Norges Bank Invests $63.43 Million in CarGurus, Inc. (NASDAQ:CARG)

Norges Bank bought a new position in CarGurus, Inc. (NASDAQ:CARG) in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 1,999,063 shares of the company’s stock, valued at approximately $63,430,000.

Several other hedge funds also recently bought and sold shares of CARG. Aperio Group LLC increased its stake in shares of CarGurus by 3.2% in the fourth quarter. Aperio Group LLC now owns 13,888 shares of the company’s stock valued at $441,000 after buying an additional 430 shares during the period. California State Teachers Retirement System increased its stake in shares of CarGurus by 0.4% in the third quarter. California State Teachers Retirement System now owns 130,817 shares of the company’s stock valued at $2,830,000 after buying an additional 584 shares during the period. Nisa Investment Advisors LLC increased its stake in shares of CarGurus by 11.7% in the fourth quarter. Nisa Investment Advisors LLC now owns 8,560 shares of the company’s stock valued at $272,000 after buying an additional 900 shares during the period. Zebra Capital Management LLC increased its stake in shares of CarGurus by 6.8% in the fourth quarter. Zebra Capital Management LLC now owns 15,438 shares of the company’s stock valued at $490,000 after buying an additional 979 shares during the period. Finally, Strs Ohio increased its stake in shares of CarGurus by 73.3% in the fourth quarter. Strs Ohio now owns 2,600 shares of the company’s stock valued at $82,000 after buying an additional 1,100 shares during the period. 79.44% of the stock is owned by hedge funds and other institutional investors.

CARG has been the subject of several recent research reports. Benchmark upped their price objective on CarGurus from $35.00 to $40.00 and gave the company a “buy” rating in a research note on Friday, February 12th. DA Davidson downgraded shares of CarGurus from a “buy” rating to a “neutral” rating and decreased their target price for the company from $35.00 to $33.00 in a research report on Friday, February 12th. Jefferies Financial Group decreased their target price on shares of CarGurus from $32.00 to $27.00 and set a “hold” rating for the company in a research report on Wednesday, March 24th. Needham & Company LLC reissued a “hold” rating on shares of CarGurus in a research report on Friday, February 12th. Finally, Zacks Investment Research downgraded shares of CarGurus from a “hold” rating to a “sell” rating in a research report on Wednesday, February 17th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and seven have issued a buy rating to the stock. The company has a consensus rating of “Hold” and a consensus target price of $31.92.

In other CarGurus news, insider Thomas Michael Caputo sold 4,691 shares of the business’s stock in a transaction dated Tuesday, April 6th. The stock was sold at an average price of $25.25, for a total value of $118,447.75. Following the completion of the transaction, the insider now owns 206,243 shares of the company’s stock, valued at approximately $5,207,635.75. The sale was disclosed in a legal filing with the SEC, which is available through this link. 24.43% of the stock is currently owned by insiders.

Shares of CARG stock opened at $24.69 on Wednesday. The company’s fifty day moving average price is $24.98 and its 200-day moving average price is $26.70. The stock has a market cap of $2.88 billion, a PE ratio of 42.56, a price-to-earnings-growth ratio of 1.65 and a beta of 1.99. CarGurus, Inc. has a 12 month low of $17.88 and a 12 month high of $36.54.

CarGurus (NASDAQ:CARG) last posted its quarterly earnings results on Wednesday, February 10th. The company reported $0.32 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.19 by $0.13. The firm had revenue of $151.55 million during the quarter, compared to analyst estimates of $148.63 million. CarGurus had a return on equity of 24.71% and a net margin of 11.75%. Equities research analysts expect that CarGurus, Inc. will post 0.65 earnings per share for the current year.

CarGurus Company Profile

CarGurus, Inc operates an online automotive marketplace connecting buyers and sellers of new and used cars in the United States and internationally. The company provides consumers an online automotive marketplace where they can search for new and used car listings from its dealers, as well as sell their car in the United States marketplace.

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Institutional Ownership by Quarter for CarGurus (NASDAQ:CARG)

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