JPMorgan Chase & Co. grew its stake in CarGurus Inc (NASDAQ:CARG) by 209.5% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 247,319 shares of the company’s stock after acquiring an additional 167,404 shares during the period. JPMorgan Chase & Co. owned 0.23% of CarGurus worth $13,773,000 as of its most recent filing with the Securities and Exchange Commission.
Several other hedge funds and other institutional investors also recently made changes to their positions in the business. NEXT Financial Group Inc bought a new position in shares of CarGurus in the third quarter worth about $206,000. CIBC Asset Management Inc bought a new position in shares of CarGurus in the third quarter worth about $209,000. Millennium Management LLC raised its stake in shares of CarGurus by 33.4% in the second quarter. Millennium Management LLC now owns 17,302 shares of the company’s stock worth $601,000 after acquiring an additional 4,334 shares during the last quarter. Calamos Advisors LLC bought a new position in shares of CarGurus in the third quarter worth about $292,000. Finally, Cubist Systematic Strategies LLC bought a new position in shares of CarGurus in the second quarter worth about $205,000. 68.67% of the stock is owned by institutional investors.
In other CarGurus news, CEO Langley Steinert sold 176,109 shares of the company’s stock in a transaction that occurred on Tuesday, September 11th. The shares were sold at an average price of $49.30, for a total value of $8,682,173.70. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Thomas Michael Caputo sold 3,093 shares of the company’s stock in a transaction that occurred on Friday, October 5th. The shares were sold at an average price of $49.99, for a total transaction of $154,619.07. The disclosure for this sale can be found here. Over the last three months, insiders have sold 4,817,674 shares of company stock valued at $231,547,583. 51.03% of the stock is currently owned by insiders.
CARG opened at $35.34 on Friday. The company has a market cap of $4.12 billion, a P/E ratio of 311.75, a price-to-earnings-growth ratio of 57.55 and a beta of 1.83. CarGurus Inc has a fifty-two week low of $28.52 and a fifty-two week high of $57.25.
CarGurus (NASDAQ:CARG) last posted its quarterly earnings results on Wednesday, November 7th. The company reported $0.08 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.05 by $0.03. The business had revenue of $119.04 million during the quarter, compared to the consensus estimate of $112.70 million. CarGurus had a net margin of 11.78% and a return on equity of 9.82%. CarGurus’s revenue for the quarter was up 43.4% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.02 earnings per share. On average, analysts predict that CarGurus Inc will post 0.13 EPS for the current year.
A number of equities analysts have weighed in on CARG shares. BidaskClub downgraded shares of CarGurus from a “buy” rating to a “hold” rating in a research note on Saturday, October 13th. Zacks Investment Research raised shares of CarGurus from a “hold” rating to a “buy” rating and set a $47.00 price target for the company in a research note on Wednesday, November 14th. ValuEngine raised shares of CarGurus from a “hold” rating to a “buy” rating in a research note on Tuesday, August 28th. Royal Bank of Canada boosted their price target on shares of CarGurus from $55.00 to $59.00 and gave the stock an “outperform” rating in a research note on Thursday, November 8th. Finally, SunTrust Banks began coverage on shares of CarGurus in a research note on Monday, November 19th. They set a “buy” rating and a $49.00 price target for the company. One research analyst has rated the stock with a sell rating and nine have issued a buy rating to the company’s stock. CarGurus has an average rating of “Buy” and a consensus price target of $50.75.
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CarGurus, Inc operates an online automotive marketplace connecting buyers and sellers of new and used cars worldwide. The company's marketplace enables users with third-party validation on pricing, dealer reputation, and other information. As of June 30, 2017, it had an active dealer network of approximately 40,000 dealers; and approximately 5.4 million car listings.
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