Corient Private Wealth LP Grows Stake in CarGurus, Inc. $CARG

Key Points

• Corient Private Wealth LP increased its CarGurus stake by 657.4% in the second quarter, holding 183,666 shares worth approximately $6.26 million. Institutional investors collectively own 86.9% of the company.
• Analysts maintain a generally positive outlook, with CarGurus receiving a consensus “Moderate Buy” rating and an average price target of $40.75. Several firms recently raised their targets, including Oppenheimer to $44.
• CarGurus exceeded quarterly earnings expectations, reporting $0.66 in adjusted EPS versus a $0.61 estimate and revenue of $250.97 million, up 7.2% year over year. However, insiders have sold 71,943 shares worth about $2.58 million over the past three months.

Corient Private Wealth LP boosted its holdings in shares of CarGurus, Inc. (NASDAQ:CARG - Free Report) by 657.4% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 183,666 shares of the company's stock after purchasing an additional 159,416 shares during the quarter. Corient Private Wealth LP owned about 0.21% of CarGurus worth $6,261,000 at the end of the most recent quarter.

A number of other large investors also recently added to or reduced their stakes in the business. William Blair Investment Management LLC bought a new stake in CarGurus in the 4th quarter valued at $21,756,000. Bank of New York Mellon Corp bought a new stake in shares of CarGurus in the second quarter worth about $15,631,000. Pale Fire Capital SE purchased a new stake in shares of CarGurus in the second quarter worth about $13,112,000. Lazard Asset Management LLC lifted its position in shares of CarGurus by 180.8% in the first quarter. Lazard Asset Management LLC now owns 445,868 shares of the company's stock worth $15,182,000 after buying an additional 287,067 shares in the last quarter. Finally, Prevatt Capital Ltd boosted its stake in CarGurus by 12.5% during the first quarter. Prevatt Capital Ltd now owns 2,475,000 shares of the company's stock valued at $84,274,000 after buying an additional 275,000 shares during the last quarter. 86.90% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

CARG has been the subject of a number of analyst reports. Oppenheimer increased their price target on shares of CarGurus from $38.00 to $44.00 and gave the company an "outperform" rating in a report on Wednesday, August 12th. Piper Sandler reissued a "sector weight" rating on shares of CarGurus in a research note on Friday, June 12th. BTIG Research upped their price objective on CarGurus from $40.00 to $41.00 and gave the company a "buy" rating in a research report on Friday, August 7th. Royal Bank Of Canada raised their price objective on CarGurus from $35.00 to $42.00 and gave the company an "outperform" rating in a research note on Friday, August 7th. Finally, Citigroup increased their price target on CarGurus from $32.00 to $39.00 and gave the company a "neutral" rating in a report on Friday, August 14th. One equities research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and seven have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $40.75.

Insider Transactions at CarGurus

In other news, CMO Dafna Sarnoff sold 17,151 shares of the company's stock in a transaction dated Thursday, August 13th. The shares were sold at an average price of $37.00, for a total transaction of $634,587.00. Following the transaction, the chief marketing officer owned 109,668 shares in the company, valued at $4,057,716. This represents a 13.52% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, COO Samuel Zales sold 10,000 shares of the business's stock in a transaction that occurred on Tuesday, September 15th. The stock was sold at an average price of $34.62, for a total transaction of $346,200.00. Following the sale, the chief operating officer directly owned 455,349 shares in the company, valued at approximately $15,764,182.38. This represents a 2.15% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders have sold 71,943 shares of company stock worth $2,584,936. 18.19% of the stock is currently owned by corporate insiders.

CarGurus Stock Performance

NASDAQ:CARG opened at $33.21 on Friday. The stock has a market capitalization of $2.96 billion, a P/E ratio of 18.05, a P/E/G ratio of 1.20 and a beta of 1.16. The company's 50-day simple moving average is $35.48 and its 200-day simple moving average is $33.69. CarGurus, Inc. has a fifty-two week low of $26.39 and a fifty-two week high of $41.22.

CarGurus (NASDAQ:CARG - Get Free Report) last announced its earnings results on Thursday, August 6th. The company reported $0.66 earnings per share for the quarter, beating the consensus estimate of $0.61 by $0.05. The company had revenue of $250.97 million during the quarter, compared to the consensus estimate of $249.85 million. CarGurus had a net margin of 18.06% and a return on equity of 62.88%. CarGurus's revenue was up 7.2% compared to the same quarter last year. During the same period last year, the firm earned $0.57 earnings per share. CarGurus has set its Q3 2026 guidance at 0.630-0.690 EPS. On average, research analysts forecast that CarGurus, Inc. will post 2.17 EPS for the current year.

CarGurus Profile

CarGurus, Inc operates an online automotive marketplace that connects consumers with automobile dealers and private sellers. Its platform enables shoppers to search for new and used vehicles, compare listings, evaluate pricing and vehicle details, and contact sellers. CarGurus generates revenue primarily by providing dealers with digital advertising and marketing products designed to help them display inventory and reach prospective buyers.

The company also provides tools and services intended to support automotive retailers throughout the vehicle-shopping process, including inventory merchandising, lead generation, pricing insights and digital retail capabilities.

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