CarGurus (NASDAQ:CARG) Shares Gap Down on Insider Selling

CarGurus, Inc. (NASDAQ:CARG - Get Free Report) gapped down before the market opened on Tuesday following insider selling activity. The stock had previously closed at $28.01, but opened at $25.41. CarGurus shares last traded at $27.78, with a volume of 72,082 shares traded.

Specifically, COO Samuel Zales sold 10,000 shares of the company's stock in a transaction dated Friday, May 2nd. The stock was sold at an average price of $28.29, for a total value of $282,900.00. Following the sale, the chief operating officer now owns 493,382 shares in the company, valued at approximately $13,957,776.78. The trade was a 1.99 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link.

Analyst Upgrades and Downgrades

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

CarGurus Stock Up 10.8 %

The stock has a market capitalization of $3.23 billion, a P/E ratio of 172.07, a price-to-earnings-growth ratio of 1.72 and a beta of 1.45. The business's 50 day simple moving average is $28.73 and its two-hundred day simple moving average is $33.72.

CarGurus (NASDAQ:CARG - Get Free Report) last announced its quarterly earnings results on Thursday, February 20th. The company reported $0.44 earnings per share for the quarter, missing the consensus estimate of $0.50 by ($0.06). The business had revenue of $228.54 million during the quarter, compared to the consensus estimate of $231.72 million. CarGurus had a net margin of 2.34% and a return on equity of 27.14%. Analysts predict that CarGurus, Inc. will post 1.41 earnings per share for the current year.

Institutional Investors Weigh In On CarGurus

Several institutional investors have recently bought and sold shares of the stock. Arrowstreet Capital Limited Partnership lifted its position in shares of CarGurus by 168.7% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 1,524,478 shares of the company's stock valued at $55,704,000 after purchasing an additional 957,035 shares in the last quarter. Wellington Management Group LLP increased its stake in CarGurus by 12.7% in the 4th quarter. Wellington Management Group LLP now owns 7,145,350 shares of the company's stock valued at $261,091,000 after buying an additional 802,602 shares during the last quarter. Bessemer Group Inc. lifted its position in shares of CarGurus by 237,430.8% during the 1st quarter. Bessemer Group Inc. now owns 731,595 shares of the company's stock worth $21,312,000 after buying an additional 731,287 shares in the last quarter. No Street GP LP purchased a new position in shares of CarGurus in the 4th quarter worth approximately $25,578,000. Finally, Raymond James Financial Inc. bought a new position in shares of CarGurus in the fourth quarter valued at approximately $19,465,000. Institutional investors own 86.90% of the company's stock.

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.