Convergence Investment Partners LLC lifted its position in CarGurus, Inc. (NASDAQ:CARG – Free Report) by 44.8% in the first quarter, HoldingsChannel reports. The firm owned 141,307 shares of the company’s stock after buying an additional 43,722 shares during the period. Convergence Investment Partners LLC’s holdings in CarGurus were worth $4,812,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Wellington Management Group LLP raised its stake in CarGurus by 6.6% during the third quarter. Wellington Management Group LLP now owns 9,636,671 shares of the company’s stock worth $358,773,000 after purchasing an additional 594,670 shares during the period. Prevatt Capital Ltd increased its holdings in shares of CarGurus by 12.5% during the 1st quarter. Prevatt Capital Ltd now owns 2,475,000 shares of the company’s stock worth $84,274,000 after buying an additional 275,000 shares during the last quarter. Geode Capital Management LLC increased its holdings in shares of CarGurus by 1.2% during the 4th quarter. Geode Capital Management LLC now owns 2,101,437 shares of the company’s stock worth $80,602,000 after buying an additional 24,910 shares during the last quarter. Congress Asset Management Co. raised its position in shares of CarGurus by 2.9% during the 4th quarter. Congress Asset Management Co. now owns 1,958,144 shares of the company’s stock valued at $75,095,000 after buying an additional 54,937 shares during the period. Finally, The Manufacturers Life Insurance Company raised its position in shares of CarGurus by 0.3% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 1,914,925 shares of the company’s stock valued at $64,093,000 after buying an additional 6,676 shares during the period. 86.90% of the stock is currently owned by institutional investors and hedge funds.
CarGurus Stock Performance
CarGurus stock opened at $35.16 on Tuesday. The company’s 50 day simple moving average is $30.97 and its 200-day simple moving average is $32.76. CarGurus, Inc. has a 1 year low of $26.39 and a 1 year high of $39.42. The company has a market capitalization of $3.17 billion, a price-to-earnings ratio of 23.13, a price-to-earnings-growth ratio of 1.28 and a beta of 1.18.
Analyst Upgrades and Downgrades
A number of research analysts recently commented on the company. JPMorgan Chase & Co. upped their price objective on CarGurus from $36.00 to $38.00 and gave the company a “neutral” rating in a report on Friday, May 8th. Citigroup assumed coverage on CarGurus in a research report on Friday, June 12th. They issued a “buy” rating on the stock. Wall Street Zen raised CarGurus from a “hold” rating to a “buy” rating in a research note on Saturday, June 27th. UBS Group set a $35.00 price target on CarGurus in a report on Thursday, May 28th. Finally, Weiss Ratings downgraded CarGurus from a “hold (c+)” rating to a “hold (c)” rating in a research report on Wednesday, May 13th. One investment analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and six have assigned a Hold rating to the company. According to MarketBeat, CarGurus presently has a consensus rating of “Moderate Buy” and an average target price of $38.05.
View Our Latest Report on CARG
Insiders Place Their Bets
In other news, CTO Matthew Todd Quinn sold 3,824 shares of the firm’s stock in a transaction on Thursday, July 2nd. The stock was sold at an average price of $35.03, for a total transaction of $133,954.72. Following the completion of the transaction, the chief technology officer directly owned 233,146 shares in the company, valued at $8,167,104.38. This trade represents a 1.61% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Jennifer Ladd Hanson sold 2,499 shares of CarGurus stock in a transaction on Wednesday, July 1st. The shares were sold at an average price of $34.56, for a total value of $86,365.44. Following the completion of the sale, the insider directly owned 92,894 shares of the company’s stock, valued at $3,210,416.64. The trade was a 2.62% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 25,559 shares of company stock worth $841,568 over the last ninety days. Corporate insiders own 18.19% of the company’s stock.
CarGurus Company Profile
CarGurus, Inc operates an online automotive marketplace designed to connect buyers and sellers of new and used vehicles. Through its proprietary search engine and data-driven pricing tools, the platform enables consumers to compare listings, assess fair market values and locate local dealers offering competitive deals. CarGurus also provides detailed vehicle history reports, dealer reviews and financing options to streamline the car-shopping process for both private parties and franchised dealerships.
The company’s core product offerings include Instant Market Value (IMV), which leverages pricing algorithms to help buyers identify over- or under-priced vehicles, as well as dealer subscription services that grant automotive retailers access to lead generation tools, targeted advertising and dynamic pricing insights.
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