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

Summit Global Investments increased its stake in shares of CarGurus, Inc. (NASDAQ:CARG) by 4.1% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 32,735 shares of the company’s stock after purchasing an additional 1,275 shares during the quarter. Summit Global Investments’ holdings in CarGurus were worth $954,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the business. Louisiana State Employees Retirement System lifted its holdings in CarGurus by 0.7% in the fourth quarter. Louisiana State Employees Retirement System now owns 42,500 shares of the company’s stock valued at $1,553,000 after acquiring an additional 300 shares during the period. Summit Investment Advisors Inc. increased its position in shares of CarGurus by 4.9% in the fourth quarter. Summit Investment Advisors Inc. now owns 9,075 shares of the company’s stock valued at $332,000 after buying an additional 423 shares in the last quarter. Principal Securities Inc. increased its position in shares of CarGurus by 82.7% in the fourth quarter. Principal Securities Inc. now owns 937 shares of the company’s stock valued at $34,000 after buying an additional 424 shares in the last quarter. Fifth Third Bancorp increased its position in shares of CarGurus by 100.0% in the fourth quarter. Fifth Third Bancorp now owns 912 shares of the company’s stock valued at $33,000 after buying an additional 456 shares in the last quarter. Finally, QRG Capital Management Inc. increased its position in shares of CarGurus by 6.6% in the fourth quarter. QRG Capital Management Inc. now owns 7,687 shares of the company’s stock valued at $281,000 after buying an additional 475 shares in the last quarter. Institutional investors and hedge funds own 86.90% of the company’s stock.

Insider Buying and Selling at CarGurus

In other news, COO Samuel Zales sold 10,000 shares of the firm’s stock in a transaction on Wednesday, April 16th. The shares were sold at an average price of $26.84, for a total value of $268,400.00. Following the transaction, the chief operating officer now owns 503,382 shares of the company’s stock, valued at approximately $13,510,772.88. This trade represents a 1.95% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Zachary Emerson Hallowell sold 1,824 shares of the firm’s stock in a transaction on Thursday, April 17th. The shares were sold at an average price of $26.73, for a total transaction of $48,755.52. Following the completion of the transaction, the chief executive officer now directly owns 129,790 shares in the company, valued at approximately $3,469,286.70. This represents a 1.39% decrease in their position. The disclosure for this sale can be found here. Insiders sold 31,824 shares of company stock worth $907,856 in the last 90 days. 16.99% of the stock is owned by company insiders.

CarGurus Price Performance

CARG opened at $31.21 on Friday. The stock has a market capitalization of $3.26 billion, a price-to-earnings ratio of 173.40, a price-to-earnings-growth ratio of 1.72 and a beta of 1.45. The business has a 50-day moving average of $29.09 and a two-hundred day moving average of $33.66. CarGurus, Inc. has a 12 month low of $21.65 and a 12 month high of $41.33.

CarGurus (NASDAQ:CARG) last posted its quarterly earnings results on Thursday, May 8th. The company reported $0.46 EPS for the quarter, beating the consensus estimate of $0.42 by $0.04. The company had revenue of $225.16 million during the quarter, compared to analysts’ expectations of $226.72 million. CarGurus had a return on equity of 27.14% and a net margin of 2.34%. The firm’s revenue was up 4.3% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.32 EPS. Equities research analysts anticipate that CarGurus, Inc. will post 1.41 earnings per share for the current year.

Wall Street Analysts Forecast Growth

CARG has been the subject of a number of research analyst reports. JPMorgan Chase & Co. cut CarGurus from an “overweight” rating to a “neutral” rating and dropped their price target for the company from $42.00 to $34.00 in a research report on Thursday, March 27th. Royal Bank of Canada reiterated an “outperform” rating and set a $42.00 price objective on shares of CarGurus in a research report on Monday, May 12th. UBS Group lifted their price objective on CarGurus from $29.00 to $33.00 and gave the stock a “neutral” rating in a research report on Friday, May 9th. Oppenheimer dropped their price objective 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, JMP Securities dropped their price objective on CarGurus from $43.00 to $38.00 and set a “market outperform” rating for the company in a research report on Wednesday, April 9th. Three investment analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $36.95.

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.