Engineers Gate Manager LP Sells 43,408 Shares of CarGurus, Inc. $CARG

Key Points

• Engineers Gate Manager LP reduced its CarGurus stake by 42.6%, selling 43,408 shares during the second quarter and retaining 58,510 shares valued at approximately $2.0 million.
• CarGurus reported quarterly EPS of $0.66, exceeding the $0.61 analyst consensus, while revenue rose 7.2% year over year to $250.97 million. The company issued third-quarter EPS guidance of $0.63–$0.69.
• Analysts maintain a “Moderate Buy” consensus with an average price target of $40.75, compared with the stock’s reported opening price of $35.00; institutional investors own 86.9% of outstanding shares.

Engineers Gate Manager LP trimmed its holdings in shares of CarGurus, Inc. (NASDAQ:CARG - Free Report) by 42.6% in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 58,510 shares of the company's stock after selling 43,408 shares during the quarter. Engineers Gate Manager LP owned about 0.07% of CarGurus worth $1,995,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also added to or reduced their stakes in the company. William Blair Investment Management LLC bought a new stake in shares of CarGurus during the 4th quarter valued at about $21,756,000. Northwestern Mutual Wealth Management Co. increased its position in shares of CarGurus by 159,137.1% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 536,629 shares of the company's stock worth $22,787,000 after purchasing an additional 536,292 shares during the last quarter. Bank of New York Mellon Corp purchased a new stake in CarGurus in the second quarter valued at approximately $15,631,000. Pale Fire Capital SE purchased a new stake in CarGurus in the second quarter valued at approximately $13,112,000. Finally, Lazard Asset Management LLC lifted its position in CarGurus by 180.8% during the first quarter. Lazard Asset Management LLC now owns 445,868 shares of the company's stock valued at $15,182,000 after purchasing an additional 287,067 shares during the last quarter. 86.90% of the stock is currently owned by institutional investors.

CarGurus Stock Performance

CARG stock opened at $35.00 on Wednesday. CarGurus, Inc. has a fifty-two week low of $26.39 and a fifty-two week high of $41.22. The company has a market capitalization of $3.12 billion, a price-to-earnings ratio of 19.02, a price-to-earnings-growth ratio of 1.24 and a beta of 1.16. The business's 50 day moving average price is $35.50 and its two-hundred day moving average price is $33.64.

CarGurus (NASDAQ:CARG - Get Free Report) last issued its quarterly earnings results on Thursday, August 6th. The company reported $0.66 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.61 by $0.05. The company had revenue of $250.97 million during the quarter, compared to analysts' expectations 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% on a year-over-year basis. During the same period last year, the company posted $0.57 EPS. CarGurus has set its Q3 2026 guidance at 0.630-0.690 EPS. Sell-side analysts forecast that CarGurus, Inc. will post 2.17 earnings per share for the current year.

Wall Street Analysts Forecast Growth

CARG has been the topic of several research reports. Barclays raised their price objective on shares of CarGurus from $40.00 to $41.00 and gave the company an "overweight" rating in a research report on Monday, August 10th. BTIG Research lifted their price target on CarGurus from $40.00 to $41.00 and gave the stock a "buy" rating in a research note on Friday, August 7th. UBS Group upped their price objective on CarGurus from $37.00 to $40.00 and gave the stock a "neutral" rating in a report on Friday, August 7th. Wall Street Zen upgraded CarGurus from a "hold" rating to a "buy" rating in a research report on Saturday, August 22nd. Finally, Oppenheimer boosted their target price on CarGurus from $38.00 to $44.00 and gave the stock an "outperform" rating in a research report on Wednesday, August 12th. One equities research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and seven have issued a Hold rating to the company. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $40.75.

Insider Activity

In other news, CMO Dafna Sarnoff sold 17,151 shares of the company's stock in a transaction that occurred on Thursday, August 13th. The shares were sold at an average price of $37.00, for a total value of $634,587.00. Following the transaction, the chief marketing officer owned 109,668 shares in the company, valued at approximately $4,057,716. This represents a 13.52% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CTO Matthew Quinn sold 3,824 shares of the company's stock in a transaction that occurred on Thursday, July 2nd. The shares were sold at an average price of $35.03, for a total value of $133,954.72. Following the completion of the transaction, the chief technology officer directly owned 233,146 shares in the company, valued at $8,167,104.38. This trade represents a 1.61% decrease in their ownership of the stock. 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 sold 61,943 shares of company stock valued at $2,238,736. 18.19% of the stock is currently owned by insiders.

CarGurus Company 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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