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Allspring Global Investments Holdings LLC Sells 68,593 Shares of CarGurus, Inc. (NASDAQ:CARG)

CarGurus logo with Auto/Tires/Trucks background

Allspring Global Investments Holdings LLC cut its holdings in shares of CarGurus, Inc. (NASDAQ:CARG - Free Report) by 28.0% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 176,235 shares of the company's stock after selling 68,593 shares during the period. Allspring Global Investments Holdings LLC owned about 0.17% of CarGurus worth $5,153,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. GeoWealth Management LLC bought a new stake in shares of CarGurus during the 4th quarter worth $49,000. Blue Trust Inc. raised its stake in CarGurus by 49.8% during the first quarter. Blue Trust Inc. now owns 2,494 shares of the company's stock worth $73,000 after acquiring an additional 829 shares in the last quarter. Versant Capital Management Inc lifted its holdings in shares of CarGurus by 695.4% in the first quarter. Versant Capital Management Inc now owns 2,593 shares of the company's stock worth $76,000 after acquiring an additional 2,267 shares during the last quarter. NewEdge Advisors LLC boosted its stake in shares of CarGurus by 25.0% in the 4th quarter. NewEdge Advisors LLC now owns 2,716 shares of the company's stock valued at $99,000 after purchasing an additional 543 shares in the last quarter. Finally, Smartleaf Asset Management LLC grew its holdings in shares of CarGurus by 528.4% during the 4th quarter. Smartleaf Asset Management LLC now owns 2,765 shares of the company's stock valued at $102,000 after purchasing an additional 2,325 shares during the last quarter. 86.90% of the stock is currently owned by institutional investors.

CarGurus Stock Down 1.1%

Shares of NASDAQ:CARG traded down $0.38 during midday trading on Monday, hitting $33.32. 608,180 shares of the stock traded hands, compared to its average volume of 868,599. The stock has a market capitalization of $3.48 billion, a PE ratio of 95.20, a P/E/G ratio of 1.65 and a beta of 1.44. CarGurus, Inc. has a one year low of $21.65 and a one year high of $41.33. The business's 50 day moving average is $31.61 and its two-hundred day moving average is $32.78.

CarGurus (NASDAQ:CARG - Get Free Report) last released its quarterly earnings data on Thursday, May 8th. The company reported $0.46 earnings per share for the quarter, topping the consensus estimate of $0.42 by $0.04. The business had revenue of $225.16 million during the quarter, compared to analysts' expectations of $226.72 million. CarGurus had a return on equity of 32.54% and a net margin of 4.28%. The business's revenue was up 4.3% on a year-over-year basis. During the same quarter last year, the business posted $0.32 EPS. As a group, sell-side analysts forecast that CarGurus, Inc. will post 1.41 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on the stock. Citizens Jmp lowered shares of CarGurus from an "outperform" rating to a "market perform" rating in a research report on Wednesday, July 2nd. UBS Group raised their price objective on CarGurus from $29.00 to $33.00 and gave the company a "neutral" rating in a report on Friday, May 9th. Citigroup reduced their price objective on CarGurus from $40.00 to $37.00 and set a "neutral" rating on the stock in a research report on Thursday. Royal Bank Of Canada reiterated an "outperform" rating and issued a $42.00 target price on shares of CarGurus in a research report on Monday, May 12th. Finally, Needham & Company LLC reduced their price target on CarGurus from $45.00 to $39.00 and set a "buy" rating on the stock in a report on Friday, May 9th. Six equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to MarketBeat, CarGurus currently has an average rating of "Moderate Buy" and an average target price of $37.86.

Check Out Our Latest Stock Analysis on CARG

Insider Activity

In related news, CTO Matthew Todd Quinn sold 3,789 shares of the company's stock in a transaction on Wednesday, July 2nd. The stock was sold at an average price of $33.09, for a total value of $125,378.01. Following the sale, the chief technology officer directly owned 216,877 shares of the company's stock, valued at $7,176,459.93. This represents a 1.72% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CMO Dafna Sarnoff sold 4,168 shares of the firm's stock in a transaction on Wednesday, July 2nd. The shares were sold at an average price of $33.09, for a total value of $137,919.12. Following the transaction, the chief marketing officer directly owned 115,183 shares of the company's stock, valued at $3,811,405.47. This represents a 3.49% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 51,661 shares of company stock worth $1,557,243. 17.20% of the stock is owned by company insiders.

CarGurus Company Profile

(Free Report)

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.

Further Reading

Institutional Ownership by Quarter for CarGurus (NASDAQ:CARG)

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