KLP Kapitalforvaltning AS Takes $632,000 Position in CarGurus, Inc. (NASDAQ:CARG)

KLP Kapitalforvaltning AS acquired a new position in CarGurus, Inc. (NASDAQ:CARG - Free Report) in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 17,300 shares of the company's stock, valued at approximately $632,000.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the stock. State Street Corp lifted its stake in shares of CarGurus by 4.8% in the 3rd quarter. State Street Corp now owns 3,298,894 shares of the company's stock worth $99,066,000 after acquiring an additional 151,862 shares during the period. Geode Capital Management LLC raised its holdings in CarGurus by 3.8% during the third quarter. Geode Capital Management LLC now owns 2,055,145 shares of the company's stock worth $61,728,000 after purchasing an additional 74,730 shares in the last quarter. Prevatt Capital Ltd lifted its position in CarGurus by 7.0% in the third quarter. Prevatt Capital Ltd now owns 1,230,000 shares of the company's stock worth $36,937,000 after purchasing an additional 80,000 shares during the period. Charles Schwab Investment Management Inc. lifted its position in CarGurus by 2.9% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,073,810 shares of the company's stock worth $39,237,000 after purchasing an additional 30,593 shares during the period. Finally, Raymond James Financial Inc. bought a new position in CarGurus during the 4th quarter valued at $19,465,000. Institutional investors own 86.90% of the company's stock.

CarGurus Stock Down 3.4 %

Shares of CARG traded down $0.93 during mid-day trading on Friday, reaching $26.29. The company's stock had a trading volume of 1,486,074 shares, compared to its average volume of 830,371. The company has a market cap of $2.75 billion, a price-to-earnings ratio of 146.06, a price-to-earnings-growth ratio of 1.72 and a beta of 1.46. The business has a fifty day moving average of $33.92 and a 200 day moving average of $34.28. CarGurus, Inc. has a 1 year low of $21.18 and a 1 year high of $41.33.

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CarGurus (NASDAQ:CARG - Get Free Report) last announced its quarterly earnings data on Thursday, February 20th. The company reported $0.44 EPS for the quarter, missing analysts' consensus estimates of $0.50 by ($0.06). The business 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%. On average, analysts predict that CarGurus, Inc. will post 1.41 earnings per share for the current year.

Insider Buying and Selling at CarGurus

In related news, COO Samuel Zales sold 10,000 shares of the firm's stock in a transaction that occurred on Monday, March 17th. The shares were sold at an average price of $30.78, for a total transaction of $307,800.00. Following the transaction, the chief operating officer now owns 390,025 shares of the company's stock, valued at approximately $12,004,969.50. This trade represents a 2.50 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Zachary Emerson Hallowell sold 2,203 shares of the business's stock in a transaction that occurred on Friday, January 17th. The stock was sold at an average price of $38.12, for a total transaction of $83,978.36. Following the completion of the sale, the chief executive officer now directly owns 115,983 shares of the company's stock, valued at $4,421,271.96. This represents a 1.86 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 32,203 shares of company stock valued at $1,158,978 in the last quarter. Company insiders own 17.20% of the company's stock.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on CARG. JPMorgan Chase & Co. cut shares of CarGurus from an "overweight" rating to a "neutral" rating and lowered their price objective for the stock from $42.00 to $34.00 in a research note on Thursday, March 27th. JMP Securities restated a "market outperform" rating and set a $46.00 target price on shares of CarGurus in a report on Monday, December 16th. Oppenheimer dropped their price target on CarGurus from $44.00 to $42.00 and set an "outperform" rating on the stock in a report on Monday, February 24th. Finally, Needham & Company LLC reissued a "buy" rating and set a $45.00 price objective on shares of CarGurus in a research note on Friday, February 21st. Two research analysts have rated the stock with a hold rating, seven have given a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $38.75.

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.