Summit Global Investments Invests $1.15 Million in CarGurus, Inc. (NASDAQ:CARG)

Summit Global Investments acquired a new position in shares of CarGurus, Inc. (NASDAQ:CARG) during the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor acquired 31,460 shares of the company’s stock, valued at approximately $1,150,000.

Other hedge funds have also modified their holdings of the company. Point72 Hong Kong Ltd purchased a new stake in shares of CarGurus during the 3rd quarter worth approximately $28,000. Global Retirement Partners LLC raised its holdings in shares of CarGurus by 198.5% during the 4th quarter. Global Retirement Partners LLC now owns 800 shares of the company’s stock worth $29,000 after acquiring an additional 532 shares in the last quarter. Fifth Third Bancorp raised its holdings in shares of CarGurus by 100.0% during the 4th quarter. Fifth Third Bancorp now owns 912 shares of the company’s stock worth $33,000 after acquiring an additional 456 shares in the last quarter. Principal Securities Inc. raised its holdings in shares of CarGurus by 82.7% during the 4th quarter. Principal Securities Inc. now owns 937 shares of the company’s stock worth $34,000 after acquiring an additional 424 shares in the last quarter. Finally, USA Financial Formulas purchased a new stake in shares of CarGurus during the 4th quarter worth approximately $35,000. 86.90% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at CarGurus

In other CarGurus news, CEO Zachary Emerson Hallowell sold 4,580 shares of the company’s stock in a transaction on Friday, January 3rd. The stock was sold at an average price of $35.78, for a total value of $163,872.40. Following the completion of the sale, the chief executive officer now directly owns 120,051 shares in the company, valued at approximately $4,295,424.78. This represents a 3.67 % decrease in their position. The sale was disclosed in a filing 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 on Monday, March 17th. The stock was sold at an average price of $30.78, for a total value of $307,800.00. Following the completion of the sale, the chief operating officer now owns 390,025 shares of the company’s stock, valued at $12,004,969.50. This represents a 2.50 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 61,888 shares of company stock valued at $2,229,388 in the last quarter. 17.20% of the stock is owned by insiders.

Analysts Set New Price Targets

Several brokerages have recently issued reports on CARG. JMP Securities reaffirmed a “market outperform” rating and set a $46.00 price objective on shares of CarGurus in a report on Monday, December 16th. Needham & Company LLC reissued a “buy” rating and set a $45.00 target price on shares of CarGurus in a research report on Friday, February 21st. JPMorgan Chase & Co. boosted their target price on CarGurus from $40.00 to $42.00 and gave the company an “overweight” rating in a research report on Friday, February 21st. Finally, Oppenheimer cut their target price on CarGurus from $44.00 to $42.00 and set an “outperform” rating on the stock in a research report on Monday, February 24th. One investment analyst has rated the stock with a hold rating, eight have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Buy” and an average price target of $39.55.

CarGurus Stock Up 0.8 %

Shares of CarGurus stock opened at $30.11 on Friday. The stock’s fifty day moving average is $35.58 and its two-hundred day moving average is $34.21. The company has a market capitalization of $3.14 billion, a PE ratio of 167.29, a price-to-earnings-growth ratio of 1.72 and a beta of 1.52. CarGurus, Inc. has a 52 week low of $21.18 and a 52 week high of $41.33.

CarGurus (NASDAQ:CARG) last announced its quarterly earnings data on Thursday, February 20th. The company reported $0.44 EPS for the quarter, missing the consensus estimate of $0.50 by ($0.06). The business had revenue of $228.54 million during the quarter, compared to the consensus estimate of $231.72 million. CarGurus had a net margin of 2.34% and a return on equity of 27.14%. As a group, research analysts anticipate that CarGurus, Inc. will post 1.41 earnings per share for the current 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.