Boston Partners Boosts Stake in CarGurus, Inc. (NASDAQ:CARG)

Key Points

• Boston Partners significantly increased its stake in CarGurus, Inc., boosting its ownership by 1,641.2% to 878,556 shares worth approximately $25.36 million as of the end of the first quarter.
• Several institutional investors have made notable adjustments to their holdings in CarGurus, with Vanguard Group increasing its stake by 1.0% and Invesco Ltd. raising its stake by 340.5% during the same period.
• CarGurus reported a quarterly earnings per share of $0.57, exceeding analysts' expectations, and its revenue rose 7.0% year-over-year to $234.03 million.

Boston Partners increased its position in CarGurus, Inc. (NASDAQ:CARG - Free Report) by 1,641.2% in the 1st quarter, according to its most recent filing with the SEC. The fund owned 878,556 shares of the company's stock after purchasing an additional 828,099 shares during the period. Boston Partners owned 0.84% of CarGurus worth $25,363,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in the company. Vanguard Group Inc. lifted its holdings in shares of CarGurus by 1.0% in the 1st quarter. Vanguard Group Inc. now owns 9,780,608 shares of the company's stock valued at $284,909,000 after purchasing an additional 93,722 shares during the last quarter. Invesco Ltd. lifted its holdings in shares of CarGurus by 340.5% in the 1st quarter. Invesco Ltd. now owns 1,606,869 shares of the company's stock valued at $46,808,000 after purchasing an additional 1,242,076 shares during the last quarter. Prevatt Capital Ltd lifted its holdings in shares of CarGurus by 9.8% in the 4th quarter. Prevatt Capital Ltd now owns 1,350,000 shares of the company's stock valued at $49,329,000 after purchasing an additional 120,000 shares during the last quarter. Northern Trust Corp lifted its holdings in shares of CarGurus by 5.5% in the 4th quarter. Northern Trust Corp now owns 942,535 shares of the company's stock valued at $34,440,000 after purchasing an additional 49,511 shares during the last quarter. Finally, Nuveen LLC purchased a new stake in shares of CarGurus in the 1st quarter valued at about $21,884,000. 86.90% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at CarGurus

In related news, insider Ismail Elshareef sold 5,246 shares of the business's stock in a transaction dated Wednesday, June 4th. The shares were sold at an average price of $31.37, for a total value of $164,567.02. Following the sale, the insider directly owned 107,007 shares in the company, valued at $3,356,809.59. The trade was a 4.67% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, General Counsel Javier Esquivel Zamora sold 12,265 shares of the business's stock in a transaction dated Wednesday, June 4th. The stock was 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 owned 102,723 shares in the company, valued at $3,222,420.51. This represents a 10.67% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 49,049 shares of company stock worth $1,616,397 over the last ninety days. 16.99% of the stock is currently owned by corporate insiders.

CarGurus Trading Down 1.1%

NASDAQ CARG opened at $31.75 on Friday. The business's 50 day moving average is $32.68 and its two-hundred day moving average is $32.00. CarGurus, Inc. has a 12-month low of $24.65 and a 12-month high of $41.33. The stock has a market capitalization of $3.32 billion, a price-to-earnings ratio of 25.81, a PEG ratio of 1.57 and a beta of 1.42.

CarGurus (NASDAQ:CARG - Get Free Report) last released its earnings results on Thursday, August 7th. The company reported $0.57 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.54 by $0.03. CarGurus had a return on equity of 36.23% and a net margin of 14.12%. The company had revenue of $234.03 million for the quarter, compared to analysts' expectations of $232.29 million. During the same quarter in the previous year, the firm posted $0.41 EPS. The firm's quarterly revenue was up 7.0% on a year-over-year basis. Equities analysts forecast that CarGurus, Inc. will post 1.41 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several analysts have commented on the company. Royal Bank Of Canada reaffirmed an "outperform" rating and set a $42.00 price objective on shares of CarGurus in a research note on Monday, May 12th. Oppenheimer reduced their price objective on CarGurus from $42.00 to $40.00 and set an "outperform" rating for the company in a research note on Tuesday. Citigroup reduced their price objective on CarGurus from $40.00 to $37.00 and set a "neutral" rating for the company in a research note on Thursday, July 3rd. Gordon Haskett assumed coverage on CarGurus in a research note on Monday, July 14th. They set a "hold" rating and a $35.00 price objective for the company. Finally, Needham & Company LLC upped their price objective on CarGurus from $39.00 to $44.00 and gave the company a "buy" rating in a research note on Friday, August 8th. Seven analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus price target of $38.13.

CarGurus 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.

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