TrueCar, Inc. (TRUE) Position Reduced by Summit Partners Public Asset Management LLC
Summit Partners Public Asset Management LLC decreased its stake in shares of TrueCar, Inc. (NASDAQ:TRUE) by 10.9% in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 1,225,000 shares of the technology company’s stock after selling 150,000 shares during the period. TrueCar accounts for 3.3% of Summit Partners Public Asset Management LLC’s portfolio, making the stock its 2nd largest position. Summit Partners Public Asset Management LLC owned about 1.24% of TrueCar worth $24,414,000 as of its most recent filing with the SEC.
A number of other hedge funds also recently modified their holdings of TRUE. Caledonia Private Investments Pty Ltd increased its position in TrueCar by 143.2% during the first quarter. Caledonia Private Investments Pty Ltd now owns 4,629,739 shares of the technology company’s stock worth $71,622,000 after purchasing an additional 2,725,970 shares during the last quarter. Ontario Teachers Pension Plan Board acquired a new position in TrueCar during the second quarter worth approximately $49,825,000. Vanguard Group Inc. increased its position in TrueCar by 43.9% during the second quarter. Vanguard Group Inc. now owns 6,574,867 shares of the technology company’s stock worth $131,037,000 after purchasing an additional 2,004,642 shares during the last quarter. Calixto Global Investors LP acquired a new position in TrueCar during the second quarter worth approximately $29,373,000. Finally, Park West Asset Management LLC acquired a new position in TrueCar during the first quarter worth approximately $15,506,000. 91.71% of the stock is owned by hedge funds and other institutional investors.
TRUE has been the subject of several research analyst reports. B. Riley reaffirmed a “buy” rating and set a $21.50 price target on shares of TrueCar in a research report on Tuesday, June 20th. Zacks Investment Research lowered shares of TrueCar from a “buy” rating to a “hold” rating in a research report on Thursday, July 13th. Morgan Stanley reissued an “underweight” rating and issued a $13.00 price objective (up previously from $12.00) on shares of TrueCar in a research report on Thursday, July 20th. Royal Bank Of Canada reissued a “buy” rating and issued a $22.00 price objective on shares of TrueCar in a research report on Friday, August 4th. Finally, Cowen and Company reissued a “hold” rating and issued a $15.00 price objective on shares of TrueCar in a research report on Thursday, August 17th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and seven have assigned a buy rating to the company. The stock has an average rating of “Buy” and an average price target of $18.50.
In other news, EVP Neeraj Gunsagar sold 10,442 shares of TrueCar stock in a transaction that occurred on Monday, September 18th. The shares were sold at an average price of $16.56, for a total value of $172,919.52. Following the transaction, the executive vice president now owns 283,508 shares of the company’s stock, valued at $4,694,892.48. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, SVP John Pierantoni sold 2,633 shares of TrueCar stock in a transaction that occurred on Tuesday, October 3rd. The shares were sold at an average price of $15.87, for a total transaction of $41,785.71. Following the completion of the transaction, the senior vice president now directly owns 63,027 shares in the company, valued at approximately $1,000,238.49. The disclosure for this sale can be found here. In the last three months, insiders sold 2,011,936 shares of company stock worth $37,176,200. Insiders own 15.50% of the company’s stock.
TrueCar, Inc. (TRUE) traded down 1.199% during midday trading on Friday, hitting $16.075. 587,696 shares of the stock traded hands. The firm’s market cap is $1.58 billion. The company has a 50-day moving average price of $16.33 and a 200-day moving average price of $17.35. TrueCar, Inc. has a 1-year low of $8.47 and a 1-year high of $21.75.
TrueCar (NASDAQ:TRUE) last released its quarterly earnings results on Tuesday, August 8th. The technology company reported $0.01 EPS for the quarter, beating the Zacks’ consensus estimate of ($0.01) by $0.02. TrueCar had a negative net margin of 9.86% and a negative return on equity of 11.00%. The company had revenue of $81.82 million for the quarter, compared to analyst estimates of $80.75 million. During the same quarter last year, the firm posted ($0.05) earnings per share. The company’s quarterly revenue was up 23.2% compared to the same quarter last year. Analysts predict that TrueCar, Inc. will post $0.02 EPS for the current year.
TrueCar, Inc is an Internet-based information, technology, and communication services company. The Company has a data-driven online platform, which features market data and analytics. The Company-branded platform is available on its TrueCar Website and mobile applications. It customizes and operates its platform on a co-branded basis for its affinity group marketing partners, including financial institutions, membership-based organizations, and employee buying programs for a range of enterprises.
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