Summit Global Investments Makes New Investment in CarGurus, Inc. (NASDAQ:CARG)

Summit Global Investments acquired a new position in CarGurus, Inc. (NASDAQ:CARG) in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 31,460 shares of the company’s stock, valued at approximately $1,150,000.

A number of other institutional investors have also added to or reduced their stakes in the company. State Street Corp raised its holdings in CarGurus by 4.8% in the third quarter. State Street Corp now owns 3,298,894 shares of the company’s stock worth $99,066,000 after purchasing an additional 151,862 shares in the last quarter. Geode Capital Management LLC grew its stake in shares of CarGurus by 3.8% in the third quarter. Geode Capital Management LLC now owns 2,055,145 shares of the company’s stock worth $61,728,000 after acquiring an additional 74,730 shares during the last quarter. Prevatt Capital Ltd grew its stake in shares of CarGurus by 7.0% in the third quarter. Prevatt Capital Ltd now owns 1,230,000 shares of the company’s stock worth $36,937,000 after acquiring an additional 80,000 shares during the last quarter. Charles Schwab Investment Management Inc. grew its stake in shares of CarGurus by 2.9% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,073,810 shares of the company’s stock worth $39,237,000 after acquiring an additional 30,593 shares during the last quarter. Finally, Loomis Sayles & Co. L P purchased a new stake in shares of CarGurus in the third quarter worth $21,052,000. Institutional investors own 86.90% of the company’s stock.

CarGurus Stock Performance

Shares of NASDAQ:CARG opened at $30.11 on Friday. The stock has a market capitalization of $3.14 billion, a price-to-earnings ratio of 167.29, a PEG ratio of 1.72 and a beta of 1.52. The stock’s 50-day simple moving average is $35.58 and its two-hundred day simple moving average is $34.21. CarGurus, Inc. has a 52-week low of $21.18 and a 52-week high of $41.33.

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

Insider Activity

In related news, COO Samuel Zales sold 20,000 shares of the business’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 value of $767,200.00. Following the transaction, the chief operating officer now directly owns 400,025 shares of the company’s stock, valued at approximately $15,344,959. The trade was a 4.76 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CTO Matthew Todd Quinn sold 4,678 shares of the business’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 $167,378.84. Following the completion of the transaction, the chief technology officer now directly owns 195,795 shares in the company, valued at approximately $7,005,545.10. This represents a 2.33 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 61,888 shares of company stock valued at $2,229,388 in the last ninety days. Corporate insiders own 17.20% of the company’s stock.

Analyst Ratings Changes

CARG has been the topic of a number of recent research reports. JPMorgan Chase & Co. increased their target price on CarGurus from $40.00 to $42.00 and gave the stock an “overweight” rating in a research note on Friday, February 21st. Needham & Company LLC reissued a “buy” rating and issued a $45.00 target price on shares of CarGurus in a research note on Friday, February 21st. JMP Securities reaffirmed a “market outperform” rating and set a $46.00 price objective on shares of CarGurus in a research report on Monday, December 16th. Finally, Oppenheimer dropped their price objective on CarGurus from $44.00 to $42.00 and set an “outperform” rating on the stock in a research report on Monday, February 24th. One research analyst has rated the stock with a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, CarGurus currently has an average rating of “Buy” and an average target price of $39.55.

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.