Vestcor Inc Invests $1.17 Million in CarGurus, Inc. (NASDAQ:CARG)

Vestcor Inc bought a new position in shares of CarGurus, Inc. (NASDAQ:CARG - Free Report) in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund bought 32,002 shares of the company's stock, valued at approximately $1,169,000.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Allspring Global Investments Holdings LLC increased its holdings in CarGurus by 16.4% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 244,828 shares of the company's stock valued at $8,748,000 after purchasing an additional 34,555 shares during the last quarter. Los Angeles Capital Management LLC increased its holdings in CarGurus by 36.4% in the fourth quarter. Los Angeles Capital Management LLC now owns 87,862 shares of the company's stock valued at $3,210,000 after purchasing an additional 23,445 shares during the last quarter. State Street Corp increased its holdings in 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. Charles Schwab Investment Management Inc. increased its holdings in CarGurus by 9.4% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,043,217 shares of the company's stock valued at $31,328,000 after purchasing an additional 89,815 shares during the last quarter. Finally, Alpha DNA Investment Management LLC bought a new stake in CarGurus in the third quarter valued at about $503,000. Institutional investors own 86.90% of the company's stock.

Insider Activity at CarGurus

In other news, CTO Matthew Todd Quinn sold 4,678 shares of the firm'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 $167,378.84. Following the completion of the sale, the chief technology officer now directly owns 195,795 shares of the company's stock, valued at $7,005,545.10. This trade represents a 2.33 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, COO Samuel Zales sold 9,857 shares of the firm's stock in a transaction that occurred on Thursday, January 2nd. The shares were sold at an average price of $36.62, for a total value of $360,963.34. Following the completion of the sale, the chief operating officer now directly owns 434,821 shares of the company's stock, valued at approximately $15,923,145.02. The trade was a 2.22 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 61,888 shares of company stock valued at $2,229,388. Insiders own 17.20% of the company's stock.

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Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on CARG shares. JMP Securities reiterated a "market outperform" rating and issued a $46.00 price objective on shares of CarGurus in a report on Monday, December 16th. Oppenheimer lowered their price target on CarGurus from $44.00 to $42.00 and set an "outperform" rating for the company in a report on Monday, February 24th. Needham & Company LLC restated a "buy" rating and issued a $45.00 price target on shares of CarGurus in a report on Friday, February 21st. Finally, JPMorgan Chase & Co. increased their price target on CarGurus from $40.00 to $42.00 and gave the stock an "overweight" rating in a report on Friday, February 21st. One equities research analyst has rated the stock with a hold rating, eight have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Buy" and an average price target of $39.55.

CarGurus Trading Down 0.1 %

Shares of CARG stock traded down $0.02 on Wednesday, hitting $29.91. 1,835,652 shares of the stock were exchanged, compared to its average volume of 775,991. The firm has a market capitalization of $3.12 billion, a P/E ratio of 166.18, a price-to-earnings-growth ratio of 1.72 and a beta of 1.52. The business has a 50-day moving average of $35.98 and a 200 day moving average of $34.22. CarGurus, Inc. has a fifty-two week low of $21.18 and a fifty-two week high of $41.33.

CarGurus (NASDAQ:CARG - Get Free Report) last posted its quarterly earnings data on Thursday, February 20th. The company reported $0.44 earnings per share 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%. As a group, research analysts forecast that CarGurus, Inc. will post 1.41 EPS 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.