Arrowstreet Capital Limited Partnership Raises Stake in CarGurus, Inc. (NASDAQ:CARG)

Arrowstreet Capital Limited Partnership raised its position in CarGurus, Inc. (NASDAQ:CARG) by 168.7% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 1,524,478 shares of the company’s stock after purchasing an additional 957,035 shares during the period. Arrowstreet Capital Limited Partnership owned 1.47% of CarGurus worth $55,704,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also modified their holdings of CARG. Point72 Hong Kong Ltd acquired a new stake in shares of CarGurus during the 3rd quarter worth about $28,000. Global Retirement Partners LLC raised its holdings in CarGurus by 198.5% during the fourth quarter. Global Retirement Partners LLC now owns 800 shares of the company’s stock worth $29,000 after purchasing an additional 532 shares in the last quarter. Fifth Third Bancorp lifted its position in shares of CarGurus by 100.0% during the 4th quarter. Fifth Third Bancorp now owns 912 shares of the company’s stock worth $33,000 after buying an additional 456 shares during the last quarter. Principal Securities Inc. boosted its holdings in shares of CarGurus by 82.7% in the 4th quarter. Principal Securities Inc. now owns 937 shares of the company’s stock valued at $34,000 after buying an additional 424 shares in the last quarter. Finally, USA Financial Formulas acquired a new stake in CarGurus during the 4th quarter worth $35,000. 86.90% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on the stock. JMP Securities restated a “market outperform” rating and issued a $46.00 price objective on shares of CarGurus in a research note on Monday, December 16th. Needham & Company LLC reaffirmed a “buy” rating and set a $45.00 price target on shares of CarGurus in a research report on Friday, February 21st. JPMorgan Chase & Co. cut CarGurus from an “overweight” rating to a “neutral” rating and reduced their price objective for the company from $42.00 to $34.00 in a research note on Thursday, March 27th. Finally, Oppenheimer lowered their target price on shares of CarGurus from $44.00 to $42.00 and set an “outperform” rating on the stock in a research report on Monday, February 24th. Two equities research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, CarGurus currently has a consensus rating of “Moderate Buy” and an average target price of $38.75.

Insider Activity

In related news, CEO Zachary Emerson Hallowell sold 4,580 shares of CarGurus stock in a transaction on Friday, January 3rd. The stock was sold at an average price of $35.78, for a total transaction of $163,872.40. Following the completion of the transaction, the chief executive officer now directly owns 120,051 shares of the company’s stock, valued at approximately $4,295,424.78. The trade was a 3.67 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, COO Samuel Zales sold 9,857 shares of the company’s stock in a transaction on Thursday, January 2nd. The shares were sold at an average price of $36.62, for a total value of $360,963.34. Following the completion of the sale, the chief operating officer now directly owns 434,821 shares in the company, valued at $15,923,145.02. This trade represents a 2.22 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 61,888 shares of company stock worth $2,229,388 in the last 90 days. 17.20% of the stock is currently owned by corporate insiders.

CarGurus Stock Up 0.4 %

NASDAQ CARG opened at $29.24 on Wednesday. The stock has a market capitalization of $3.05 billion, a P/E ratio of 162.45, a P/E/G ratio of 1.72 and a beta of 1.52. CarGurus, Inc. has a 52-week low of $21.18 and a 52-week high of $41.33. The firm has a 50-day moving average price of $34.78 and a 200 day moving average price of $34.38.

CarGurus (NASDAQ:CARG) last posted its quarterly earnings results on Thursday, February 20th. The company reported $0.44 EPS for the quarter, missing the consensus estimate of $0.50 by ($0.06). CarGurus had a net margin of 2.34% and a return on equity of 27.14%. The business had revenue of $228.54 million during the quarter, compared to analyst estimates of $231.72 million. On average, equities research analysts expect that CarGurus, Inc. will post 1.41 earnings per share for the current fiscal year.

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.