31,460 Shares in CarGurus, Inc. (NASDAQ:CARG) Purchased by Summit Global Investments

Summit Global Investments purchased a new stake in CarGurus, Inc. (NASDAQ:CARG - Free Report) in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 31,460 shares of the company's stock, valued at approximately $1,150,000.

Other large investors have also recently modified their holdings of the company. Point72 Hong Kong Ltd acquired a new stake in CarGurus in the third quarter valued at $28,000. Global Retirement Partners LLC increased its stake in shares of CarGurus by 198.5% in the fourth quarter. Global Retirement Partners LLC now owns 800 shares of the company's stock valued at $29,000 after buying an additional 532 shares during the period. Fifth Third Bancorp raised its position in shares of CarGurus by 100.0% during the fourth quarter. Fifth Third Bancorp now owns 912 shares of the company's stock worth $33,000 after acquiring an additional 456 shares during the last quarter. Principal Securities Inc. lifted its stake in shares of CarGurus by 82.7% in the fourth quarter. Principal Securities Inc. now owns 937 shares of the company's stock worth $34,000 after acquiring an additional 424 shares during the period. Finally, USA Financial Formulas bought a new stake in CarGurus in the fourth quarter valued at approximately $35,000. Institutional investors own 86.90% of the company's stock.

CarGurus Stock Performance

CARG stock traded up $0.28 during trading on Tuesday, hitting $31.68. 648,741 shares of the company traded hands, compared to its average volume of 783,104. The company has a 50-day moving average of $35.49 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. The firm has a market capitalization of $3.31 billion, a PE ratio of 175.99, a P/E/G ratio of 1.72 and a beta of 1.52.

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CarGurus (NASDAQ:CARG - Get Free Report) last issued its quarterly earnings data on Thursday, February 20th. The company reported $0.44 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 the consensus estimate of $231.72 million. CarGurus had a net margin of 2.34% and a return on equity of 27.14%. Sell-side analysts expect that CarGurus, Inc. will post 1.41 EPS for the current year.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on CARG. Oppenheimer dropped their price target 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. JMP Securities reaffirmed a "market outperform" rating and set a $46.00 price target on shares of CarGurus in a research report on Monday, December 16th. Needham & Company LLC reissued a "buy" rating and issued a $45.00 price objective on shares of CarGurus in a research report on Friday, February 21st. Finally, JPMorgan Chase & Co. upped 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. One analyst has rated the stock with a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, CarGurus has a consensus rating of "Buy" and an average target price of $39.55.

Insider Buying and Selling

In other CarGurus news, COO Samuel Zales sold 20,000 shares of the firm's 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 completion of the sale, the chief operating officer now directly owns 400,025 shares in the company, valued at $15,344,959. This trade represents a 4.76 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CMO Dafna Sarnoff sold 10,570 shares of the company'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 value of $378,194.60. Following the transaction, the chief marketing officer now owns 95,261 shares in the company, valued at $3,408,438.58. This trade represents a 9.99 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 61,888 shares of company stock valued at $2,229,388 over the last quarter. 17.20% of the stock is owned by company insiders.

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.