M&T Bank Corp Has $2.92 Million Stake in CarGurus, Inc. (NASDAQ:CARG)

M&T Bank Corp decreased its stake in shares of CarGurus, Inc. (NASDAQ:CARG) by 17.6% during the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 79,775 shares of the company’s stock after selling 17,044 shares during the period. M&T Bank Corp owned 0.08% of CarGurus worth $2,915,000 as of its most recent filing with the SEC.

A number of other hedge funds have also made changes to their positions in CARG. New York State Teachers Retirement System increased its holdings in shares of CarGurus by 2.3% during the 3rd quarter. New York State Teachers Retirement System now owns 36,295 shares of the company’s stock valued at $1,090,000 after acquiring an additional 822 shares during the last quarter. QRG Capital Management Inc. acquired a new position in shares of CarGurus during the 3rd quarter valued at about $217,000. Amalgamated Bank increased its holdings in shares of CarGurus by 6.0% during the 3rd quarter. Amalgamated Bank now owns 25,748 shares of the company’s stock valued at $773,000 after acquiring an additional 1,465 shares during the last quarter. Principal Financial Group Inc. increased its holdings in shares of CarGurus by 1.4% during the 3rd quarter. Principal Financial Group Inc. now owns 450,015 shares of the company’s stock valued at $13,514,000 after acquiring an additional 6,186 shares during the last quarter. Finally, Atria Investments Inc acquired a new position in shares of CarGurus during the 3rd quarter valued at about $247,000. Institutional investors and hedge funds own 86.90% of the company’s stock.

CarGurus Trading Up 1.9 %

Shares of CARG stock opened at $31.65 on Friday. The stock has a 50 day moving average of $36.77 and a two-hundred day moving average of $34.03. CarGurus, Inc. has a 12 month low of $21.18 and a 12 month high of $41.33. The company has a market capitalization of $3.30 billion, a P/E ratio of 175.84, a P/E/G ratio of 1.72 and a beta of 1.52.

CarGurus (NASDAQ:CARG) last announced its quarterly earnings data on Thursday, February 20th. The company reported $0.44 EPS for the quarter, missing analysts’ consensus estimates of $0.50 by ($0.06). The firm had revenue of $228.54 million during the quarter, compared to the consensus estimate of $231.72 million. CarGurus had a return on equity of 27.14% and a net margin of 2.34%. Sell-side analysts predict that CarGurus, Inc. will post 1.41 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several analysts recently weighed in on CARG shares. B. Riley increased their target price on CarGurus from $30.00 to $40.00 and gave the company a “buy” rating in a research note on Monday, November 11th. Royal Bank of Canada increased their target price on CarGurus from $30.00 to $42.00 and gave the company an “outperform” rating in a research note on Monday, November 11th. JMP Securities restated a “market outperform” rating and set a $46.00 target price on shares of CarGurus in a research note on Monday, December 16th. Needham & Company LLC restated a “buy” rating and set a $45.00 target price on shares of CarGurus in a research note on Friday, February 21st. Finally, Citigroup upgraded CarGurus from a “hold” rating to a “strong-buy” rating in a research note on Monday, November 11th. Two investment analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $38.41.

Insider Buying and Selling

In related news, COO Samuel Zales sold 20,000 shares of the firm’s stock in a transaction that occurred on Monday, February 3rd. The stock was sold at an average price of $38.36, for a total transaction of $767,200.00. Following the completion of the transaction, the chief operating officer now owns 400,025 shares in the company, valued at $15,344,959. This trade represents a 4.76 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CMO Dafna Sarnoff sold 10,570 shares of the firm’s stock in a transaction that occurred on Friday, January 3rd. The stock was sold at an average price of $35.78, for a total value of $378,194.60. Following the transaction, the chief marketing officer now owns 95,261 shares of the company’s stock, valued at $3,408,438.58. This trade represents a 9.99 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 59,388 shares of company stock worth $2,204,338 in the last 90 days. 17.20% of the stock is owned by company insiders.

CarGurus Company 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.