Clark Capital Management Group Inc. Raises Holdings in CarGurus, Inc. (NASDAQ:CARG)

Clark Capital Management Group Inc. grew its stake in shares of CarGurus, Inc. (NASDAQ:CARG - Free Report) by 150.6% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 162,720 shares of the company's stock after buying an additional 97,798 shares during the period. Clark Capital Management Group Inc. owned 0.16% of CarGurus worth $5,946,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also recently modified their holdings of CARG. Arrowstreet Capital Limited Partnership raised 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 buying an additional 957,035 shares during the last quarter. Wellington Management Group LLP increased its position in CarGurus by 12.7% during the fourth quarter. Wellington Management Group LLP now owns 7,145,350 shares of the company's stock valued at $261,091,000 after acquiring an additional 802,602 shares during the last quarter. Raymond James Financial Inc. bought a new position in CarGurus during the fourth quarter valued at $19,465,000. Oberweis Asset Management Inc. bought a new position in CarGurus during the fourth quarter valued at $18,270,000. Finally, Norges Bank purchased a new stake in shares of CarGurus during the fourth quarter valued at $14,369,000. Institutional investors own 86.90% of the company's stock.

CarGurus Price Performance

NASDAQ:CARG traded up $1.88 during midday trading on Monday, hitting $32.96. The company's stock had a trading volume of 1,815,824 shares, compared to its average volume of 875,548. CarGurus, Inc. has a fifty-two week low of $21.65 and a fifty-two week high of $41.33. The firm's 50 day moving average is $28.74 and its 200-day moving average is $33.75. The firm has a market cap of $3.44 billion, a P/E ratio of 183.12, a P/E/G ratio of 1.72 and a beta of 1.45.

CarGurus (NASDAQ:CARG - Get Free Report) last issued its quarterly earnings data on Thursday, February 20th. The company reported $0.44 EPS for the quarter, missing analysts' consensus estimates of $0.50 by ($0.06). CarGurus had a return on equity of 27.14% and a net margin of 2.34%. The firm had revenue of $228.54 million for the quarter, compared to analyst estimates of $231.72 million. As a group, analysts forecast that CarGurus, Inc. will post 1.41 EPS for the current year.

Wall Street Analysts Forecast Growth

CARG has been the subject of a number of recent analyst reports. UBS Group boosted their target price on shares of CarGurus from $29.00 to $33.00 and gave the company a "neutral" rating in a research note on Friday. JMP Securities lowered 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 note on Wednesday, April 9th. Oppenheimer lowered their price objective on shares of CarGurus from $44.00 to $42.00 and set an "outperform" rating for the company in a research note on Monday, February 24th. JPMorgan Chase & Co. lowered shares of CarGurus from an "overweight" rating to a "neutral" rating and lowered their price objective for the stock from $42.00 to $34.00 in a research note on Thursday, March 27th. Finally, Needham & Company LLC lowered their price objective on shares of CarGurus from $45.00 to $39.00 and set a "buy" rating for the company in a research note on Friday. Three investment 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's stock. According to data from MarketBeat, CarGurus currently has a consensus rating of "Moderate Buy" and an average target price of $36.95.

Insiders Place Their Bets

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

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.