Federated Hermes Inc. Boosts Stock Position in CarGurus, Inc. (NASDAQ:CARG)

Key Points

• Federated Hermes Inc. has increased its holdings in CarGurus, Inc. by 8.6%, now owning approximately $11.95 million worth of shares.
• A majority of investors have recently adjusted their stakes in CarGurus, with institutional investors holding about 86.90% of the stock.
• CarGurus has received mixed ratings from analysts, with an average rating of "Hold" and a consensus price target of $37.63.

Federated Hermes Inc. grew its position in CarGurus, Inc. (NASDAQ:CARG - Free Report) by 8.6% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 410,204 shares of the company's stock after acquiring an additional 32,640 shares during the quarter. Federated Hermes Inc. owned about 0.39% of CarGurus worth $11,949,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in CARG. Bessemer Group Inc. lifted its position in shares of CarGurus by 237,430.8% in the first quarter. Bessemer Group Inc. now owns 731,595 shares of the company's stock valued at $21,312,000 after acquiring an additional 731,287 shares in the last quarter. No Street GP LP acquired a new stake in shares of CarGurus in the fourth quarter valued at approximately $25,578,000. Raymond James Financial Inc. acquired a new stake in shares of CarGurus in the fourth quarter valued at approximately $19,465,000. Oberweis Asset Management Inc. acquired a new stake in shares of CarGurus in the fourth quarter valued at approximately $18,270,000. Finally, Norges Bank acquired a new stake in shares of CarGurus in the fourth quarter valued at approximately $14,369,000. Hedge funds and other institutional investors own 86.90% of the company's stock.

Analyst Ratings Changes

Several research firms recently commented on CARG. Citizens Jmp cut CarGurus from an "outperform" rating to a "market perform" rating in a report on Wednesday, July 2nd. UBS Group raised their target price on CarGurus from $29.00 to $33.00 and gave the stock a "neutral" rating in a research note on Friday, May 9th. Gordon Haskett started coverage on CarGurus in a research note on Monday, July 14th. They set a "hold" rating and a $35.00 target price for the company. Royal Bank Of Canada reissued an "outperform" rating and set a $42.00 target price on shares of CarGurus in a research note on Monday, May 12th. Finally, Citigroup cut their target price on CarGurus from $40.00 to $37.00 and set a "neutral" rating for the company in a research note on Thursday, July 3rd. Seven investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Hold" and a consensus price target of $37.63.

CarGurus Stock Performance

Shares of NASDAQ CARG traded down $0.29 during trading on Monday, reaching $31.57. The stock had a trading volume of 1,391,149 shares, compared to its average volume of 739,039. CarGurus, Inc. has a fifty-two week low of $21.65 and a fifty-two week high of $41.33. The business's 50-day moving average price is $32.77 and its 200-day moving average price is $32.34. The company has a market cap of $3.30 billion, a P/E ratio of 90.20, a PEG ratio of 1.56 and a beta of 1.42.

CarGurus (NASDAQ:CARG - Get Free Report) last issued its quarterly earnings data on Thursday, May 8th. The company reported $0.46 earnings per share for the quarter, beating analysts' consensus estimates of $0.42 by $0.04. The business had revenue of $225.16 million during the quarter, compared to analysts' expectations of $226.72 million. CarGurus had a return on equity of 32.54% and a net margin of 4.28%. The company's revenue was up 4.3% on a year-over-year basis. During the same period in the previous year, the firm posted $0.32 earnings per share. Analysts forecast that CarGurus, Inc. will post 1.41 EPS for the current fiscal year.

Insider Transactions at CarGurus

In related news, insider Ismail Elshareef sold 5,246 shares of CarGurus stock in a transaction on Wednesday, June 4th. The stock was sold at an average price of $31.37, for a total value of $164,567.02. Following the completion of the transaction, the insider directly owned 107,007 shares in the company, valued at approximately $3,356,809.59. This trade represents a 4.67% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Zachary Emerson Hallowell sold 4,369 shares of CarGurus stock in a transaction dated Wednesday, July 2nd. The stock was sold at an average price of $33.09, for a total value of $144,570.21. Following the sale, the chief executive officer directly owned 121,584 shares of the company's stock, valued at $4,023,214.56. This trade represents a 3.47% 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 valued at $1,616,397 in the last 90 days. Insiders own 17.20% of the company's stock.

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.