Foxhaven Asset Management LP Sells 1,620,234 Shares of CarGurus, Inc. (NASDAQ:CARG)

Foxhaven Asset Management LP trimmed its position in shares of CarGurus, Inc. (NASDAQ:CARG - Free Report) by 42.7% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 2,171,853 shares of the company's stock after selling 1,620,234 shares during the quarter. CarGurus makes up about 2.1% of Foxhaven Asset Management LP's investment portfolio, making the stock its 17th largest holding. Foxhaven Asset Management LP owned approximately 2.09% of CarGurus worth $79,360,000 at the end of the most recent reporting period.

Several other large investors have also made changes to their positions in the company. Barclays PLC grew its position in CarGurus by 252.2% in 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 in the last quarter. Franklin Resources Inc. increased its position in CarGurus by 0.8% during the third quarter. Franklin Resources Inc. now owns 261,890 shares of the company's stock worth $8,150,000 after buying an additional 2,051 shares during the last quarter. Principal Financial Group Inc. raised its holdings in CarGurus by 1.4% during the third 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 in the last quarter. JPMorgan Chase & Co. boosted its stake in shares of 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, GAMMA Investing LLC boosted its stake in shares of CarGurus by 26.0% during the 4th quarter. GAMMA Investing LLC now owns 3,099 shares of the company's stock worth $113,000 after acquiring an additional 640 shares in the last quarter. Institutional investors own 86.90% of the company's stock.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on CARG shares. UBS Group boosted their target price on CarGurus from $29.00 to $33.00 and gave the stock a "neutral" rating in a report on Friday, May 9th. Needham & Company LLC decreased their price objective on shares of CarGurus from $45.00 to $39.00 and set a "buy" rating for the company in a report on Friday, May 9th. JMP Securities dropped their target price on shares of CarGurus from $43.00 to $38.00 and set a "market outperform" rating on the stock in a report on Wednesday, April 9th. Royal Bank of Canada restated an "outperform" rating and set a $42.00 price target on shares of CarGurus in a report on Monday. Finally, JPMorgan Chase & Co. cut CarGurus from an "overweight" rating to a "neutral" rating and cut their price objective for the stock from $42.00 to $34.00 in a research report on Thursday, March 27th. Three 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 stock. According to data from MarketBeat, CarGurus presently has a consensus rating of "Moderate Buy" and a consensus target price of $36.95.

Insider Buying and Selling

In other CarGurus news, COO Samuel Zales sold 10,000 shares of CarGurus stock in a transaction that occurred on Wednesday, April 16th. The shares were sold at an average price of $26.84, for a total value of $268,400.00. Following the transaction, the chief operating officer now owns 503,382 shares of the company's stock, valued at approximately $13,510,772.88. The trade was a 1.95% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Zachary Emerson Hallowell sold 1,824 shares of the stock in a transaction dated Thursday, April 17th. The stock was sold at an average price of $26.73, for a total value of $48,755.52. Following the transaction, the chief executive officer now owns 129,790 shares of the company's stock, valued at approximately $3,469,286.70. This trade represents a 1.39% decrease in their position. The disclosure for this sale can be found here. Insiders sold 31,824 shares of company stock worth $907,856 in the last quarter. Insiders own 16.99% of the company's stock.

CarGurus Stock Performance

Shares of NASDAQ CARG traded down $0.49 during mid-day trading on Thursday, hitting $33.15. 237,056 shares of the stock were exchanged, compared to its average volume of 874,253. CarGurus, Inc. has a twelve month low of $21.65 and a twelve month high of $41.33. The stock's fifty day simple moving average is $28.83 and its two-hundred day simple moving average is $33.75. The company has a market cap of $3.46 billion, a P/E ratio of 184.23, a PEG ratio of 1.72 and a beta of 1.45.

CarGurus (NASDAQ:CARG - Get Free Report) last released its quarterly earnings results on Thursday, May 8th. The company reported $0.46 earnings per share for the quarter, beating analysts' consensus estimates of $0.42 by $0.04. CarGurus had a return on equity of 27.14% and a net margin of 2.34%. The firm had revenue of $225.16 million during the quarter, compared to analysts' expectations of $226.72 million. During the same period last year, the firm posted $0.32 EPS. The business's revenue was up 4.3% on a year-over-year basis. As a group, equities research analysts predict that CarGurus, Inc. will post 1.41 earnings per share for the current fiscal year.

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.