Jennison Associates LLC Invests $707,000 in CarGurus, Inc. (NASDAQ:CARG)

Jennison Associates LLC purchased a new position in shares of CarGurus, Inc. (NASDAQ:CARG) in the 1st quarter, according to the company in its most recent filing with the SEC. The fund purchased 30,642 shares of the company’s stock, valued at approximately $707,000.

Several other institutional investors also recently modified their holdings of CARG. Prevatt Capital Ltd acquired a new position in CarGurus during the fourth quarter valued at approximately $24,160,000. Pale Fire Capital SE acquired a new position in CarGurus during the fourth quarter valued at approximately $1,800,000. Raymond James & Associates grew its holdings in CarGurus by 12.0% during the fourth quarter. Raymond James & Associates now owns 452,182 shares of the company’s stock valued at $10,925,000 after purchasing an additional 48,389 shares during the period. Allspring Global Investments Holdings LLC grew its holdings in CarGurus by 207.9% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 293,730 shares of the company’s stock valued at $7,097,000 after purchasing an additional 198,321 shares during the period. Finally, Cullinan Associates Inc. acquired a new position in CarGurus during the fourth quarter valued at approximately $1,377,000. Institutional investors and hedge funds own 86.90% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on the stock. DA Davidson boosted their price objective on shares of CarGurus from $22.00 to $25.50 and gave the company a “neutral” rating in a report on Monday, May 13th. UBS Group upped their price target on shares of CarGurus from $26.00 to $27.00 and gave the company a “neutral” rating in a report on Friday, March 15th. Citigroup upped their price target on shares of CarGurus from $24.00 to $27.00 and gave the company a “neutral” rating in a report on Wednesday, July 3rd. JPMorgan Chase & Co. upped their price target on shares of CarGurus from $27.00 to $29.00 and gave the company an “overweight” rating in a report on Friday, May 10th. Finally, Needham & Company LLC upped their price target on shares of CarGurus from $24.00 to $25.00 and gave the company a “buy” rating in a report on Friday, May 10th. Three investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $27.55.

CarGurus Trading Down 0.2 %

NASDAQ CARG opened at $24.93 on Thursday. The firm’s fifty day moving average price is $24.52 and its two-hundred day moving average price is $23.59. CarGurus, Inc. has a 1 year low of $16.70 and a 1 year high of $26.90. The firm has a market capitalization of $2.60 billion, a P/E ratio of 89.04, a price-to-earnings-growth ratio of 1.45 and a beta of 1.57.

CarGurus (NASDAQ:CARG) last posted its quarterly earnings results on Thursday, May 9th. The company reported $0.22 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.19 by $0.03. CarGurus had a net margin of 4.04% and a return on equity of 8.80%. The firm had revenue of $215.80 million for the quarter, compared to analyst estimates of $217.29 million. On average, research analysts anticipate that CarGurus, Inc. will post 0.98 EPS for the current fiscal year.

Insider Buying and Selling at CarGurus

In other CarGurus news, General Counsel Javier Esquivel Zamora sold 6,680 shares of the company’s stock in a transaction on Thursday, June 6th. The shares were sold at an average price of $25.00, for a total value of $167,000.00. Following the transaction, the general counsel now directly owns 102,130 shares in the company, valued at $2,553,250. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In other CarGurus news, General Counsel Javier Esquivel Zamora sold 6,680 shares of the company’s stock in a transaction on Thursday, June 6th. The shares were sold at an average price of $25.00, for a total value of $167,000.00. Following the transaction, the general counsel now directly owns 102,130 shares in the company, valued at $2,553,250. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, COO Samuel Zales sold 17,668 shares of the company’s stock in a transaction on Tuesday, April 16th. The shares were sold at an average price of $21.42, for a total transaction of $378,448.56. Following the completion of the transaction, the chief operating officer now owns 548,845 shares in the company, valued at $11,756,259.90. The disclosure for this sale can be found here. Insiders have sold a total of 75,994 shares of company stock worth $1,831,470 over the last ninety days. Insiders own 17.20% of the company’s stock.

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.