CarGurus, Inc. (NASDAQ:CARG) Position Increased by Allspring Global Investments Holdings LLC

Allspring Global Investments Holdings LLC lifted its stake in shares of CarGurus, Inc. (NASDAQ:CARG - Free Report) by 207.9% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 293,730 shares of the company's stock after buying an additional 198,321 shares during the period. Allspring Global Investments Holdings LLC owned approximately 0.26% of CarGurus worth $7,097,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. BlackRock Inc. lifted its position in CarGurus by 113.0% during the second quarter. BlackRock Inc. now owns 14,824,129 shares of the company's stock valued at $335,470,000 after purchasing an additional 7,863,827 shares during the period. Wellington Management Group LLP increased its holdings in CarGurus by 30.4% in the first quarter. Wellington Management Group LLP now owns 14,128,717 shares of the company's stock valued at $599,905,000 after buying an additional 3,294,532 shares in the last quarter. Morgan Stanley increased its holdings in CarGurus by 44.9% in the fourth quarter. Morgan Stanley now owns 6,112,679 shares of the company's stock valued at $85,639,000 after buying an additional 1,893,891 shares in the last quarter. State Street Corp increased its holdings in CarGurus by 59.8% in the second quarter. State Street Corp now owns 3,298,003 shares of the company's stock valued at $74,634,000 after buying an additional 1,234,099 shares in the last quarter. Finally, Durable Capital Partners LP purchased a new position in CarGurus in the fourth quarter valued at $45,581,000. 86.90% of the stock is currently owned by institutional investors and hedge funds.

CarGurus Price Performance

CARG traded up $0.32 on Thursday, reaching $21.54. 594,687 shares of the company's stock were exchanged, compared to its average volume of 1,009,754. The stock has a market cap of $2.31 billion, a PE ratio of 119.67, a P/E/G ratio of 1.32 and a beta of 1.58. CarGurus, Inc. has a twelve month low of $15.34 and a twelve month high of $24.64. The stock's fifty day moving average price is $22.91 and its 200-day moving average price is $21.74.

CarGurus (NASDAQ:CARG - Get Free Report) last posted its quarterly earnings results on Monday, February 26th. The company reported $0.35 earnings per share for the quarter, topping analysts' consensus estimates of $0.34 by $0.01. The firm had revenue of $223.12 million for the quarter, compared to analyst estimates of $220.05 million. CarGurus had a net margin of 3.40% and a return on equity of 7.74%. CarGurus's quarterly revenue was down 22.2% on a year-over-year basis. During the same period in the previous year, the business posted $0.25 earnings per share. As a group, research analysts predict that CarGurus, Inc. will post 0.94 earnings per share for the current fiscal year.

Insider Buying and Selling at CarGurus

In other CarGurus news, CMO Dafna Sarnoff sold 4,301 shares of the business's stock in a transaction dated Monday, April 1st. The shares were sold at an average price of $23.04, for a total value of $99,095.04. Following the transaction, the chief marketing officer now directly owns 163,798 shares in the company, valued at approximately $3,773,905.92. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other CarGurus news, CMO Dafna Sarnoff sold 4,301 shares of the business's stock in a transaction dated Monday, April 1st. The shares were sold at an average price of $23.04, for a total value of $99,095.04. Following the transaction, the chief marketing officer now directly owns 163,798 shares in the company, valued at approximately $3,773,905.92. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, COO Samuel Zales sold 17,668 shares of the business's stock in a transaction dated Thursday, February 29th. The shares were sold at an average price of $22.22, for a total transaction of $392,582.96. Following the completion of the transaction, the chief operating officer now owns 564,609 shares in the company, valued at $12,545,611.98. The disclosure for this sale can be found here. Insiders have sold 113,793 shares of company stock worth $2,523,342 in the last ninety days. 15.70% of the stock is owned by insiders.

Analysts Set New Price Targets

A number of research analysts have weighed in on CARG shares. UBS Group lifted their price objective on shares of CarGurus from $26.00 to $27.00 and gave the company a "neutral" rating in a report on Friday, March 15th. Needham & Company LLC boosted their target price on shares of CarGurus from $22.00 to $24.00 and gave the stock a "buy" rating in a research note on Tuesday, February 27th. Oppenheimer boosted their target price on shares of CarGurus from $26.00 to $30.00 and gave the stock an "outperform" rating in a research note on Tuesday, February 27th. Finally, JMP Securities reissued a "market perform" rating on shares of CarGurus in a research note on Wednesday. Four research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company's stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $24.90.

CarGurus Company 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.