Bank of New York Mellon Corp Sells 25,038 Shares of CarGurus, Inc. (NASDAQ:CARG)

Bank of New York Mellon Corp trimmed its stake in CarGurus, Inc. (NASDAQ:CARG - Free Report) by 4.3% during the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 557,805 shares of the company's stock after selling 25,038 shares during the period. Bank of New York Mellon Corp owned 0.53% of CarGurus worth $16,249,000 at the end of the most recent reporting period.

A number of other institutional investors have also made changes to their positions in the stock. Vanguard Group Inc. increased its position in shares of CarGurus by 2.4% during the fourth quarter. Vanguard Group Inc. now owns 9,686,886 shares of the company's stock valued at $353,959,000 after purchasing an additional 225,430 shares during the period. Wellington Management Group LLP grew its position in CarGurus by 12.7% in 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 period. Arrowstreet Capital Limited Partnership grew its position in CarGurus by 168.7% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 1,524,478 shares of the company's stock valued at $55,704,000 after acquiring an additional 957,035 shares during the period. Prevatt Capital Ltd grew its position in CarGurus by 9.8% in the fourth quarter. Prevatt Capital Ltd now owns 1,350,000 shares of the company's stock valued at $49,329,000 after acquiring an additional 120,000 shares during the period. Finally, Loomis Sayles & Co. L P grew its position in CarGurus by 35.1% in the fourth quarter. Loomis Sayles & Co. L P now owns 946,974 shares of the company's stock valued at $34,603,000 after acquiring an additional 245,919 shares during the period. 86.90% of the stock is owned by institutional investors.

CarGurus Stock Up 0.2%

Shares of NASDAQ CARG traded up $0.08 during trading on Tuesday, reaching $33.30. The company had a trading volume of 726,565 shares, compared to its average volume of 880,038. The company's fifty day moving average price is $32.62 and its 200-day moving average price is $32.61. CarGurus, Inc. has a 12 month low of $21.65 and a 12 month high of $41.33. The stock has a market cap of $3.48 billion, a P/E ratio of 95.15, a PEG ratio of 1.63 and a beta of 1.44.

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

Insider Activity at CarGurus

In other news, COO Samuel Zales sold 10,000 shares of the firm's stock in a transaction on Wednesday, July 16th. The stock was sold at an average price of $33.88, for a total value of $338,800.00. Following the completion of the transaction, the chief operating officer directly owned 461,821 shares of the company's stock, valued at $15,646,495.48. This trade represents a 2.12% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, General Counsel Javier Zamora sold 6,154 shares of the firm's stock in a transaction dated Thursday, July 10th. The shares were sold at an average price of $35.00, for a total value of $215,390.00. Following the sale, the general counsel owned 92,807 shares in the company, valued at $3,248,245. The trade was a 6.22% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 59,049 shares of company stock valued at $1,899,297 in the last ninety days. Insiders own 17.20% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on the company. JMP Securities reaffirmed a "market perform" rating and set a $38.00 price target on shares of CarGurus in a research report on Wednesday, July 2nd. Royal Bank Of Canada reaffirmed an "outperform" rating and set a $42.00 price target on shares of CarGurus in a research report on Monday, May 12th. Citizens Jmp lowered CarGurus from an "outperform" rating to a "market perform" rating in a research report on Wednesday, July 2nd. Gordon Haskett assumed coverage on CarGurus in a research report on Monday, July 14th. They set a "hold" rating and a $35.00 price target on the stock. Finally, JPMorgan Chase & Co. lowered 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. Seven research analysts have rated the stock with a hold rating and six have issued a buy rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus price target of $37.63.

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.