Wellington Management Group LLP Cuts Stake in CarGurus, Inc. $CARG

Key Points

• Wellington Management cut its CarGurus stake by 45.3% in the second quarter, selling 2.69 million shares and retaining 3.26 million shares worth approximately $111 million, or 3.65% of the company.
• CarGurus insiders sold 61,943 shares worth about $2.24 million during the past quarter, while institutional investors collectively own 86.9% of the stock.
• Analysts maintain a “Moderate Buy” consensus with an average $40.75 price target. CarGurus recently exceeded quarterly earnings and revenue expectations, reporting $0.66 EPS and $250.97 million in revenue.

Wellington Management Group LLP lessened its stake in shares of CarGurus, Inc. (NASDAQ:CARG - Free Report) by 45.3% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 3,255,283 shares of the company's stock after selling 2,690,687 shares during the quarter. Wellington Management Group LLP owned 3.65% of CarGurus worth $110,973,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently modified their holdings of the company. Convergence Investment Partners LLC acquired a new stake in CarGurus during the 4th quarter valued at $3,742,000. Bank of America Corp DE lifted its holdings in CarGurus by 26.6% in the 1st quarter. Bank of America Corp DE now owns 586,346 shares of the company's stock worth $19,965,000 after buying an additional 123,364 shares in the last quarter. Westover Capital Advisors LLC acquired a new position in CarGurus in the 4th quarter worth $1,912,000. Louisiana State Employees Retirement System purchased a new position in CarGurus in the 1st quarter valued at about $1,226,000. Finally, Lazard Asset Management LLC boosted its position in CarGurus by 180.8% in the 1st quarter. Lazard Asset Management LLC now owns 445,868 shares of the company's stock valued at $15,182,000 after buying an additional 287,067 shares during the last quarter. Hedge funds and other institutional investors own 86.90% of the company's stock.

Insider Buying and Selling at CarGurus

In other news, General Counsel Javier Zamora sold 6,205 shares of the company's stock in a transaction that occurred on Monday, August 3rd. The stock was sold at an average price of $37.08, for a total transaction of $230,081.40. Following the completion of the transaction, the general counsel directly owned 80,260 shares of the company's stock, valued at approximately $2,976,040.80. This represents a 7.18% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CMO Dafna Sarnoff sold 17,151 shares of the stock in a transaction that occurred on Thursday, August 13th. The stock was sold at an average price of $37.00, for a total value of $634,587.00. Following the sale, the chief marketing officer owned 109,668 shares in the company, valued at $4,057,716. The trade was a 13.52% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders have sold 61,943 shares of company stock worth $2,238,736. 18.19% of the stock is owned by company insiders.

Analyst Ratings Changes

CARG has been the subject of a number of recent analyst reports. Wall Street Zen upgraded CarGurus from a "hold" rating to a "buy" rating in a research note on Saturday, August 22nd. B. Riley Financial reaffirmed a "buy" rating on shares of CarGurus in a research report on Friday, August 7th. Citigroup raised their price target on shares of CarGurus from $32.00 to $39.00 and gave the stock a "neutral" rating in a research report on Friday, August 14th. Needham & Company LLC lifted their price target on shares of CarGurus from $43.00 to $44.00 and gave the stock a "buy" rating in a research note on Friday, August 7th. Finally, JPMorgan Chase & Co. upped their price target on shares of CarGurus from $36.00 to $38.00 and gave the company a "neutral" rating in a report on Friday, May 8th. One analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and seven have assigned a Hold rating to the stock. According to data from MarketBeat.com, CarGurus presently has an average rating of "Moderate Buy" and an average target price of $40.75.

CarGurus Trading Down 2.5%

Shares of NASDAQ CARG opened at $34.77 on Wednesday. CarGurus, Inc. has a twelve month low of $26.39 and a twelve month high of $41.22. The company has a market capitalization of $3.10 billion, a price-to-earnings ratio of 18.90, a price-to-earnings-growth ratio of 1.27 and a beta of 1.17. The business has a 50 day simple moving average of $35.55 and a 200-day simple moving average of $33.26.

CarGurus (NASDAQ:CARG - Get Free Report) last announced its quarterly earnings data on Thursday, August 6th. The company reported $0.66 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.61 by $0.05. The firm had revenue of $250.97 million for the quarter, compared to analysts' expectations of $249.85 million. CarGurus had a return on equity of 62.88% and a net margin of 18.06%.The firm's revenue for the quarter was up 7.2% on a year-over-year basis. During the same period last year, the business posted $0.57 earnings per share. CarGurus has set its Q3 2026 guidance at 0.630-0.690 EPS. As a group, equities analysts predict that CarGurus, Inc. will post 2.17 earnings per share for the current year.

About CarGurus

CarGurus, Inc operates an online automotive marketplace designed to connect buyers and sellers of new and used vehicles. Through its proprietary search engine and data-driven pricing tools, the platform enables consumers to compare listings, assess fair market values and locate local dealers offering competitive deals. CarGurus also provides detailed vehicle history reports, dealer reviews and financing options to streamline the car-shopping process for both private parties and franchised dealerships.

The company's core product offerings include Instant Market Value (IMV), which leverages pricing algorithms to help buyers identify over- or under-priced vehicles, as well as dealer subscription services that grant automotive retailers access to lead generation tools, targeted advertising and dynamic pricing insights.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

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