Victory Capital Management Inc. Acquires 59,797 Shares of CarGurus, Inc. (NASDAQ:CARG)

Victory Capital Management Inc. raised its holdings in CarGurus, Inc. (NASDAQ:CARG - Free Report) by 52.6% during the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 173,469 shares of the company's stock after acquiring an additional 59,797 shares during the quarter. Victory Capital Management Inc. owned approximately 0.17% of CarGurus worth $5,053,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds also recently bought and sold shares of CARG. Signaturefd LLC grew its position in shares of CarGurus by 83.9% during the 1st quarter. Signaturefd LLC now owns 1,751 shares of the company's stock worth $51,000 after buying an additional 799 shares in the last quarter. Edgestream Partners L.P. bought a new position in shares of CarGurus during the 1st quarter worth $4,774,000. Bosman Wealth Management LLC bought a new position in shares of CarGurus during the 1st quarter worth $2,638,000. Banque Pictet & Cie SA bought a new position in shares of CarGurus during the 1st quarter worth $416,000. Finally, Envestnet Asset Management Inc. grew its position in shares of CarGurus by 34.3% during the 1st quarter. Envestnet Asset Management Inc. now owns 48,629 shares of the company's stock worth $1,417,000 after buying an additional 12,423 shares in the last quarter. Institutional investors own 86.90% of the company's stock.

Analysts Set New Price Targets

CARG has been the topic of several analyst reports. UBS Group lifted their target price on CarGurus from $29.00 to $33.00 and gave the company a "neutral" rating in a research note on Friday, May 9th. Citizens Jmp lowered CarGurus from an "outperform" rating to a "market perform" rating in a research note on Wednesday, July 2nd. Gordon Haskett assumed coverage on CarGurus in a research note on Monday, July 14th. They issued a "hold" rating and a $35.00 target price on the stock. Needham & Company LLC decreased their price target on CarGurus from $45.00 to $39.00 and set a "buy" rating for the company in a research note on Friday, May 9th. Finally, JMP Securities reiterated a "market perform" rating and issued a $38.00 price target on shares of CarGurus in a research note on Wednesday, July 2nd. Seven investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company's stock. According to data from MarketBeat, CarGurus has an average rating of "Hold" and an average price target of $37.63.

Insider Activity

In related news, General Counsel Javier Zamora sold 6,154 shares of the firm's stock in a transaction dated Thursday, July 10th. The stock was sold at an average price of $35.00, for a total transaction of $215,390.00. Following the sale, the general counsel directly owned 92,807 shares of the company's stock, valued at $3,248,245. This trade represents a 6.22% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CTO Matthew Todd Quinn sold 3,789 shares of the firm'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 directly owned 216,877 shares in the company, valued at approximately $7,176,459.93. This trade represents a 1.72% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 59,049 shares of company stock valued at $1,899,297 over the last 90 days. Company insiders own 16.99% of the company's stock.

CarGurus Stock Down 0.4%

Shares of NASDAQ:CARG opened at $33.51 on Friday. CarGurus, Inc. has a 52-week low of $21.65 and a 52-week high of $41.33. The stock has a market cap of $3.50 billion, a price-to-earnings ratio of 95.75, a PEG ratio of 1.64 and a beta of 1.44. The business has a 50-day moving average price of $32.66 and a 200-day moving average price of $32.54.

CarGurus (NASDAQ:CARG - Get Free Report) last announced its quarterly earnings data on Thursday, May 8th. The company reported $0.46 earnings per share (EPS) for the quarter, topping 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 firm had revenue of $225.16 million during the quarter, compared to analysts' expectations of $226.72 million. During the same period last year, the business posted $0.32 earnings per share. The company's revenue for the quarter was up 4.3% compared to the same quarter last year. As a group, equities analysts anticipate that CarGurus, Inc. will post 1.41 EPS 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.

Want to see what other hedge funds are holding CARG? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for CarGurus, Inc. (NASDAQ:CARG - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.