M&T Bank Corp Cuts Position in CarGurus, Inc. (NASDAQ:CARG)

M&T Bank Corp decreased its position in CarGurus, Inc. (NASDAQ:CARG - Free Report) by 17.6% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 79,775 shares of the company's stock after selling 17,044 shares during the quarter. M&T Bank Corp owned 0.08% of CarGurus worth $2,915,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Allspring Global Investments Holdings LLC grew its stake in shares of CarGurus by 16.4% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 244,828 shares of the company's stock worth $8,748,000 after purchasing an additional 34,555 shares in the last quarter. Los Angeles Capital Management LLC raised its holdings in CarGurus by 36.4% during the fourth quarter. Los Angeles Capital Management LLC now owns 87,862 shares of the company's stock worth $3,210,000 after purchasing an additional 23,445 shares in the last quarter. State Street Corp lifted its position in shares of CarGurus by 4.8% during the 3rd quarter. State Street Corp now owns 3,298,894 shares of the company's stock worth $99,066,000 after buying an additional 151,862 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its holdings in shares of CarGurus by 9.4% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,043,217 shares of the company's stock valued at $31,328,000 after buying an additional 89,815 shares in the last quarter. Finally, Alpha DNA Investment Management LLC purchased a new position in shares of CarGurus in the 3rd quarter valued at $503,000. Institutional investors and hedge funds own 86.90% of the company's stock.

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Insider Activity

In related news, CEO Zachary Emerson Hallowell sold 2,203 shares of the business'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 completion of the sale, the chief executive officer now directly owns 115,983 shares in the company, valued at approximately $4,421,271.96. The trade was a 1.86 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through 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. Insiders sold a total of 59,388 shares of company stock valued at $2,204,338 over the last quarter. Company insiders own 17.20% of the company's stock.

CarGurus Trading Down 1.9 %

Shares of NASDAQ:CARG traded down $0.60 during midday trading on Wednesday, hitting $31.20. 1,205,923 shares of the stock were exchanged, compared to its average volume of 1,045,949. CarGurus, Inc. has a twelve month low of $21.18 and a twelve month high of $41.33. The stock has a market cap of $3.26 billion, a P/E ratio of 173.33, a PEG ratio of 1.72 and a beta of 1.52. The company has a 50 day moving average price of $36.55 and a 200-day moving average price of $34.16.

CarGurus (NASDAQ:CARG - Get Free Report) last released 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 firm 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, equities research analysts expect that CarGurus, Inc. will post 1.41 earnings per share for the current year.

Analysts Set New Price Targets

Several research firms have issued reports on CARG. JMP Securities restated a "market outperform" rating and issued a $46.00 price objective on shares of CarGurus in a research note on Monday, December 16th. Oppenheimer decreased their target price on CarGurus from $44.00 to $42.00 and set an "outperform" rating for the company in a research report on Monday, February 24th. JPMorgan Chase & Co. boosted their price target on CarGurus from $40.00 to $42.00 and gave the company an "overweight" rating in a research report on Friday, February 21st. Finally, Needham & Company LLC reiterated a "buy" rating and issued a $45.00 price objective on shares of CarGurus in a research report on Friday, February 21st. Two analysts have rated the stock with a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $38.41.

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.