Gagnon Securities LLC Decreases Stock Position in CarGurus, Inc. (NASDAQ:CARG)

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 cut its stake in CarGurus, Inc. (NASDAQ:CARG - Free Report) by 21.3% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 326,436 shares of the company's stock after selling 88,562 shares during the quarter. CarGurus makes up approximately 2.1% of Gagnon Securities LLC's portfolio, making the stock its 20th largest holding. Gagnon Securities LLC owned approximately 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 bought and sold shares of the business. GeoWealth Management LLC acquired a new position in CarGurus in the fourth quarter valued at $49,000. Signaturefd LLC grew its holdings in CarGurus by 83.9% during the 1st quarter. Signaturefd LLC now owns 1,751 shares of the company's stock valued at $51,000 after purchasing an additional 799 shares in the last quarter. Blue Trust Inc. boosted its holdings in shares of CarGurus by 49.8% in the 1st quarter. Blue Trust Inc. now owns 2,494 shares of the company's stock valued at $73,000 after buying an additional 829 shares during the period. Versant Capital Management Inc raised its position in shares of CarGurus by 695.4% during the 1st quarter. Versant Capital Management Inc now owns 2,593 shares of the company's stock worth $76,000 after buying an additional 2,267 shares in the last quarter. Finally, NewEdge Advisors LLC grew its position in CarGurus by 25.0% during the fourth quarter. NewEdge Advisors LLC now owns 2,716 shares of the company's stock valued at $99,000 after purchasing an additional 543 shares in the last quarter. 86.90% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several brokerages have issued reports on CARG. UBS Group set a $36.00 price target on shares of CarGurus and gave the company a "neutral" rating in a report on Friday. Royal Bank Of Canada restated an "outperform" rating and issued a $42.00 price target on shares of CarGurus in a research report on Monday, May 12th. Citigroup cut their target price on CarGurus from $40.00 to $37.00 and set a "neutral" rating on the stock in a report on Thursday, July 3rd. Needham & Company LLC raised their target price on CarGurus from $39.00 to $44.00 and gave the stock a "buy" rating in a research note on Friday. Finally, Gordon Haskett started 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. Seven investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Hold" and a consensus price target of $38.29.

Insider Activity

In related news, COO Samuel Zales sold 10,000 shares of the stock in a transaction dated Wednesday, July 16th. The shares were sold at an average price of $33.88, for a total transaction of $338,800.00. Following the completion of the transaction, the chief operating officer owned 461,821 shares in the company, valued at approximately $15,646,495.48. This represents a 2.12% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Ismail Elshareef sold 5,246 shares of the stock in a transaction dated Wednesday, June 4th. The stock was sold at an average price of $31.37, for a total transaction of $164,567.02. Following the completion of the sale, the insider directly owned 107,007 shares in the company, valued at approximately $3,356,809.59. The trade was a 4.67% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 49,049 shares of company stock valued at $1,616,397. 17.20% of the stock is currently owned by insiders.

CarGurus Stock Up 0.4%

NASDAQ:CARG traded up $0.12 on Monday, reaching $29.23. The stock had a trading volume of 467,573 shares, compared to its average volume of 1,038,785. The company has a market capitalization of $3.05 billion, a P/E ratio of 23.76, a price-to-earnings-growth ratio of 1.43 and a beta of 1.42. The stock has a fifty day moving average price of $32.73 and a 200-day moving average price of $32.13. CarGurus, Inc. has a 1-year low of $24.65 and a 1-year high of $41.33.

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