CarGurus, Inc. $CARG Shares Sold by The Manufacturers Life Insurance Company

Key Points

• The Manufacturers Life Insurance Company reduced its CarGurus stake by 8.1% in the first quarter, selling 148,823 shares and retaining 1.70 million shares worth approximately $57.8 million. Institutional investors collectively own 86.9% of the company.
• CarGurus reported quarterly earnings of $0.58 per share, beating estimates by $0.02, while revenue rose 8.2% year over year to $243.56 million. Shares opened at $37.07, up 1.8%.
• Analyst sentiment remains positive, with a consensus rating of “Moderate Buy” and an average price target of $38.55; Needham raised its target to $43.00. Insiders have sold 25,559 shares worth $841,568 over the past three months.

The Manufacturers Life Insurance Company cut its position in shares of CarGurus, Inc. (NASDAQ:CARG - Free Report) by 8.1% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 1,696,846 shares of the company's stock after selling 148,823 shares during the quarter. The Manufacturers Life Insurance Company owned approximately 1.88% of CarGurus worth $57,778,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of the company. Brown Brothers Harriman & Co. acquired a new stake in CarGurus during the third quarter worth approximately $46,000. Torren Management LLC acquired a new position in CarGurus in the 4th quarter valued at $49,000. EverSource Wealth Advisors LLC lifted its stake in shares of CarGurus by 491.7% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,639 shares of the company's stock worth $55,000 after purchasing an additional 1,362 shares during the period. Clearstead Advisors LLC lifted its stake in shares of CarGurus by 321.2% during the 4th quarter. Clearstead Advisors LLC now owns 2,127 shares of the company's stock worth $82,000 after purchasing an additional 1,622 shares during the period. Finally, Rockefeller Capital Management L.P. boosted its holdings in shares of CarGurus by 356.5% during the fourth quarter. Rockefeller Capital Management L.P. now owns 2,173 shares of the company's stock worth $83,000 after purchasing an additional 1,697 shares during the last quarter. Institutional investors and hedge funds own 86.90% of the company's stock.

CarGurus Stock Up 1.8%

Shares of NASDAQ CARG opened at $37.07 on Thursday. CarGurus, Inc. has a 52-week low of $26.39 and a 52-week high of $39.42. The firm has a fifty day moving average of $31.71 and a 200-day moving average of $32.60. The stock has a market capitalization of $3.34 billion, a PE ratio of 24.39, a P/E/G ratio of 1.33 and a beta of 1.18.

CarGurus (NASDAQ:CARG - Get Free Report) last issued its earnings results on Thursday, May 7th. The company reported $0.58 earnings per share for the quarter, topping the consensus estimate of $0.56 by $0.02. CarGurus had a return on equity of 54.42% and a net margin of 15.57%.The business had revenue of $243.56 million for the quarter, compared to analyst estimates of $243.10 million. During the same period last year, the company posted $0.46 EPS. The business's quarterly revenue was up 8.2% on a year-over-year basis. CarGurus has set its Q2 2026 guidance at 0.570-0.640 EPS. Equities research analysts expect that CarGurus, Inc. will post 2.11 EPS for the current fiscal year.

Insider Transactions at CarGurus

In other news, insider Jennifer Ladd Hanson sold 2,499 shares of the firm's stock in a transaction dated Wednesday, July 1st. The stock was sold at an average price of $34.56, for a total value of $86,365.44. Following the transaction, the insider directly owned 92,894 shares in the company, valued at $3,210,416.64. This trade represents a 2.62% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CTO Matthew Todd Quinn sold 3,824 shares of CarGurus stock in a transaction dated Thursday, July 2nd. The shares were sold at an average price of $35.03, for a total value of $133,954.72. Following the completion of the transaction, the chief technology officer directly owned 233,146 shares in the company, valued at $8,167,104.38. This represents a 1.61% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 25,559 shares of company stock worth $841,568 in the last three months. 18.19% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on the company. Needham & Company LLC lifted their price objective on CarGurus from $37.00 to $43.00 and gave the company a "buy" rating in a research report on Friday, May 8th. Freedom Capital upgraded CarGurus to a "strong-buy" rating in a research report on Friday, June 12th. Piper Sandler reissued a "sector weight" rating on shares of CarGurus in a research note on Friday, June 12th. Royal Bank Of Canada lifted their price target on CarGurus from $34.00 to $35.00 and gave the company an "outperform" rating in a report on Monday, May 11th. Finally, UBS Group set a $35.00 price objective on shares of CarGurus in a research note on Thursday, May 28th. One analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and six have assigned a Hold rating to the company's stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $38.55.

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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