Summit Global Investments Takes Position in CarGurus, Inc. (NASDAQ:CARG)

Summit Global Investments bought 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 & Exchange Commission. The institutional investor bought 31,460 shares of the company's stock, valued at approximately $1,150,000.

Other large investors have also recently bought and sold shares of the company. Global Retirement Partners LLC raised its stake 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 in the last quarter. Fifth Third Bancorp raised its position in 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 in the last quarter. Point72 Hong Kong Ltd acquired a new stake in CarGurus in the third quarter valued at $28,000. Principal Securities Inc. grew its position in shares of CarGurus by 82.7% in the 4th quarter. Principal Securities Inc. now owns 937 shares of the company's stock valued at $34,000 after acquiring an additional 424 shares during the period. Finally, USA Financial Formulas acquired a new position 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.

Analysts Set New Price Targets

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

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Insider Activity

In other CarGurus news, COO Samuel Zales sold 10,000 shares of the business'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 completion of the transaction, the chief operating officer now directly owns 390,025 shares in the company, valued at $12,004,969.50. The trade was a 2.50 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CMO Dafna Sarnoff sold 10,570 shares of the firm's stock in a transaction on Friday, January 3rd. The shares were sold at an average price of $35.78, for a total value of $378,194.60. Following the completion of the sale, the chief marketing officer now directly owns 95,261 shares in the company, valued at approximately $3,408,438.58. This represents a 9.99 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 61,888 shares of company stock worth $2,229,388. 17.20% of the stock is currently owned by corporate insiders.

CarGurus Stock Performance

Shares of CARG stock traded down $1.61 during trading on Thursday, hitting $29.72. The company had a trading volume of 2,379,438 shares, compared to its average volume of 792,168. The firm has a market capitalization of $3.10 billion, a P/E ratio of 165.12, a price-to-earnings-growth ratio of 1.72 and a beta of 1.52. CarGurus, Inc. has a one year low of $21.18 and a one year high of $41.33. The stock's 50-day moving average price is $35.41 and its 200 day moving average price is $34.31.

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

CarGurus 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.