CarGurus (NASDAQ:CARG) Shares Down 4.6% Following Insider Selling

CarGurus, Inc. (NASDAQ:CARG) shares dropped 4.6% during trading on Wednesday after an insider sold shares in the company. The stock traded as low as $24.16 and last traded at $24.33. Approximately 1,339,342 shares were traded during trading, an increase of 42% from the average daily volume of 943,658 shares. The stock had previously closed at $25.49.

Specifically, COO Samuel Zales sold 30,000 shares of the stock in a transaction on Thursday, June 6th. The shares were sold at an average price of $25.00, for a total value of $750,000.00. Following the completion of the transaction, the chief operating officer now owns 518,845 shares in the company, valued at approximately $12,971,125. The sale was disclosed in a filing with the SEC, which is available at this link. In related news, CTO Matthew Todd Quinn sold 3,978 shares of the firm’s stock in a transaction on Tuesday, July 2nd. The stock was sold at an average price of $24.91, for a total transaction of $99,091.98. Following the completion of the sale, the chief technology officer now directly owns 217,374 shares of the company’s stock, valued at approximately $5,414,786.34. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, COO Samuel Zales sold 30,000 shares of the business’s stock in a transaction on Thursday, June 6th. The stock was sold at an average price of $25.00, for a total value of $750,000.00. Following the completion of the transaction, the chief operating officer now directly owns 518,845 shares in the company, valued at approximately $12,971,125. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 75,994 shares of company stock worth $1,831,470. Company insiders own 17.20% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have weighed in on CARG shares. Royal Bank of Canada raised their price objective on shares of CarGurus from $26.00 to $27.00 and gave the company an “outperform” rating in a research report on Friday, May 10th. DA Davidson boosted their price objective on shares of CarGurus from $22.00 to $25.50 and gave the stock a “neutral” rating in a research report on Monday, May 13th. UBS Group lifted their target price on CarGurus from $26.00 to $27.00 and gave the company a “neutral” rating in a research note on Friday, March 15th. JMP Securities raised CarGurus from a “market perform” rating to an “outperform” rating and set a $30.00 price target on the stock in a research note on Friday, June 7th. Finally, Citigroup lifted their price objective on CarGurus from $24.00 to $27.00 and gave the stock a “neutral” rating in a research report on Wednesday. Three analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $26.41.

CarGurus Stock Up 1.7 %

The company has a market capitalization of $2.58 billion, a price-to-earnings ratio of 86.89, a price-to-earnings-growth ratio of 1.41 and a beta of 1.57. The company’s fifty day simple moving average is $24.34 and its two-hundred day simple moving average is $23.57.

CarGurus (NASDAQ:CARG) last released its quarterly earnings data on Thursday, May 9th. The company reported $0.22 earnings per share for the quarter, beating the consensus estimate of $0.19 by $0.03. The business had revenue of $215.80 million for the quarter, compared to analysts’ expectations of $217.29 million. CarGurus had a return on equity of 8.80% and a net margin of 4.04%. Equities research analysts expect that CarGurus, Inc. will post 0.98 earnings per share for the current year.

Hedge Funds Weigh In On CarGurus

A number of institutional investors and hedge funds have recently added to or reduced their stakes in CARG. Vanguard Group Inc. grew its holdings in shares of CarGurus by 1.1% during the first quarter. Vanguard Group Inc. now owns 10,198,538 shares of the company’s stock worth $235,382,000 after buying an additional 107,244 shares in the last quarter. Wellington Management Group LLP boosted its holdings in CarGurus by 39.6% during the fourth quarter. Wellington Management Group LLP now owns 5,705,962 shares of the company’s stock worth $137,856,000 after purchasing an additional 1,619,076 shares during the last quarter. The Manufacturers Life Insurance Company increased its stake in CarGurus by 6.9% in the 3rd quarter. The Manufacturers Life Insurance Company now owns 2,825,275 shares of the company’s stock valued at $49,499,000 after buying an additional 182,028 shares during the last quarter. Dimensional Fund Advisors LP lifted its position in CarGurus by 6.1% during the 4th quarter. Dimensional Fund Advisors LP now owns 2,208,420 shares of the company’s stock worth $53,357,000 after buying an additional 126,216 shares in the last quarter. Finally, Pacer Advisors Inc. boosted its stake in shares of CarGurus by 20.3% during the 4th quarter. Pacer Advisors Inc. now owns 1,993,523 shares of the company’s stock worth $48,164,000 after buying an additional 336,245 shares during the last quarter. 86.90% of the stock is owned by institutional investors and hedge funds.

CarGurus Company Profile

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.