KLP Kapitalforvaltning AS Boosts Stake in CarGurus, Inc. (NASDAQ:CARG)

KLP Kapitalforvaltning AS raised its stake in shares of CarGurus, Inc. (NASDAQ:CARG - Free Report) by 48.6% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 25,700 shares of the company's stock after purchasing an additional 8,400 shares during the period. KLP Kapitalforvaltning AS's holdings in CarGurus were worth $749,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Principal Financial Group Inc. increased its stake in CarGurus by 2.3% in the first quarter. Principal Financial Group Inc. now owns 482,484 shares of the company's stock valued at $14,055,000 after purchasing an additional 10,787 shares in the last quarter. GAMMA Investing LLC increased its holdings in shares of CarGurus by 35.4% during the first quarter. GAMMA Investing LLC now owns 4,196 shares of the company's stock valued at $122,000 after acquiring an additional 1,097 shares in the last quarter. Bosman Wealth Management LLC bought a new position in shares of CarGurus in the 1st quarter worth $2,638,000. JPMorgan Chase & Co. grew its position in CarGurus by 48.7% in the 4th quarter. JPMorgan Chase & Co. now owns 600,530 shares of the company's stock valued at $21,943,000 after purchasing an additional 196,697 shares during the period. Finally, Norges Bank bought a new stake in CarGurus during the 4th quarter valued at $14,369,000. 86.90% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other CarGurus news, insider Ismail Elshareef sold 1,325 shares of CarGurus stock in a transaction that occurred on Thursday, July 10th. The stock was sold at an average price of $35.00, for a total transaction of $46,375.00. Following the sale, the insider directly owned 104,322 shares of the company's stock, valued at approximately $3,651,270. The trade was a 1.25% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, COO Samuel Zales sold 10,000 shares of the firm's stock in a transaction that occurred 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 completion of the transaction, the chief operating officer owned 461,821 shares of the company's stock, valued at approximately $15,646,495.48. The trade was a 2.12% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 49,049 shares of company stock worth $1,616,397. 16.99% of the stock is owned by company insiders.

Analyst Ratings Changes

A number of research analysts have recently issued reports on CARG shares. Citizens Jmp cut shares of CarGurus from an "outperform" rating to a "market perform" rating in a report on Wednesday, July 2nd. Royal Bank Of Canada reaffirmed an "outperform" rating and set a $42.00 target price on shares of CarGurus in a research report on Monday, May 12th. JMP Securities restated a "market perform" rating and set a $38.00 price objective on shares of CarGurus in a research note on Wednesday, July 2nd. Needham & Company LLC dropped their price target on shares of CarGurus from $45.00 to $39.00 and set a "buy" rating on the stock in a research report on Friday, May 9th. Finally, Citigroup decreased their price objective on shares of CarGurus from $40.00 to $37.00 and set a "neutral" rating for the company in a research note on Thursday, July 3rd. Seven equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company. Based on data from MarketBeat, CarGurus currently has an average rating of "Hold" and an average price target of $37.63.

CarGurus Trading Down 2.9%

Shares of NASDAQ CARG traded down $0.96 during midday trading on Friday, hitting $31.86. 753,343 shares of the company's stock were exchanged, compared to its average volume of 701,371. The business's fifty day moving average price is $32.77 and its two-hundred day moving average price is $32.45. The company has a market cap of $3.33 billion, a price-to-earnings ratio of 91.03, a PEG ratio of 1.61 and a beta of 1.42. CarGurus, Inc. has a 12-month low of $21.65 and a 12-month high of $41.33.

CarGurus (NASDAQ:CARG - Get Free Report) last announced its quarterly 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. The business had revenue of $225.16 million for the quarter, compared to analysts' expectations of $226.72 million. CarGurus had a return on equity of 32.54% and a net margin of 4.28%. The business's quarterly revenue was up 4.3% on a year-over-year basis. During the same period in the previous year, the firm earned $0.32 EPS. Equities analysts expect that CarGurus, Inc. will post 1.41 earnings per share for the current fiscal 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.