393,237 Shares in CarGurus, Inc. (NASDAQ:CARG) Bought by Norges Bank

Norges Bank bought a new stake in CarGurus, Inc. (NASDAQ:CARG - Free Report) in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm bought 393,237 shares of the company's stock, valued at approximately $14,369,000. Norges Bank owned about 0.38% of CarGurus as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also bought and sold shares of CARG. Raymond James Financial Inc. acquired a new stake in shares of CarGurus during the 4th quarter worth about $19,465,000. Loomis Sayles & Co. L P raised its holdings in CarGurus by 35.1% in the 4th quarter. Loomis Sayles & Co. L P now owns 946,974 shares of the company's stock valued at $34,603,000 after acquiring an additional 245,919 shares during the period. Vanguard Group Inc. lifted its position in CarGurus by 2.4% during the fourth quarter. Vanguard Group Inc. now owns 9,686,886 shares of the company's stock worth $353,959,000 after acquiring an additional 225,430 shares during the last quarter. JPMorgan Chase & Co. boosted its holdings in shares of CarGurus by 48.7% during the fourth quarter. JPMorgan Chase & Co. now owns 600,530 shares of the company's stock worth $21,943,000 after acquiring an additional 196,697 shares during the period. Finally, State Street Corp grew its position in shares of CarGurus by 4.8% in the third quarter. State Street Corp now owns 3,298,894 shares of the company's stock valued at $99,066,000 after purchasing an additional 151,862 shares during the last quarter. Institutional investors own 86.90% of the company's stock.

CarGurus Stock Performance

Shares of NASDAQ CARG traded up $0.43 during trading hours on Friday, hitting $27.00. 1,209,056 shares of the stock were exchanged, compared to its average volume of 854,603. The company's fifty day simple moving average is $32.09 and its two-hundred day simple moving average is $34.11. The company has a market cap of $2.82 billion, a PE ratio of 150.01, a price-to-earnings-growth ratio of 1.72 and a beta of 1.46. CarGurus, Inc. has a 1-year low of $21.18 and a 1-year high of $41.33.

Remove Ads

CarGurus (NASDAQ:CARG - Get Free Report) last issued its earnings results on Thursday, February 20th. The company reported $0.44 earnings per share for the quarter, missing analysts' consensus estimates of $0.50 by ($0.06). CarGurus had a net margin of 2.34% and a return on equity of 27.14%. The business had revenue of $228.54 million during the quarter, compared to analyst estimates of $231.72 million. As a group, sell-side analysts expect that CarGurus, Inc. will post 1.41 EPS for the current fiscal year.

Insider Transactions at CarGurus

In other CarGurus news, CEO Zachary Emerson Hallowell sold 2,203 shares of the company's stock in a transaction dated Friday, January 17th. The stock was sold at an average price of $38.12, for a total value of $83,978.36. Following the completion of the transaction, the chief executive officer now owns 115,983 shares of the company's stock, valued at $4,421,271.96. This represents a 1.86 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, COO Samuel Zales sold 20,000 shares of CarGurus stock in a transaction dated Monday, February 3rd. The shares were sold at an average price of $38.36, for a total value of $767,200.00. Following the sale, the chief operating officer now directly owns 400,025 shares in the company, valued at $15,344,959. The trade was a 4.76 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 32,203 shares of company stock valued at $1,158,978. 17.20% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

Several research firms recently weighed in on CARG. Needham & Company LLC reissued a "buy" rating and set a $45.00 price target on shares of CarGurus in a report on Friday, February 21st. UBS Group dropped their target price on CarGurus from $36.00 to $29.00 and set a "neutral" rating for the company in a report on Thursday. Oppenheimer decreased their price target on shares of CarGurus from $44.00 to $42.00 and set an "outperform" rating on the stock in a research note on Monday, February 24th. JPMorgan Chase & Co. cut shares of CarGurus from an "overweight" rating to a "neutral" rating and dropped their price objective for the stock from $42.00 to $34.00 in a research note on Thursday, March 27th. Finally, JMP Securities decreased their target price on shares of CarGurus from $43.00 to $38.00 and set a "market outperform" rating on the stock in a research report on Wednesday. Three research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat, CarGurus has a consensus rating of "Moderate Buy" and a consensus price target of $37.14.

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.