Bank of America Corp DE Has $19.96 Million Position in CarGurus, Inc. $CARG

Bank of America Corp DE grew its holdings in CarGurus, Inc. (NASDAQ:CARG - Free Report) by 26.6% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 586,346 shares of the company's stock after purchasing an additional 123,364 shares during the period. Bank of America Corp DE owned approximately 0.65% of CarGurus worth $19,965,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of the business. UBS Group AG grew its holdings in shares of CarGurus by 158.2% during the 3rd quarter. UBS Group AG now owns 1,537,856 shares of the company's stock valued at $57,254,000 after acquiring an additional 942,199 shares in the last quarter. Wellington Management Group LLP raised its holdings in shares of CarGurus by 6.6% during the third quarter. Wellington Management Group LLP now owns 9,636,671 shares of the company's stock worth $358,773,000 after acquiring an additional 594,670 shares in the last quarter. William Blair Investment Management LLC acquired a new stake in CarGurus during the fourth quarter valued at $21,756,000. Northwestern Mutual Wealth Management Co. grew its stake in shares of CarGurus by 159,137.1% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 536,629 shares of the company's stock valued at $22,787,000 after buying an additional 536,292 shares in the last quarter. Finally, No Street GP LP raised its position in CarGurus by 108.9% during the third quarter. No Street GP LP now owns 835,000 shares of the company's stock valued at $31,087,000 after acquiring an additional 435,340 shares in the last quarter. Institutional investors and hedge funds own 86.90% of the company's stock.

Wall Street Analyst Weigh In

Several analysts recently issued reports on the stock. Oppenheimer upped their price objective on shares of CarGurus from $38.00 to $44.00 and gave the stock an "outperform" rating in a report on Wednesday, August 12th. Royal Bank Of Canada boosted their price objective on CarGurus from $35.00 to $42.00 and gave the company an "outperform" rating in a research report on Friday, August 7th. Piper Sandler reissued a "sector weight" rating on shares of CarGurus in a research report on Friday, June 12th. Freedom Capital raised shares of CarGurus to a "strong-buy" rating in a report on Friday, June 12th. Finally, Citigroup lifted their price objective on CarGurus from $32.00 to $39.00 and gave the company a "neutral" rating in a research report on Friday. One equities research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and seven have assigned a Hold rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $40.75.

Insider Activity

In other CarGurus news, General Counsel Javier Zamora sold 6,205 shares of the firm's stock in a transaction that occurred on Monday, August 3rd. The shares were sold at an average price of $37.08, for a total transaction of $230,081.40. Following the sale, the general counsel directly owned 80,260 shares in the company, valued at approximately $2,976,040.80. This trade represents a 7.18% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Greg M. Schwartz sold 10,000 shares of the business's stock in a transaction on Wednesday, August 12th. The shares were sold at an average price of $36.07, for a total transaction of $360,700.00. Following the completion of the sale, the director directly owned 8,716 shares in the company, valued at $314,386.12. This represents a 53.43% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last ninety days, insiders sold 60,015 shares of company stock worth $2,112,102. Corporate insiders own 18.19% of the company's stock.

CarGurus Stock Up 1.3%

NASDAQ:CARG opened at $36.22 on Wednesday. CarGurus, Inc. has a 12-month low of $26.39 and a 12-month high of $41.22. The firm has a market capitalization of $3.23 billion, a P/E ratio of 19.68, a P/E/G ratio of 1.36 and a beta of 1.17. The stock's fifty day simple moving average is $34.08 and its 200-day simple moving average is $32.79.

CarGurus (NASDAQ:CARG - Get Free Report) last posted its earnings results on Thursday, August 6th. The company reported $0.66 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.61 by $0.05. CarGurus had a return on equity of 62.88% and a net margin of 18.06%.The company had revenue of $250.97 million during the quarter, compared to analyst estimates of $249.85 million. During the same period in the previous year, the company earned $0.57 EPS. The company's revenue for the quarter was up 7.2% compared to the same quarter last year. CarGurus has set its Q3 2026 guidance at 0.630-0.690 EPS. As a group, equities research analysts expect that CarGurus, Inc. will post 2.17 earnings per share for the current year.

CarGurus Profile

CarGurus, Inc operates an online automotive marketplace designed to connect buyers and sellers of new and used vehicles. Through its proprietary search engine and data-driven pricing tools, the platform enables consumers to compare listings, assess fair market values and locate local dealers offering competitive deals. CarGurus also provides detailed vehicle history reports, dealer reviews and financing options to streamline the car-shopping process for both private parties and franchised dealerships.

The company's core product offerings include Instant Market Value (IMV), which leverages pricing algorithms to help buyers identify over- or under-priced vehicles, as well as dealer subscription services that grant automotive retailers access to lead generation tools, targeted advertising and dynamic pricing insights.

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