Maverick Capital Ltd. Grows Position in CarGurus, Inc. (NASDAQ:CARG)

Maverick Capital Ltd. raised its holdings in shares of CarGurus, Inc. (NASDAQ:CARG) by 202.3% during the second quarter, according to its most recent filing with the SEC. The firm owned 62,491 shares of the company’s stock after purchasing an additional 41,817 shares during the period. Maverick Capital Ltd. owned 0.06% of CarGurus worth $1,637,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of CARG. Wellington Management Group LLP boosted its stake in shares of CarGurus by 39.6% during the fourth quarter. Wellington Management Group LLP now owns 5,705,962 shares of the company’s stock valued at $137,856,000 after purchasing an additional 1,619,076 shares in the last quarter. Prevatt Capital Ltd purchased a new position in shares of CarGurus in the 4th quarter valued at $24,160,000. Norges Bank bought a new position in shares of CarGurus in the 4th quarter worth $17,042,000. Marshall Wace LLP raised its position in shares of CarGurus by 3,512.4% in the 2nd quarter. Marshall Wace LLP now owns 480,339 shares of the company’s stock worth $12,585,000 after acquiring an additional 467,042 shares in the last quarter. Finally, Fort Washington Investment Advisors Inc. OH lifted its stake in shares of CarGurus by 26.5% during the 2nd quarter. Fort Washington Investment Advisors Inc. OH now owns 1,090,335 shares of the company’s stock worth $28,567,000 after purchasing an additional 228,380 shares during the last quarter. Institutional investors own 86.90% of the company’s stock.

Analysts Set New Price Targets

CARG has been the topic of several analyst reports. DA Davidson reiterated a “neutral” rating and issued a $26.50 target price on shares of CarGurus in a research note on Tuesday, September 10th. Citigroup lifted their price objective on shares of CarGurus from $24.00 to $27.00 and gave the stock a “neutral” rating in a research report on Wednesday, July 3rd. Needham & Company LLC increased their target price on shares of CarGurus from $25.00 to $27.00 and gave the company a “buy” rating in a research report on Friday, August 9th. Oppenheimer lifted their price target on shares of CarGurus from $30.00 to $32.00 and gave the stock an “outperform” rating in a report on Friday, August 9th. Finally, BTIG Research increased their price objective on CarGurus from $28.00 to $30.00 and gave the company a “buy” rating in a report on Friday, August 9th. Three analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat, CarGurus has a consensus rating of “Moderate Buy” and a consensus target price of $29.35.

Insider Buying and Selling

In related news, CTO Matthew Todd Quinn sold 3,978 shares of the firm’s stock in a transaction on Tuesday, July 2nd. The stock was sold at an average price of $24.91, for a total value of $99,091.98. Following the completion of the transaction, the chief technology officer now owns 217,374 shares in the company, valued at approximately $5,414,786.34. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In other CarGurus news, CTO Matthew Todd Quinn sold 3,978 shares of CarGurus stock in a transaction dated Tuesday, July 2nd. The stock was sold at an average price of $24.91, for a total transaction of $99,091.98. Following the completion of the transaction, the chief technology officer now owns 217,374 shares in the company, valued at approximately $5,414,786.34. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CMO Dafna Sarnoff sold 3,107 shares of CarGurus stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $28.42, for a total value of $88,300.94. Following the transaction, the chief marketing officer now owns 128,952 shares of the company’s stock, valued at approximately $3,664,815.84. The disclosure for this sale can be found here. Insiders sold 57,421 shares of company stock worth $1,567,354 in the last 90 days. Insiders own 17.20% of the company’s stock.

CarGurus Price Performance

CarGurus stock opened at $29.69 on Friday. The stock has a market capitalization of $3.09 billion, a price-to-earnings ratio of 106.04, a PEG ratio of 1.45 and a beta of 1.56. CarGurus, Inc. has a 1-year low of $16.70 and a 1-year high of $30.99. The business has a fifty day moving average price of $27.36 and a 200-day moving average price of $25.13.

CarGurus (NASDAQ:CARG) last issued its earnings results on Thursday, August 8th. The company reported $0.30 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.23 by $0.07. The company had revenue of $218.69 million during the quarter, compared to analyst estimates of $214.85 million. CarGurus had a positive return on equity of 11.06% and a negative net margin of 5.57%. On average, equities research analysts anticipate that CarGurus, Inc. will post 1.18 earnings per share for the current fiscal year.

About CarGurus

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.