Federated Hermes Inc. Reduces Stock Holdings in CarGurus, Inc. (NASDAQ:CARG)

Federated Hermes Inc. decreased its holdings in CarGurus, Inc. (NASDAQ:CARG) by 36.9% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 477,194 shares of the company’s stock after selling 279,111 shares during the quarter. Federated Hermes Inc. owned about 0.43% of CarGurus worth $11,529,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Exchange Traded Concepts LLC purchased a new stake in CarGurus in the third quarter worth $30,000. Acadian Asset Management LLC purchased a new stake in CarGurus in the third quarter worth $32,000. Daiwa Securities Group Inc. purchased a new stake in CarGurus in the fourth quarter worth $65,000. PNC Financial Services Group Inc. lifted its position in CarGurus by 298.2% during the third quarter. PNC Financial Services Group Inc. now owns 2,951 shares of the company’s stock valued at $52,000 after buying an additional 2,210 shares during the period. Finally, DekaBank Deutsche Girozentrale purchased a new position in CarGurus during the third quarter valued at $107,000. Hedge funds and other institutional investors own 86.90% of the company’s stock.

Insider Buying and Selling

In related news, General Counsel Javier Esquivel Zamora sold 23,557 shares of CarGurus stock in a transaction dated Thursday, February 29th. The stock was sold at an average price of $22.13, for a total value of $521,316.41. Following the completion of the sale, the general counsel now directly owns 111,589 shares in the company, valued at approximately $2,469,464.57. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In related news, COO Samuel Zales sold 17,668 shares of CarGurus stock in a transaction dated Tuesday, April 16th. The stock was sold at an average price of $21.42, for a total value of $378,448.56. Following the completion of the sale, the chief operating officer now directly owns 548,845 shares in the company, valued at approximately $11,756,259.90. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, General Counsel Javier Esquivel Zamora sold 23,557 shares of CarGurus stock in a transaction dated Thursday, February 29th. The stock was sold at an average price of $22.13, for a total value of $521,316.41. Following the completion of the sale, the general counsel now owns 111,589 shares of the company’s stock, valued at $2,469,464.57. The disclosure for this sale can be found here. In the last ninety days, insiders sold 113,793 shares of company stock worth $2,523,342. 15.70% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on CARG shares. Needham & Company LLC raised their price objective on CarGurus from $22.00 to $24.00 and gave the company a “buy” rating in a research report on Tuesday, February 27th. UBS Group raised their price objective on CarGurus from $26.00 to $27.00 and gave the company a “neutral” rating in a research report on Friday, March 15th. JMP Securities reissued a “market perform” rating on shares of CarGurus in a research report on Wednesday, April 17th. Finally, Oppenheimer raised their price objective on CarGurus from $26.00 to $30.00 and gave the company an “outperform” rating in a research report on Tuesday, February 27th. Four equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $24.90.

CarGurus Price Performance

Shares of NASDAQ:CARG opened at $23.47 on Wednesday. CarGurus, Inc. has a 1-year low of $15.34 and a 1-year high of $24.64. The business has a fifty day moving average price of $22.85 and a 200-day moving average price of $21.88. The company has a market capitalization of $2.52 billion, a PE ratio of 130.39, a PEG ratio of 1.35 and a beta of 1.58.

CarGurus (NASDAQ:CARG) last issued its quarterly earnings results on Monday, February 26th. The company reported $0.35 earnings per share for the quarter, beating the consensus estimate of $0.34 by $0.01. CarGurus had a return on equity of 7.74% and a net margin of 3.40%. The firm had revenue of $223.12 million during the quarter, compared to the consensus estimate of $220.05 million. During the same period last year, the company earned $0.25 earnings per share. The company’s revenue was down 22.2% on a year-over-year basis. On average, sell-side analysts anticipate that CarGurus, Inc. will post 0.94 earnings per share for the current fiscal 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.