Invesco Ltd. Boosts Stock Holdings in CarGurus, Inc. $CARG

Key Points

• Invesco Ltd. significantly increased its stake in CarGurus, Inc. by 340.5% in Q1, owning approximately 1.54% of the company with total shares reaching 1,606,869, valued at $46.8 million.
• Wall Street analysts have mixed views on CarGurus stock, with recent target price adjustments ranging from $35.00 to $44.00, and a consensus rating of "Hold."
• Insider trading at CarGurus included sales by COO Samuel Zales and CEO Zachary Emerson Hallowell, indicating a decrease in their ownership percentage following the transactions.

Invesco Ltd. grew its holdings in CarGurus, Inc. (NASDAQ:CARG - Free Report) by 340.5% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 1,606,869 shares of the company's stock after purchasing an additional 1,242,076 shares during the quarter. Invesco Ltd. owned approximately 1.54% of CarGurus worth $46,808,000 at the end of the most recent reporting period.

Several other hedge funds have also recently modified their holdings of CARG. Headlands Technologies LLC purchased a new stake in CarGurus during the first quarter worth $207,000. Vanguard Group Inc. raised its position in shares of CarGurus by 1.0% in the 1st quarter. Vanguard Group Inc. now owns 9,780,608 shares of the company's stock worth $284,909,000 after acquiring an additional 93,722 shares in the last quarter. Jupiter Asset Management Ltd. purchased a new stake in shares of CarGurus during the 1st quarter worth $468,000. Alberta Investment Management Corp purchased a new stake in shares of CarGurus during the 1st quarter worth $1,806,000. Finally, US Bancorp DE boosted its position in CarGurus by 14.6% during the first quarter. US Bancorp DE now owns 3,733 shares of the company's stock valued at $109,000 after purchasing an additional 475 shares in the last quarter. Hedge funds and other institutional investors own 86.90% of the company's stock.

Wall Street Analysts Forecast Growth

CARG has been the subject of a number of recent research reports. Oppenheimer reduced their target price on shares of CarGurus from $42.00 to $40.00 and set an "outperform" rating for the company in a report on Tuesday, August 12th. Royal Bank Of Canada reiterated an "outperform" rating and set a $42.00 price objective on shares of CarGurus in a research note on Monday, May 12th. Gordon Haskett assumed coverage on shares of CarGurus in a research note on Monday, July 14th. They issued a "hold" rating and a $35.00 target price for the company. Needham & Company LLC lifted their price target on shares of CarGurus from $39.00 to $44.00 and gave the stock a "buy" rating in a report on Friday, August 8th. Finally, UBS Group set a $36.00 price target on CarGurus and gave the stock a "neutral" rating in a research report on Friday, August 8th. Seven analysts have rated the stock with a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of "Hold" and an average price target of $38.13.

Insider Buying and Selling at CarGurus

In other news, COO Samuel Zales sold 10,000 shares of the stock in a transaction on Wednesday, July 16th. The shares were sold at an average price of $33.88, for a total value of $338,800.00. Following the sale, the chief operating officer owned 461,821 shares in the company, valued at $15,646,495.48. This represents a 2.12% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Zachary Emerson Hallowell sold 1,733 shares of the business's stock in a transaction on Thursday, July 17th. The shares were sold at an average price of $33.84, for a total transaction of $58,644.72. Following the transaction, the chief executive officer owned 117,045 shares of the company's stock, valued at $3,960,802.80. This represents a 1.46% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 49,049 shares of company stock worth $1,616,397. Corporate insiders own 17.20% of the company's stock.

CarGurus Price Performance

Shares of CARG stock opened at $32.39 on Monday. The business has a fifty day moving average of $32.69 and a 200 day moving average of $31.83. CarGurus, Inc. has a 1 year low of $24.65 and a 1 year high of $41.33. The firm has a market capitalization of $3.22 billion, a price-to-earnings ratio of 26.33, a price-to-earnings-growth ratio of 1.59 and a beta of 1.42.

CarGurus (NASDAQ:CARG - Get Free Report) last announced its quarterly earnings data on Thursday, August 7th. The company reported $0.57 earnings per share for the quarter, beating analysts' consensus estimates of $0.54 by $0.03. CarGurus had a return on equity of 36.23% and a net margin of 14.12%. The business had revenue of $234.03 million for the quarter, compared to analyst estimates of $232.29 million. During the same period in the prior year, the company earned $0.41 earnings per share. The company's revenue was up 7.0% on a year-over-year basis. As a group, equities research analysts expect that CarGurus, Inc. will post 1.41 earnings per share for the current year.

About CarGurus

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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