Raymond James Financial Inc. Acquires Shares of 532,715 CarGurus, Inc. (NASDAQ:CARG)

Raymond James Financial Inc. purchased a new position in shares of CarGurus, Inc. (NASDAQ:CARG - Free Report) during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund purchased 532,715 shares of the company's stock, valued at approximately $19,465,000. Raymond James Financial Inc. owned 0.51% of CarGurus as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of CARG. Point72 Hong Kong Ltd acquired a new stake in shares of CarGurus during the 3rd quarter worth about $28,000. Global Retirement Partners LLC increased its position in shares of CarGurus by 198.5% during the 4th quarter. Global Retirement Partners LLC now owns 800 shares of the company's stock worth $29,000 after purchasing an additional 532 shares during the last quarter. Fifth Third Bancorp increased its position in shares of CarGurus by 100.0% during the 4th quarter. Fifth Third Bancorp now owns 912 shares of the company's stock worth $33,000 after purchasing an additional 456 shares during the last quarter. Principal Securities Inc. increased its position in shares of CarGurus by 82.7% during the 4th quarter. Principal Securities Inc. now owns 937 shares of the company's stock worth $34,000 after purchasing an additional 424 shares during the last quarter. Finally, USA Financial Formulas acquired a new stake in shares of CarGurus during the 4th quarter worth about $35,000. 86.90% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

CARG has been the subject of several research reports. JMP Securities reaffirmed a "market outperform" rating and issued a $46.00 target price on shares of CarGurus in a research report on Monday, December 16th. JPMorgan Chase & Co. lifted their target price on CarGurus from $40.00 to $42.00 and gave the company an "overweight" rating in a research report on Friday, February 21st. Oppenheimer dropped 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. Finally, Needham & Company LLC reaffirmed a "buy" rating and issued a $45.00 target price on shares of CarGurus in a research report on Friday, February 21st. One research analyst has rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat, the company presently has a consensus rating of "Buy" and a consensus price target of $39.55.

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Insider Buying and Selling

In related news, CEO Zachary Emerson Hallowell sold 4,580 shares of the business's stock in a transaction that occurred on Friday, January 3rd. The stock was sold at an average price of $35.78, for a total transaction of $163,872.40. Following the completion of the sale, the chief executive officer now owns 120,051 shares in the company, valued at $4,295,424.78. The trade was a 3.67 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, COO Samuel Zales sold 10,000 shares of the business's stock in a transaction that occurred 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 sale, the chief operating officer now owns 390,025 shares of the company's stock, valued at approximately $12,004,969.50. The trade was a 2.50 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 61,888 shares of company stock worth $2,229,388 over the last 90 days. 17.20% of the stock is owned by insiders.

CarGurus Price Performance

Shares of CarGurus stock traded down $0.04 on Thursday, reaching $29.87. 1,611,233 shares of the company were exchanged, compared to its average volume of 778,296. CarGurus, Inc. has a 1-year low of $21.18 and a 1-year high of $41.33. The company has a market cap of $3.12 billion, a P/E ratio of 165.95, a price-to-earnings-growth ratio of 1.72 and a beta of 1.52. The stock's 50 day moving average price is $35.98 and its 200-day moving average price is $34.22.

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). 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 analyst estimates of $231.72 million. On average, research analysts predict that CarGurus, Inc. will post 1.41 earnings per share for the current fiscal year.

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.