CarGurus Inc (CARG) Shares Bought by Marshall Wace LLP
Marshall Wace LLP boosted its stake in shares of CarGurus Inc (NASDAQ:CARG) by 401.5% in the third quarter, HoldingsChannel.com reports. The firm owned 418,467 shares of the company’s stock after purchasing an additional 335,029 shares during the quarter. Marshall Wace LLP’s holdings in CarGurus were worth $23,304,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other hedge funds also recently added to or reduced their stakes in CARG. NEXT Financial Group Inc acquired a new stake in shares of CarGurus during the third quarter worth $206,000. CIBC Asset Management Inc acquired a new stake in shares of CarGurus during the third quarter worth $209,000. LPL Financial LLC acquired a new stake in shares of CarGurus during the third quarter worth $234,000. United Services Automobile Association acquired a new stake in shares of CarGurus during the third quarter worth $240,000. Finally, Millennium Management LLC lifted its holdings in shares of CarGurus by 33.4% during the second quarter. Millennium Management LLC now owns 17,302 shares of the company’s stock worth $601,000 after buying an additional 4,334 shares in the last quarter. 68.67% of the stock is owned by hedge funds and other institutional investors.
A number of equities research analysts have recently weighed in on the company. BidaskClub downgraded CarGurus from a “hold” rating to a “sell” rating in a report on Friday. Citigroup assumed coverage on CarGurus in a report on Friday. They set a “buy” rating and a $45.00 target price for the company. ValuEngine raised CarGurus from a “hold” rating to a “buy” rating in a report on Tuesday, August 28th. SunTrust Banks started coverage on CarGurus in a report on Monday, November 19th. They set a “buy” rating and a $49.00 target price for the company. Finally, Royal Bank of Canada boosted their price target on CarGurus from $55.00 to $59.00 and gave the company an “outperform” rating in a research note on Thursday, November 8th. One equities research analyst has rated the stock with a sell rating and nine have issued a buy rating to the company. The company presently has a consensus rating of “Buy” and a consensus price target of $50.75.
CarGurus (NASDAQ:CARG) last released its earnings results on Wednesday, November 7th. The company reported $0.08 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.05 by $0.03. CarGurus had a return on equity of 9.82% and a net margin of 11.78%. The firm had revenue of $119.04 million for the quarter, compared to analysts’ expectations of $112.70 million. During the same quarter in the previous year, the business posted $0.02 earnings per share. The business’s revenue for the quarter was up 43.4% on a year-over-year basis. On average, equities research analysts forecast that CarGurus Inc will post 0.13 EPS for the current year.
In other news, VP Thomas Michael Caputo sold 3,093 shares of the business’s stock in a transaction dated Friday, October 5th. The stock was sold at an average price of $49.99, for a total transaction of $154,619.07. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Anastasios Parafestas sold 2,700 shares of the business’s stock in a transaction dated Tuesday, November 13th. The stock was sold at an average price of $42.56, for a total value of $114,912.00. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 4,817,674 shares of company stock worth $231,547,583. Company insiders own 51.03% of the company’s stock.
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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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