The Manufacturers Life Insurance Company Lowers Stock Position in CarGurus, Inc. (NASDAQ:CARG)

The Manufacturers Life Insurance Company trimmed its holdings in CarGurus, Inc. (NASDAQ:CARG - Free Report) by 8.0% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,175,566 shares of the company's stock after selling 189,293 shares during the period. The Manufacturers Life Insurance Company owned approximately 2.10% of CarGurus worth $79,495,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Barclays PLC raised its holdings in shares of CarGurus by 252.2% in the 3rd quarter. Barclays PLC now owns 169,461 shares of the company's stock valued at $5,089,000 after acquiring an additional 121,341 shares in the last quarter. Franklin Resources Inc. raised its holdings in CarGurus by 0.8% during the 3rd 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 during the last quarter. Principal Financial Group Inc. raised its stake in shares of 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 acquiring an additional 6,186 shares during the last quarter. JPMorgan Chase & Co. lifted its holdings in CarGurus by 2.5% in the 3rd quarter. JPMorgan Chase & Co. now owns 403,833 shares of the company's stock worth $12,127,000 after buying an additional 9,744 shares during the period. Finally, GAMMA Investing LLC boosted its holdings in CarGurus by 26.0% in the fourth quarter. GAMMA Investing LLC now owns 3,099 shares of the company's stock valued at $113,000 after acquiring an additional 640 shares in the last quarter. 86.90% of the stock is currently owned by institutional investors.

CarGurus Price Performance

NASDAQ:CARG traded up $0.29 during mid-day trading on Friday, hitting $28.19. The company's stock had a trading volume of 843,098 shares, compared to its average volume of 861,387. The stock has a market cap of $2.94 billion, a price-to-earnings ratio of 156.62, a PEG ratio of 1.72 and a beta of 1.46. CarGurus, Inc. has a 1 year low of $21.65 and a 1 year high of $41.33. The business's fifty day moving average is $29.03 and its two-hundred day moving average is $33.82.

CarGurus (NASDAQ:CARG - Get Free Report) last released 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). The firm had revenue of $228.54 million during the quarter, compared to analysts' expectations of $231.72 million. CarGurus had a net margin of 2.34% and a return on equity of 27.14%. Analysts anticipate that CarGurus, Inc. will post 1.41 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of research firms have weighed in on CARG. Needham & Company LLC reiterated a "buy" rating and set a $45.00 target price on shares of CarGurus in a report on Friday, February 21st. 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. JMP Securities decreased their target price on shares of CarGurus from $43.00 to $38.00 and set a "market outperform" rating for the company in a research note on Wednesday, April 9th. UBS Group decreased their price target on shares of CarGurus from $36.00 to $29.00 and set a "neutral" rating on the stock in a research report on Thursday, April 10th. Finally, JPMorgan Chase & Co. lowered CarGurus from an "overweight" rating to a "neutral" rating and cut their price target for the stock from $42.00 to $34.00 in a research note on Thursday, March 27th. Three investment 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 stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $37.14.

Insider Activity at CarGurus

In other news, COO Samuel Zales sold 10,000 shares of the business's stock in a transaction dated Wednesday, April 16th. The shares were sold at an average price of $26.84, for a total transaction 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 position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Zachary Emerson Hallowell sold 1,824 shares of the business'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 completion of the transaction, the chief executive officer now owns 129,790 shares in the company, valued at $3,469,286.70. The trade was a 1.39 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 41,824 shares of company stock valued at $1,392,156. 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.