Bryce Point Capital LLC Sells 19,420 Shares of CarGurus, Inc. (NASDAQ:CARG)

Key Points

• Bryce Point Capital LLC reduced its stake in CarGurus by 43.5%, selling 19,420 shares and holding 25,223 shares worth approximately $735,000.
• Several institutional investors, including Vanguard Group Inc. and Wellington Management Group LLP, increased their holdings in CarGurus, with institutional ownership now at 86.90%.
• Analysts have varying target prices for CarGurus, with a consensus rating of "Hold" and an average price target of $37.63 per share.

Bryce Point Capital LLC decreased its position in CarGurus, Inc. (NASDAQ:CARG - Free Report) by 43.5% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 25,223 shares of the company's stock after selling 19,420 shares during the period. Bryce Point Capital LLC's holdings in CarGurus were worth $735,000 as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of CARG. Sei Investments Co. boosted its holdings in CarGurus by 89.2% during the fourth quarter. Sei Investments Co. now owns 144,709 shares of the company's stock valued at $5,288,000 after purchasing an additional 68,209 shares in the last quarter. KLP Kapitalforvaltning AS acquired a new stake in CarGurus in the 4th quarter valued at $632,000. LPL Financial LLC boosted its stake in CarGurus by 12.9% in the 4th quarter. LPL Financial LLC now owns 47,145 shares of the company's stock valued at $1,723,000 after buying an additional 5,389 shares in the last quarter. Vanguard Group Inc. grew its position in CarGurus by 2.4% in the fourth quarter. Vanguard Group Inc. now owns 9,686,886 shares of the company's stock valued at $353,959,000 after acquiring an additional 225,430 shares during the period. Finally, JPMorgan Chase & Co. raised its stake in CarGurus by 48.7% during the fourth quarter. JPMorgan Chase & Co. now owns 600,530 shares of the company's stock worth $21,943,000 after acquiring an additional 196,697 shares in the last quarter. Institutional investors own 86.90% of the company's stock.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on the stock. Citigroup reduced their target price on shares of CarGurus from $40.00 to $37.00 and set a "neutral" rating on the stock in a research note on Thursday, July 3rd. Gordon Haskett began coverage on shares of CarGurus in a research note on Monday, July 14th. They set a "hold" rating and a $35.00 price objective on the stock. UBS Group lifted their target price on shares of CarGurus from $29.00 to $33.00 and gave the company a "neutral" rating in a research note on Friday, May 9th. Citizens Jmp cut CarGurus from an "outperform" rating to a "market perform" rating in a report on Wednesday, July 2nd. Finally, Needham & Company LLC reduced their price objective on CarGurus from $45.00 to $39.00 and set a "buy" rating on the stock in a research note on Friday, May 9th. Seven investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to MarketBeat, CarGurus currently has an average rating of "Hold" and a consensus price target of $37.63.

Insiders Place Their Bets

In other CarGurus news, CTO Matthew Todd Quinn sold 3,789 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 transaction of $125,378.01. Following the transaction, the chief technology officer directly owned 216,877 shares in the company, valued at approximately $7,176,459.93. The trade was a 1.72% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, COO Samuel Zales sold 10,000 shares of the firm's stock in a transaction dated Wednesday, July 16th. The stock was sold at an average price of $33.88, for a total value of $338,800.00. Following the sale, the chief operating officer directly owned 461,821 shares in the company, valued at approximately $15,646,495.48. This represents a 2.12% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 59,049 shares of company stock worth $1,899,297 over the last 90 days. 17.20% of the stock is currently owned by corporate insiders.

CarGurus Trading Up 0.3%

Shares of CARG stock traded up $0.09 on Monday, reaching $33.60. The company had a trading volume of 512,179 shares, compared to its average volume of 722,844. The stock has a market cap of $3.51 billion, a PE ratio of 96.00, a PEG ratio of 1.64 and a beta of 1.44. The company has a 50-day moving average of $32.66 and a 200-day moving average of $32.51. CarGurus, Inc. has a 12 month low of $21.65 and a 12 month high of $41.33.

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

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.