Balyasny Asset Management L.P. Takes $2.66 Million Position in CarGurus, Inc. (NASDAQ:CARG)

Balyasny Asset Management L.P. bought a new position in shares of CarGurus, Inc. (NASDAQ:CARG - Free Report) during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm bought 72,716 shares of the company's stock, valued at approximately $2,657,000. Balyasny Asset Management L.P. owned about 0.07% of CarGurus at the end of the most recent quarter.

A number of other institutional investors also recently bought and sold shares of CARG. Barclays PLC increased its stake in CarGurus by 252.2% during the third quarter. Barclays PLC now owns 169,461 shares of the company's stock worth $5,089,000 after acquiring an additional 121,341 shares during the last quarter. Franklin Resources Inc. grew its stake in shares of CarGurus by 0.8% in the third quarter. Franklin Resources Inc. now owns 261,890 shares of the company's stock valued at $8,150,000 after buying an additional 2,051 shares in the last quarter. Principal Financial Group Inc. raised 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 buying an additional 6,186 shares during the period. JPMorgan Chase & Co. lifted its position in CarGurus by 2.5% during the 3rd quarter. JPMorgan Chase & Co. now owns 403,833 shares of the company's stock worth $12,127,000 after acquiring an additional 9,744 shares in the last quarter. Finally, Harbor Capital Advisors Inc. grew its position in CarGurus by 41.8% in the fourth quarter. Harbor Capital Advisors Inc. now owns 14,251 shares of the company's stock valued at $521,000 after acquiring an additional 4,200 shares in the last quarter. 86.90% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other CarGurus news, CEO Zachary Emerson Hallowell sold 1,824 shares of the company's stock in a transaction dated Thursday, April 17th. The shares were sold at an average price of $26.73, for a total transaction of $48,755.52. Following the sale, the chief executive officer now directly owns 129,790 shares of the company's stock, valued at $3,469,286.70. This represents a 1.39% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, COO Samuel Zales sold 10,000 shares of CarGurus stock in a transaction dated Friday, May 2nd. The stock was sold at an average price of $28.29, for a total transaction of $282,900.00. Following the completion of the transaction, the chief operating officer now owns 493,382 shares of the company's stock, valued at $13,957,776.78. The trade was a 1.99% decrease in their position. The disclosure for this sale can be found here. Insiders sold 31,824 shares of company stock valued at $907,856 over the last 90 days. Company insiders own 16.99% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on CARG shares. JPMorgan Chase & Co. downgraded CarGurus from an "overweight" rating to a "neutral" rating and reduced their target price for the stock from $42.00 to $34.00 in a report on Thursday, March 27th. Oppenheimer decreased their target price on shares of CarGurus from $44.00 to $42.00 and set an "outperform" rating for the company in a research report on Monday, February 24th. UBS Group upped their price target on shares of CarGurus from $29.00 to $33.00 and gave the company a "neutral" rating in a report on Friday, May 9th. Needham & Company LLC dropped their target price on shares of CarGurus from $45.00 to $39.00 and set a "buy" rating on the stock in a research report on Friday, May 9th. Finally, JMP Securities reduced their price objective on CarGurus from $43.00 to $38.00 and set a "market outperform" rating for the company in a research note on Wednesday, April 9th. Three equities research analysts have rated the stock with a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $36.95.

CarGurus Stock Performance

CarGurus stock traded down $0.45 during midday trading on Friday, reaching $32.46. The stock had a trading volume of 286,377 shares, compared to its average volume of 873,789. CarGurus, Inc. has a 1-year low of $21.65 and a 1-year high of $41.33. The stock has a market capitalization of $3.39 billion, a P/E ratio of 180.33, a price-to-earnings-growth ratio of 1.72 and a beta of 1.45. The firm's fifty day simple moving average is $28.88 and its 200-day simple moving average is $33.76.

CarGurus (NASDAQ:CARG - Get Free Report) last posted its earnings results on Thursday, May 8th. The company reported $0.46 earnings per share for the quarter, topping analysts' consensus estimates of $0.42 by $0.04. The business had revenue of $225.16 million for the quarter, compared to analyst estimates of $226.72 million. CarGurus had a return on equity of 27.14% and a net margin of 2.34%. The firm's revenue was up 4.3% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.32 EPS. On average, sell-side analysts anticipate that CarGurus, Inc. will post 1.41 earnings per share for the current fiscal year.

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.