, Inc. (NASDAQ:CARG)

Geode Capital Management LLC lessened its stake in CarGurus, Inc. (NASDAQ:CARG - Free Report) by 0.6% during the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 2,042,184 shares of the company's stock after selling 12,961 shares during the period. Geode Capital Management LLC owned 1.97% of CarGurus worth $74,639,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in CARG. FMR LLC raised its stake in shares of CarGurus by 91.1% during the third quarter. FMR LLC now owns 13,840 shares of the company's stock worth $416,000 after purchasing an additional 6,599 shares during the last quarter. State Street Corp increased its stake in CarGurus by 4.8% in the 3rd quarter. State Street Corp now owns 3,298,894 shares of the company's stock valued at $99,066,000 after buying an additional 151,862 shares during the period. Barclays PLC raised its position in CarGurus by 252.2% during the 3rd quarter. Barclays PLC now owns 169,461 shares of the company's stock worth $5,089,000 after buying an additional 121,341 shares during the last quarter. Franklin Resources Inc. lifted its stake in shares of CarGurus by 0.8% in the 3rd quarter. Franklin Resources Inc. now owns 261,890 shares of the company's stock worth $8,150,000 after acquiring an additional 2,051 shares during the period. Finally, Principal Financial Group Inc. boosted its holdings in shares of CarGurus by 1.4% in the third quarter. Principal Financial Group Inc. now owns 450,015 shares of the company's stock valued at $13,514,000 after acquiring an additional 6,186 shares in the last quarter. 86.90% of the stock is owned by hedge funds and other institutional investors.

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Analysts Set New Price Targets

A number of brokerages have weighed in on CARG. Needham & Company LLC reaffirmed a "buy" rating and issued a $45.00 price objective on shares of CarGurus in a report on Friday, February 21st. JPMorgan Chase & Co. downgraded CarGurus from an "overweight" rating to a "neutral" rating and decreased their price target for the company from $42.00 to $34.00 in a research note on Thursday, March 27th. JMP Securities cut their price objective on CarGurus from $43.00 to $38.00 and set a "market outperform" rating for the company in a research report on Wednesday, April 9th. Oppenheimer decreased 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, UBS Group cut their price target on shares of CarGurus from $36.00 to $29.00 and set a "neutral" rating for the company in a report on Thursday, April 10th. Three analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $37.14.

CarGurus Stock Down 2.6 %

Shares of CARG traded down $0.71 during mid-day trading on Wednesday, reaching $26.37. 673,715 shares of the company's stock were exchanged, compared to its average volume of 855,191. CarGurus, Inc. has a 52-week low of $21.18 and a 52-week high of $41.33. The company has a market cap of $2.75 billion, a price-to-earnings ratio of 146.51, a PEG ratio of 1.72 and a beta of 1.46. The company has a 50-day simple moving average of $31.59 and a two-hundred day simple moving average of $34.07.

CarGurus (NASDAQ:CARG - Get Free Report) last released its quarterly earnings results on Thursday, February 20th. The company reported $0.44 earnings per share 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 company had revenue of $228.54 million for the quarter, compared to analysts' expectations of $231.72 million. As a group, equities research analysts predict that CarGurus, Inc. will post 1.41 EPS for the current fiscal year.

Insider Buying and Selling at CarGurus

In related 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 value of $83,978.36. Following the sale, 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, COO Samuel Zales sold 20,000 shares of the company's stock in a transaction that occurred on Monday, February 3rd. The stock was 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. This trade represents a 4.76 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 32,203 shares of company stock worth $1,158,978. Corporate insiders own 17.20% of the company's stock.

CarGurus 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.