CarGurus, Inc. $CARG Shares Sold by The Manufacturers Life Insurance Company

Key Points

• The Manufacturers Life Insurance Company reduced its stake in CarGurus, Inc. by 12.3%, now holding approximately 1.83% of the company's equity valued at $55.6 million.
• Several institutional investors, such as Invesco and American Century Companies, significantly increased their positions in CarGurus, reflecting a growing interest, with hedge funds collectively owning 86.90% of the company.
• CarGurus reported earnings of $0.57 per share for the last quarter, surpassing analyst expectations and achieving a year-over-year revenue growth of 7.0%.

The Manufacturers Life Insurance Company decreased its position in shares of CarGurus, Inc. (NASDAQ:CARG - Free Report) by 12.3% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund owned 1,908,249 shares of the company's stock after selling 267,317 shares during the quarter. The Manufacturers Life Insurance Company owned approximately 1.83% of CarGurus worth $55,587,000 as of its most recent filing with the SEC.

Several other hedge funds also recently made changes to their positions in the company. Vanguard Group Inc. grew its holdings in shares of CarGurus by 1.0% during the first quarter. Vanguard Group Inc. now owns 9,780,608 shares of the company's stock worth $284,909,000 after purchasing an additional 93,722 shares during the last quarter. Wellington Management Group LLP raised its holdings in shares of CarGurus by 12.7% in the first quarter. Wellington Management Group LLP now owns 8,052,180 shares of the company's stock valued at $234,560,000 after buying an additional 906,830 shares during the last quarter. Invesco Ltd. raised its holdings in shares of CarGurus by 340.5% in the first quarter. Invesco Ltd. now owns 1,606,869 shares of the company's stock valued at $46,808,000 after buying an additional 1,242,076 shares during the last quarter. American Century Companies Inc. raised its holdings in shares of CarGurus by 547.9% in the first quarter. American Century Companies Inc. now owns 1,398,341 shares of the company's stock valued at $40,734,000 after buying an additional 1,182,499 shares during the last quarter. Finally, Prevatt Capital Ltd raised its holdings in shares of CarGurus by 9.8% in the fourth quarter. Prevatt Capital Ltd now owns 1,350,000 shares of the company's stock valued at $49,329,000 after buying an additional 120,000 shares during the last quarter. Hedge funds and other institutional investors own 86.90% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on CARG shares. Royal Bank Of Canada reaffirmed an "outperform" rating and issued a $42.00 target price on shares of CarGurus in a report on Monday, May 12th. UBS Group lifted their price objective on shares of CarGurus from $33.00 to $36.00 and gave the company a "neutral" rating in a research report on Friday, August 8th. Needham & Company LLC lifted their target price on shares of CarGurus from $39.00 to $44.00 and gave the company a "buy" rating in a report on Friday, August 8th. Citizens Jmp downgraded shares of CarGurus from an "outperform" rating to a "market perform" rating in a report on Wednesday, July 2nd. Finally, Gordon Haskett began coverage on shares of CarGurus in a report on Monday, July 14th. They issued a "hold" rating and a $35.00 target price on the stock. Six investment analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average target price of $38.13.

Insider Activity

In other news, insider Ismail Elshareef sold 1,325 shares of the stock in a transaction dated Thursday, July 10th. The shares were sold at an average price of $35.00, for a total transaction of $46,375.00. Following the transaction, the insider directly owned 104,322 shares in the company, valued at $3,651,270. This represents a 1.25% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CTO Matthew Todd Quinn sold 3,789 shares of the company's stock in a transaction dated Wednesday, July 2nd. The stock was sold at an average price of $33.09, for a total value of $125,378.01. Following the sale, the chief technology officer owned 216,877 shares of the company's stock, valued at $7,176,459.93. This represents a 1.72% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 31,538 shares of company stock worth $1,067,077 in the last quarter. Corporate insiders own 17.20% of the company's stock.

CarGurus Stock Up 2.0%

Shares of CarGurus stock traded up $0.71 on Thursday, hitting $36.09. The company's stock had a trading volume of 587,743 shares, compared to its average volume of 1,052,914. CarGurus, Inc. has a 52-week low of $24.65 and a 52-week high of $41.33. The firm has a fifty day moving average price of $33.13 and a 200-day moving average price of $31.43. The company has a market capitalization of $3.58 billion, a P/E ratio of 29.31, a price-to-earnings-growth ratio of 1.64 and a beta of 1.54.

CarGurus (NASDAQ:CARG - Get Free Report) last released its quarterly earnings data on Thursday, August 7th. The company reported $0.57 EPS for the quarter, topping the consensus estimate of $0.54 by $0.03. The business had revenue of $234.03 million for the quarter, compared to analyst estimates of $232.29 million. CarGurus had a net margin of 14.12% and a return on equity of 36.23%. The business's revenue for the quarter was up 7.0% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.41 EPS. CarGurus has set its Q3 2025 guidance at 0.500-0.580 EPS. As a group, analysts expect that CarGurus, Inc. will post 1.41 earnings per share for the current year.

CarGurus 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.