Squarepoint Ops LLC Has $1.57 Million Position in CarGurus, Inc. (NASDAQ:CARG)

Squarepoint Ops LLC cut its stake in CarGurus, Inc. (NASDAQ:CARG) by 7.4% in the 2nd quarter, Holdings Channel.com reports. The fund owned 59,900 shares of the company’s stock after selling 4,785 shares during the quarter. Squarepoint Ops LLC’s holdings in CarGurus were worth $1,569,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently modified their holdings of CARG. Allianz Asset Management GmbH raised its stake in CarGurus by 68.4% in the fourth quarter. Allianz Asset Management GmbH now owns 160,000 shares of the company’s stock valued at $3,866,000 after purchasing an additional 65,000 shares in the last quarter. Pale Fire Capital SE bought a new position in CarGurus in the 4th quarter valued at about $1,800,000. Wellington Management Group LLP raised its position in shares of CarGurus by 39.6% in the 4th quarter. Wellington Management Group LLP now owns 5,705,962 shares of the company’s stock valued at $137,856,000 after buying an additional 1,619,076 shares in the last quarter. PNC Financial Services Group Inc. lifted its holdings in shares of CarGurus by 87.0% during the 4th quarter. PNC Financial Services Group Inc. now owns 5,519 shares of the company’s stock worth $133,000 after acquiring an additional 2,568 shares during the period. Finally, Nomura Holdings Inc. acquired a new stake in shares of CarGurus during the 4th quarter worth approximately $412,000. 86.90% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several research firms have weighed in on CARG. DA Davidson restated a “neutral” rating and set a $26.50 target price on shares of CarGurus in a research note on Tuesday, September 10th. BTIG Research raised their price objective on CarGurus from $28.00 to $30.00 and gave the company a “buy” rating in a research note on Friday, August 9th. Citigroup boosted their target price on CarGurus from $24.00 to $27.00 and gave the stock a “neutral” rating in a research note on Wednesday, July 3rd. Royal Bank of Canada raised their price target on shares of CarGurus from $27.00 to $30.00 and gave the company an “outperform” rating in a research note on Friday, August 9th. Finally, Needham & Company LLC upped their price objective on shares of CarGurus from $25.00 to $27.00 and gave the stock a “buy” rating in a research report on Friday, August 9th. Three equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $29.35.

CarGurus Price Performance

NASDAQ:CARG opened at $29.29 on Friday. CarGurus, Inc. has a one year low of $16.70 and a one year high of $30.99. The company has a market cap of $3.05 billion, a PE ratio of 104.61, a P/E/G ratio of 1.45 and a beta of 1.56. The firm’s 50 day simple moving average is $27.76 and its 200 day simple moving average is $25.36.

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

Insider Activity

In related news, CMO Dafna Sarnoff sold 3,107 shares of CarGurus stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $28.42, for a total value of $88,300.94. Following the transaction, the chief marketing officer now directly owns 128,952 shares of the company’s stock, valued at $3,664,815.84. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other CarGurus news, CTO Matthew Todd Quinn sold 3,495 shares of the stock in a transaction dated Wednesday, October 2nd. The stock was sold at an average price of $29.43, for a total transaction of $102,857.85. Following the completion of the sale, the chief technology officer now directly owns 205,696 shares in the company, valued at approximately $6,053,633.28. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CMO Dafna Sarnoff sold 3,107 shares of the business’s 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 completion of the transaction, the chief marketing officer now directly owns 128,952 shares in the company, valued at $3,664,815.84. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 61,065 shares of company stock valued at $1,694,683. Company 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.