Teacher Retirement System of Texas Sells 72,842 Shares of CarGurus, Inc. (NASDAQ:CARG)

Teacher Retirement System of Texas reduced its stake in shares of CarGurus, Inc. (NASDAQ:CARG - Free Report) by 56.6% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 55,849 shares of the company's stock after selling 72,842 shares during the quarter. Teacher Retirement System of Texas owned about 0.05% of CarGurus worth $1,627,000 at the end of the most recent quarter.

Several other large investors have also bought and sold shares of CARG. Arrowstreet Capital Limited Partnership lifted its holdings in CarGurus by 168.7% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 1,524,478 shares of the company's stock valued at $55,704,000 after buying an additional 957,035 shares during the period. Wellington Management Group LLP lifted its holdings in CarGurus by 12.7% in the fourth quarter. Wellington Management Group LLP now owns 7,145,350 shares of the company's stock valued at $261,091,000 after buying an additional 802,602 shares during the period. Bessemer Group Inc. lifted its holdings in CarGurus by 237,430.8% in the first quarter. Bessemer Group Inc. now owns 731,595 shares of the company's stock valued at $21,312,000 after buying an additional 731,287 shares during the period. No Street GP LP acquired a new position in CarGurus in the fourth quarter valued at approximately $25,578,000. Finally, Raymond James Financial Inc. acquired a new position in CarGurus in the fourth quarter valued at approximately $19,465,000. 86.90% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several brokerages recently weighed in on CARG. JMP Securities restated a "market perform" rating and issued a $38.00 price objective on shares of CarGurus in a report on Wednesday, July 2nd. Citizens Jmp lowered shares of CarGurus from an "outperform" rating to a "market perform" rating in a report on Wednesday, July 2nd. Needham & Company LLC cut their target price on shares of CarGurus from $45.00 to $39.00 and set a "buy" rating on the stock in a report on Friday, May 9th. Citigroup cut their target price on shares of CarGurus from $40.00 to $37.00 and set a "neutral" rating on the stock in a report on Thursday, July 3rd. Finally, JPMorgan Chase & Co. lowered shares of CarGurus from an "overweight" rating to a "neutral" rating and cut their target price for the stock from $42.00 to $34.00 in a report on Thursday, March 27th. Six investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $37.86.

Insider Buying and Selling at CarGurus

In related news, CEO Zachary Emerson Hallowell sold 4,369 shares of the firm's stock in a transaction on Wednesday, July 2nd. The shares were sold at an average price of $33.09, for a total value of $144,570.21. Following the completion of the transaction, the chief executive officer owned 121,584 shares of the company's stock, valued at approximately $4,023,214.56. This trade represents a 3.47% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Ismail Elshareef sold 5,246 shares of the firm's stock in a transaction on Wednesday, June 4th. The shares were sold at an average price of $31.37, for a total transaction of $164,567.02. Following the completion of the transaction, the insider directly owned 107,007 shares of the company's stock, valued at approximately $3,356,809.59. This trade represents a 4.67% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 51,661 shares of company stock valued at $1,557,243 over the last quarter. 16.99% of the stock is currently owned by corporate insiders.

CarGurus Stock Down 1.1%

Shares of NASDAQ:CARG traded down $0.38 during midday trading on Friday, reaching $34.30. 944,822 shares of the company were exchanged, compared to its average volume of 874,316. CarGurus, Inc. has a fifty-two week low of $21.65 and a fifty-two week high of $41.33. The stock has a fifty day simple moving average of $32.11 and a two-hundred day simple moving average of $32.78. The firm has a market cap of $3.58 billion, a PE ratio of 98.00, a P/E/G ratio of 1.70 and a beta of 1.44.

CarGurus (NASDAQ:CARG - Get Free Report) last issued its quarterly earnings data on Thursday, May 8th. The company reported $0.46 EPS for the quarter, topping analysts' consensus estimates of $0.42 by $0.04. CarGurus had a net margin of 4.28% and a return on equity of 32.54%. The business had revenue of $225.16 million for the quarter, compared to analyst estimates of $226.72 million. During the same period last year, the business posted $0.32 earnings per share. The firm's quarterly revenue was up 4.3% on a year-over-year basis. As a group, analysts forecast that CarGurus, Inc. will post 1.41 earnings per share for the current 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.