CarGurus, Inc. (NASDAQ:CARG) Shares Sold by Gagnon Securities LLC

Key Points

• Gagnon Securities LLC has reduced its stake in CarGurus by 21.3%, now holding approximately 326,436 shares, which represents about 2.1% of its portfolio.
• Various institutional investors have increased their holdings in CarGurus, with Bessemer Group Inc. notably raising its stake by 237,430.8%, resulting in ownership of 731,595 shares.
• CarGurus has an average target price of $37.63 from analysts, with a consensus rating of "Hold", reflecting mixed sentiments about its stock performance.

Gagnon Securities LLC lowered its stake in CarGurus, Inc. (NASDAQ:CARG - Free Report) by 21.3% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 326,436 shares of the company's stock after selling 88,562 shares during the period. CarGurus makes up approximately 2.1% of Gagnon Securities LLC's portfolio, making the stock its 20th biggest holding. Gagnon Securities LLC owned about 0.31% of CarGurus worth $9,509,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of the stock. Vanguard Group Inc. increased its holdings in shares of CarGurus by 1.0% in the first 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 period. Prevatt Capital Ltd increased its holdings in shares of CarGurus by 9.8% in the fourth 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 period. Northern Trust Corp increased its holdings in shares of CarGurus by 5.5% in the fourth 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 period. Bessemer Group Inc. increased its holdings 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 purchasing an additional 731,287 shares during the period. Finally, No Street GP LP acquired a new position in shares of CarGurus in the fourth quarter valued at approximately $25,578,000. Institutional investors and hedge funds own 86.90% of the company's stock.

Insider Buying and Selling

In other news, General Counsel Javier Esquivel Zamora sold 12,265 shares of the business's stock in a transaction on Wednesday, June 4th. The stock was sold at an average price of $31.37, for a total value of $384,753.05. Following the completion of the transaction, the general counsel directly owned 102,723 shares of the company's stock, valued at $3,222,420.51. The trade was a 10.67% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, insider Ismail Elshareef sold 5,246 shares of the business's 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 of the company's stock, valued at approximately $3,356,809.59. This trade represents a 4.67% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 49,049 shares of company stock valued at $1,616,397. Company insiders own 16.99% of the company's stock.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on the company. Royal Bank Of Canada reissued an "outperform" rating and issued a $42.00 target price on shares of CarGurus in a report on Monday, May 12th. Needham & Company LLC decreased 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. Gordon Haskett began coverage on CarGurus in a research note on Monday, July 14th. They issued a "hold" rating and a $35.00 price target on the stock. Citigroup decreased their price target on CarGurus from $40.00 to $37.00 and set a "neutral" rating on the stock in a research note on Thursday, July 3rd. Finally, UBS Group lifted their price target on CarGurus from $29.00 to $33.00 and gave the company a "neutral" rating in a research note on Friday, May 9th. Seven research analysts have rated the stock with a hold rating and six have given a buy rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Hold" and an average target price of $37.63.

CarGurus Stock Performance

CARG opened at $31.81 on Thursday. The business's fifty day moving average is $32.77 and its two-hundred day moving average is $32.33. The company has a market cap of $3.32 billion, a price-to-earnings ratio of 90.89, a PEG ratio of 1.54 and a beta of 1.42. CarGurus, Inc. has a one year low of $21.65 and a one year high of $41.33.

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

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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