Bessemer Group Inc. Increases Position in CarGurus, Inc. (NASDAQ:CARG)

Bessemer Group Inc. lifted its holdings in shares of CarGurus, Inc. (NASDAQ:CARG - Free Report) by 237,430.8% during the 1st quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 731,595 shares of the company's stock after acquiring an additional 731,287 shares during the period. Bessemer Group Inc. owned 0.70% of CarGurus worth $21,312,000 at the end of the most recent reporting period.

Several other institutional investors have also recently added to or reduced their stakes in the business. Principal Securities Inc. raised its holdings in CarGurus by 82.7% during the fourth quarter. Principal Securities Inc. now owns 937 shares of the company's stock worth $34,000 after purchasing an additional 424 shares in the last quarter. New York State Common Retirement Fund grew its position in shares of CarGurus by 17.1% in the 4th quarter. New York State Common Retirement Fund now owns 30,035 shares of the company's stock valued at $1,097,000 after buying an additional 4,386 shares during the last quarter. Global Retirement Partners LLC raised its stake in CarGurus by 198.5% during the 4th quarter. Global Retirement Partners LLC now owns 800 shares of the company's stock worth $29,000 after acquiring an additional 532 shares in the last quarter. Handelsbanken Fonder AB lifted its position in CarGurus by 11.0% in the fourth quarter. Handelsbanken Fonder AB now owns 17,100 shares of the company's stock valued at $625,000 after acquiring an additional 1,700 shares during the last quarter. Finally, Los Angeles Capital Management LLC lifted its position in CarGurus by 36.4% in the fourth quarter. Los Angeles Capital Management LLC now owns 87,862 shares of the company's stock valued at $3,210,000 after acquiring an additional 23,445 shares during the last quarter. Hedge funds and other institutional investors own 86.90% of the company's stock.

CarGurus Stock Up 0.6%

CARG stock traded up $0.21 on Monday, reaching $33.47. 941,316 shares of the company's stock were exchanged, compared to its average volume of 871,284. The stock has a fifty day moving average of $31.05 and a 200-day moving average of $32.89. The firm has a market cap of $3.49 billion, a PE ratio of 95.63, a P/E/G ratio of 1.63 and a beta of 1.44. CarGurus, Inc. has a twelve month low of $21.65 and a twelve month high of $41.33.

CarGurus (NASDAQ:CARG - Get Free Report) last issued its earnings results 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. CarGurus had a net margin of 4.28% and a return on equity of 32.54%. The company had revenue of $225.16 million for the quarter, compared to analyst estimates of $226.72 million. During the same period in the prior year, the business posted $0.32 earnings per share. The firm's revenue for the quarter was up 4.3% compared to the same quarter last year. On average, equities research analysts predict that CarGurus, Inc. will post 1.41 EPS for the current fiscal year.

Insider Transactions at CarGurus

In other news, COO Samuel Zales sold 10,000 shares of the firm's stock in a transaction on Friday, May 2nd. The stock was sold at an average price of $28.29, for a total value of $282,900.00. Following the completion of the transaction, the chief operating officer owned 493,382 shares in the company, valued at $13,957,776.78. This trade represents a 1.99% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, General Counsel Javier Esquivel Zamora sold 12,265 shares of the stock in a transaction dated Wednesday, June 4th. The shares were sold at an average price of $31.37, for a total transaction of $384,753.05. Following the completion of the sale, the general counsel directly owned 102,723 shares in the company, valued at approximately $3,222,420.51. The trade was a 10.67% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 39,335 shares of company stock valued at $1,149,376 in the last three months. 17.20% of the stock is owned by company insiders.

Analysts Set New Price Targets

Several brokerages have issued reports on CARG. UBS Group raised their price objective on CarGurus from $29.00 to $33.00 and gave the stock a "neutral" rating in a report on Friday, May 9th. Needham & Company LLC dropped their price target on CarGurus from $45.00 to $39.00 and set a "buy" rating on the stock in a research note on Friday, May 9th. JMP Securities cut their price target on CarGurus from $43.00 to $38.00 and set a "market outperform" rating on the stock in a research report on Wednesday, April 9th. JPMorgan Chase & Co. cut CarGurus from an "overweight" rating to a "neutral" rating and reduced their price objective for the company from $42.00 to $34.00 in a research note on Thursday, March 27th. Finally, Royal Bank Of Canada restated an "outperform" rating and set a $42.00 target price on shares of CarGurus in a research report on Monday, May 12th. Three equities research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $36.95.

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.