Los Angeles Capital Management LLC Cuts Stock Holdings in CarGurus, Inc. (NASDAQ:CARG)

Los Angeles Capital Management LLC lowered its stake in shares of CarGurus, Inc. (NASDAQ:CARG) by 30.9% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 33,104 shares of the company’s stock after selling 14,790 shares during the quarter. Los Angeles Capital Management LLC’s holdings in CarGurus were worth $764,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also recently bought and sold shares of CARG. Charles Schwab Investment Management Inc. increased its holdings in CarGurus by 6.9% in the third quarter. Charles Schwab Investment Management Inc. now owns 875,845 shares of the company’s stock valued at $15,345,000 after buying an additional 56,502 shares during the last quarter. DekaBank Deutsche Girozentrale purchased a new position in CarGurus in the third quarter valued at $107,000. Hsbc Holdings PLC increased its holdings in CarGurus by 64.7% in the third quarter. Hsbc Holdings PLC now owns 58,419 shares of the company’s stock valued at $1,029,000 after buying an additional 22,947 shares during the last quarter. Acadian Asset Management LLC purchased a new position in CarGurus in the third quarter valued at $32,000. Finally, Algert Global LLC increased its holdings in CarGurus by 395.8% in the third quarter. Algert Global LLC now owns 92,708 shares of the company’s stock valued at $1,624,000 after buying an additional 74,010 shares during the last quarter. Hedge funds and other institutional investors own 86.90% of the company’s stock.

Insider Activity at CarGurus

In related news, CMO Dafna Sarnoff sold 4,301 shares of the firm’s stock in a transaction dated Monday, April 1st. The shares were sold at an average price of $23.04, for a total value of $99,095.04. Following the completion of the sale, the chief marketing officer now owns 163,798 shares in the company, valued at $3,773,905.92. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. In other news, General Counsel Javier Esquivel Zamora sold 6,680 shares of CarGurus stock in a transaction that occurred on Thursday, June 6th. The shares were sold at an average price of $25.00, for a total transaction of $167,000.00. Following the completion of the sale, the general counsel now directly owns 102,130 shares in the company, valued at approximately $2,553,250. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CMO Dafna Sarnoff sold 4,301 shares of CarGurus stock in a transaction that occurred on Monday, April 1st. The shares were sold at an average price of $23.04, for a total transaction of $99,095.04. Following the sale, the chief marketing officer now owns 163,798 shares of the company’s stock, valued at $3,773,905.92. The disclosure for this sale can be found here. Insiders sold a total of 76,317 shares of company stock worth $1,831,473 over the last 90 days. Company insiders own 17.20% of the company’s stock.

CarGurus Stock Performance

Shares of CARG opened at $25.25 on Tuesday. CarGurus, Inc. has a fifty-two week low of $16.70 and a fifty-two week high of $26.90. The company has a market capitalization of $2.63 billion, a price-to-earnings ratio of 90.18, a price-to-earnings-growth ratio of 1.45 and a beta of 1.55. The firm has a 50-day simple moving average of $23.88 and a 200-day simple moving average of $23.43.

CarGurus (NASDAQ:CARG) last announced its quarterly earnings data on Thursday, May 9th. The company reported $0.22 EPS for the quarter, beating analysts’ consensus estimates of $0.19 by $0.03. The firm had revenue of $215.80 million during the quarter, compared to the consensus estimate of $217.29 million. CarGurus had a net margin of 4.04% and a return on equity of 8.80%. Equities research analysts forecast that CarGurus, Inc. will post 0.98 EPS for the current year.

Wall Street Analyst Weigh In

Several equities analysts recently commented on CARG shares. UBS Group increased their target price on CarGurus from $26.00 to $27.00 and gave the company a “neutral” rating in a report on Friday, March 15th. Oppenheimer raised their price objective on CarGurus from $26.00 to $30.00 and gave the stock an “outperform” rating in a report on Tuesday, February 27th. Royal Bank of Canada raised their price objective on CarGurus from $26.00 to $27.00 and gave the stock an “outperform” rating in a report on Friday, May 10th. JMP Securities raised CarGurus from a “market perform” rating to an “outperform” rating and set a $30.00 price objective on the stock in a report on Friday, June 7th. Finally, Needham & Company LLC raised their price objective on CarGurus from $24.00 to $25.00 and gave the stock a “buy” rating in a report on Friday, May 10th. Three equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to MarketBeat, CarGurus currently has a consensus rating of “Moderate Buy” and a consensus price target of $26.13.

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.