Select Equity Group L.P. Sells 704,903 Shares of CarGurus, Inc. (NASDAQ:CARG)

Select Equity Group L.P. lessened its stake in shares of CarGurus, Inc. (NASDAQ:CARG - Free Report) by 61.4% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 442,284 shares of the company's stock after selling 704,903 shares during the period. Select Equity Group L.P. owned approximately 0.43% of CarGurus worth $16,161,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of the stock. Sherbrooke Park Advisers LLC acquired a new stake in CarGurus during the 4th quarter valued at approximately $322,000. Point72 Asia Singapore Pte. Ltd. grew its holdings in CarGurus by 150.9% during the fourth quarter. Point72 Asia Singapore Pte. Ltd. now owns 16,661 shares of the company's stock worth $609,000 after acquiring an additional 10,020 shares during the period. Prevatt Capital Ltd grew its holdings in CarGurus by 9.8% during the fourth quarter. Prevatt Capital Ltd now owns 1,350,000 shares of the company's stock worth $49,329,000 after acquiring an additional 120,000 shares during the period. ProShare Advisors LLC lifted its stake in shares of CarGurus by 42.1% in the 4th quarter. ProShare Advisors LLC now owns 26,165 shares of the company's stock valued at $956,000 after purchasing an additional 7,758 shares during the period. Finally, No Street GP LP acquired a new position in shares of CarGurus in the 4th quarter valued at $25,578,000. Hedge funds and other institutional investors own 86.90% of the company's stock.

Insider Buying and Selling at CarGurus

In related news, CEO Zachary Emerson Hallowell sold 1,824 shares of the business's stock in a transaction that occurred on Thursday, April 17th. The stock was sold at an average price of $26.73, for a total value of $48,755.52. Following the completion of the transaction, the chief executive officer now directly owns 129,790 shares in the company, valued at approximately $3,469,286.70. The trade was a 1.39% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, COO Samuel Zales sold 10,000 shares of the company's stock in a transaction that occurred on Wednesday, April 16th. The stock was sold at an average price of $26.84, for a total value of $268,400.00. Following the transaction, the chief operating officer now directly owns 503,382 shares of the company's stock, valued at approximately $13,510,772.88. This trade represents a 1.95% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 31,824 shares of company stock valued at $907,856. 16.99% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on the company. Royal Bank of Canada reaffirmed an "outperform" rating and issued a $42.00 price target on shares of CarGurus in a research note on Monday, May 12th. JMP Securities dropped their price target on shares of CarGurus from $43.00 to $38.00 and set a "market outperform" rating for the company in a research report on Wednesday, April 9th. Oppenheimer reduced their target price on shares of CarGurus from $44.00 to $42.00 and set an "outperform" rating on the stock in a report on Monday, February 24th. JPMorgan Chase & Co. cut CarGurus from an "overweight" rating to a "neutral" rating and lowered their target price for the stock from $42.00 to $34.00 in a research note on Thursday, March 27th. Finally, UBS Group boosted their price target on shares of CarGurus from $29.00 to $33.00 and gave the stock a "neutral" rating in a report on Friday, May 9th. Three analysts have rated the stock with a hold rating, seven have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, CarGurus presently has a consensus rating of "Moderate Buy" and an average target price of $36.95.

CarGurus Stock Performance

NASDAQ CARG traded up $0.44 on Tuesday, reaching $32.47. The company's stock had a trading volume of 904,346 shares, compared to its average volume of 874,697. CarGurus, Inc. has a twelve month low of $21.65 and a twelve month high of $41.33. The stock has a market cap of $3.39 billion, a PE ratio of 180.40, a PEG ratio of 1.72 and a beta of 1.45. The firm's 50 day moving average is $28.95 and its two-hundred day moving average is $33.80.

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