Victory Capital Management Inc. Raises Stock Position in CarGurus, Inc. (NASDAQ:CARG)

Key Points

• Victory Capital Management Inc. has increased its holdings in CarGurus by 52.6%, acquiring an additional 59,797 shares to bring its total shares to 173,469.
• Several other hedge funds have also invested in CarGurus, with institutional investors owning approximately 86.90% of the company's stock.
• Analysts have set varying price targets for CarGurus, with an average target of $37.63 and a mixed rating consisting of seven "hold" and six "buy" ratings.

Victory Capital Management Inc. raised its stake in CarGurus, Inc. (NASDAQ:CARG - Free Report) by 52.6% in the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 173,469 shares of the company's stock after purchasing an additional 59,797 shares during the quarter. Victory Capital Management Inc. owned 0.17% of CarGurus worth $5,053,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. GeoWealth Management LLC purchased a new stake in shares of CarGurus in the 4th quarter worth about $49,000. Signaturefd LLC grew its holdings in shares of CarGurus by 83.9% in the first quarter. Signaturefd LLC now owns 1,751 shares of the company's stock worth $51,000 after acquiring an additional 799 shares during the period. Blue Trust Inc. boosted its holdings in shares of CarGurus by 49.8% in the first quarter. Blue Trust Inc. now owns 2,494 shares of the company's stock worth $73,000 after buying an additional 829 shares during the last quarter. Versant Capital Management Inc raised its holdings in CarGurus by 695.4% in the 1st quarter. Versant Capital Management Inc now owns 2,593 shares of the company's stock worth $76,000 after purchasing an additional 2,267 shares during the period. Finally, NewEdge Advisors LLC lifted its holdings in CarGurus by 25.0% during the fourth quarter. NewEdge Advisors LLC now owns 2,716 shares of the company's stock valued at $99,000 after purchasing an additional 543 shares in the last quarter. Hedge funds and other institutional investors own 86.90% of the company's stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on CARG. JMP Securities restated a "market perform" rating and set a $38.00 price objective on shares of CarGurus in a research report on Wednesday, July 2nd. Citizens Jmp lowered CarGurus from an "outperform" rating to a "market perform" rating in a research note on Wednesday, July 2nd. Needham & Company LLC lowered their price target on CarGurus from $45.00 to $39.00 and set a "buy" rating on the stock in a report on Friday, May 9th. Royal Bank Of Canada reaffirmed an "outperform" rating and set a $42.00 price objective on shares of CarGurus in a report on Monday, May 12th. 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. Seven equities research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to data from MarketBeat.com, CarGurus presently has an average rating of "Hold" and a consensus price target of $37.63.

Insider Activity

In other news, insider Ismail Elshareef sold 5,246 shares of the stock in a transaction that occurred on Wednesday, June 4th. The stock was sold at an average price of $31.37, for a total value of $164,567.02. Following the sale, the insider directly owned 107,007 shares in the company, valued at approximately $3,356,809.59. This represents a 4.67% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, General Counsel Javier Esquivel Zamora sold 12,265 shares of the business's stock in a transaction on Wednesday, June 4th. The shares were sold at an average price of $31.37, for a total value of $384,753.05. Following the transaction, the general counsel owned 102,723 shares of the company's stock, valued at approximately $3,222,420.51. The trade was a 10.67% decrease in their position. The disclosure for this sale can be found here. Insiders sold 59,049 shares of company stock worth $1,899,297 in the last 90 days. Company insiders own 16.99% of the company's stock.

CarGurus Stock Up 0.1%

CARG traded up $0.02 on Wednesday, hitting $32.99. The company had a trading volume of 735,736 shares, compared to its average volume of 682,066. CarGurus, Inc. has a 12-month low of $21.65 and a 12-month high of $41.33. The business's fifty day simple moving average is $32.70 and its 200 day simple moving average is $32.50. The company has a market cap of $3.44 billion, a PE ratio of 94.26, a PEG ratio of 1.61 and a beta of 1.44.

CarGurus (NASDAQ:CARG - Get Free Report) last released its quarterly earnings results on Thursday, May 8th. The company reported $0.46 earnings per share for the quarter, beating the consensus estimate of $0.42 by $0.04. CarGurus had a return on equity of 32.54% and a net margin of 4.28%. The company had revenue of $225.16 million for the quarter, compared to analyst estimates of $226.72 million. During the same quarter in the prior year, the firm posted $0.32 EPS. CarGurus's quarterly revenue was up 4.3% compared to the same quarter last year. On average, analysts anticipate that CarGurus, Inc. will post 1.41 earnings per share for the current fiscal 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.