Voloridge Investment Management LLC Acquires New Holdings in CarGurus, Inc. (NASDAQ:CARG)

Voloridge Investment Management LLC purchased a new position in CarGurus, Inc. (NASDAQ:CARG - Free Report) in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 13,148 shares of the company's stock, valued at approximately $480,000.

Other hedge funds have also made changes to their positions in the company. Arrowstreet Capital Limited Partnership raised its position in CarGurus by 168.7% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 1,524,478 shares of the company's stock valued at $55,704,000 after acquiring an additional 957,035 shares in the last quarter. Wellington Management Group LLP raised its position in CarGurus by 12.7% during the fourth quarter. Wellington Management Group LLP now owns 7,145,350 shares of the company's stock valued at $261,091,000 after acquiring an additional 802,602 shares in the last quarter. No Street GP LP bought a new position in CarGurus during the fourth quarter valued at approximately $25,578,000. Raymond James Financial Inc. bought a new position in CarGurus during the fourth quarter valued at approximately $19,465,000. Finally, Oberweis Asset Management Inc. bought a new position in CarGurus during the fourth quarter valued at approximately $18,270,000. 86.90% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on CARG shares. UBS Group lifted their price target on shares of CarGurus from $29.00 to $33.00 and gave the company a "neutral" rating in a research report on Friday, May 9th. Oppenheimer reduced their price target on shares of CarGurus from $44.00 to $42.00 and set an "outperform" rating on the stock in a research report on Monday, February 24th. Needham & Company LLC lowered 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. Royal Bank of Canada reaffirmed an "outperform" rating and set a $42.00 price target on shares of CarGurus in a research report on Monday, May 12th. Finally, JMP Securities reduced their price target on CarGurus from $43.00 to $38.00 and set a "market outperform" rating for the company in a research report on Wednesday, April 9th. Three investment analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat.com, CarGurus presently has a consensus rating of "Moderate Buy" and an average target price of $36.95.

Insider Activity at CarGurus

In other news, CEO Zachary Emerson Hallowell sold 1,824 shares of the firm's stock in a transaction that occurred on Thursday, April 17th. The shares were sold at an average price of $26.73, for a total value of $48,755.52. Following the sale, the chief executive officer now directly owns 129,790 shares in the company, valued at approximately $3,469,286.70. This trade represents a 1.39% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, COO Samuel Zales sold 10,000 shares of the firm's stock in a transaction that occurred on Friday, May 2nd. The shares were sold at an average price of $28.29, for a total transaction of $282,900.00. Following the completion of the transaction, the chief operating officer now owns 493,382 shares of the company's stock, valued at approximately $13,957,776.78. This trade represents a 1.99% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 31,824 shares of company stock worth $907,856. Corporate insiders own 16.99% of the company's stock.

CarGurus Stock Performance

Shares of CARG stock traded up $0.17 on Tuesday, hitting $31.41. The company's stock had a trading volume of 633,089 shares, compared to its average volume of 876,901. The stock's 50 day moving average is $29.12 and its 200-day moving average is $33.58. CarGurus, Inc. has a fifty-two week low of $21.65 and a fifty-two week high of $41.33. The company has a market capitalization of $3.28 billion, a PE ratio of 174.51, a PEG ratio of 1.72 and a beta of 1.45.

CarGurus (NASDAQ:CARG - Get Free Report) last released its quarterly earnings results on Thursday, May 8th. The company reported $0.46 EPS for the quarter, beating the consensus estimate of $0.42 by $0.04. CarGurus had a net margin of 2.34% and a return on equity of 27.14%. The business had revenue of $225.16 million for the quarter, compared to the consensus estimate of $226.72 million. During the same period in the prior year, the company posted $0.32 earnings per share. CarGurus's revenue was up 4.3% compared to the same quarter last year. On average, research analysts forecast that CarGurus, Inc. will post 1.41 earnings per share for the current 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.