Russell Investments Group Ltd. trimmed its stake in CarGurus, Inc. (NASDAQ:CARG) by 77.0% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 34,691 shares of the company’s stock after selling 115,941 shares during the period. Russell Investments Group Ltd.’s holdings in CarGurus were worth $908,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors also recently bought and sold shares of CARG. Atreides Management LP grew its position in CarGurus by 108.5% in the 1st quarter. Atreides Management LP now owns 2,667,368 shares of the company’s stock worth $63,563,000 after purchasing an additional 1,387,796 shares during the last quarter. Eaton Vance Management boosted its position in shares of CarGurus by 94.6% during the 1st quarter. Eaton Vance Management now owns 1,739,087 shares of the company’s stock valued at $41,442,000 after acquiring an additional 845,513 shares in the last quarter. Dragoneer Investment Group LLC boosted its position in shares of CarGurus by 8.4% during the 1st quarter. Dragoneer Investment Group LLC now owns 9,283,746 shares of the company’s stock valued at $221,232,000 after acquiring an additional 716,000 shares in the last quarter. Federated Hermes Inc. boosted its position in shares of CarGurus by 36.7% during the 1st quarter. Federated Hermes Inc. now owns 2,490,630 shares of the company’s stock valued at $59,351,000 after acquiring an additional 668,963 shares in the last quarter. Finally, Glenmede Trust Co. NA acquired a new stake in shares of CarGurus during the 1st quarter valued at about $14,898,000. Institutional investors own 78.49% of the company’s stock.
Several analysts have recently weighed in on the stock. Zacks Investment Research upgraded shares of CarGurus from a “sell” rating to a “hold” rating in a research report on Friday, July 16th. TheStreet upgraded shares of CarGurus from a “c+” rating to a “b-” rating in a research report on Monday, August 30th. Royal Bank of Canada upgraded shares of CarGurus from a “sector perform” rating to an “outperform” rating and lifted their target price for the company from $34.00 to $40.00 in a research report on Thursday, August 26th. Raymond James lifted their price target on shares of CarGurus from $34.00 to $38.00 and gave the company an “outperform” rating in a report on Friday, August 6th. Finally, Needham & Company LLC reissued a “buy” rating and set a $38.00 price target on shares of CarGurus in a report on Thursday, August 26th. Three research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus price target of $35.50.
CarGurus (NASDAQ:CARG) last announced its earnings results on Thursday, August 5th. The company reported $0.29 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.14 by $0.15. CarGurus had a net margin of 15.72% and a return on equity of 27.87%. The company had revenue of $217.75 million during the quarter, compared to the consensus estimate of $190.00 million. As a group, research analysts expect that CarGurus, Inc. will post 0.73 earnings per share for the current year.
In other news, COO Samuel Zales sold 10,000 shares of CarGurus stock in a transaction that occurred on Wednesday, September 15th. The shares were sold at an average price of $31.84, for a total transaction of $318,400.00. Following the completion of the sale, the chief operating officer now owns 373,807 shares in the company, valued at approximately $11,902,014.88. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Chairman Langley Steinert sold 10,310 shares of CarGurus stock in a transaction that occurred on Wednesday, July 7th. The stock was sold at an average price of $25.16, for a total transaction of $259,399.60. Following the sale, the chairman now owns 782,414 shares of the company’s stock, valued at approximately $19,685,536.24. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 464,712 shares of company stock valued at $13,573,131. Insiders own 21.72% of the company’s stock.
Cargurus, Inc engages in the provision of online auto shopping. The firm offers proprietary technology, search algorithms and data analytics to analyze new and used car listings. It operates through the following segments: United States and International. The United States segment derives revenues from marketplace subscriptions, advertising services and other revenues from customers within the United States.
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