Bryce Point Capital LLC Invests $1.63 Million in CarGurus, Inc. (NASDAQ:CARG)

Bryce Point Capital LLC purchased a new position in shares of CarGurus, Inc. (NASDAQ:CARG) in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 44,643 shares of the company’s stock, valued at approximately $1,631,000.

Other large investors also recently bought and sold shares of the company. Allspring Global Investments Holdings LLC increased its holdings in shares of CarGurus by 16.4% during the 4th quarter. Allspring Global Investments Holdings LLC now owns 244,828 shares of the company’s stock worth $8,748,000 after buying an additional 34,555 shares during the last quarter. Los Angeles Capital Management LLC grew its position in CarGurus by 36.4% during the fourth quarter. Los Angeles Capital Management LLC now owns 87,862 shares of the company’s stock valued at $3,210,000 after acquiring an additional 23,445 shares during the period. State Street Corp increased its stake in CarGurus by 4.8% during the third quarter. State Street Corp now owns 3,298,894 shares of the company’s stock worth $99,066,000 after acquiring an additional 151,862 shares during the last quarter. Charles Schwab Investment Management Inc. raised its holdings in shares of CarGurus by 9.4% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,043,217 shares of the company’s stock worth $31,328,000 after purchasing an additional 89,815 shares during the period. Finally, Summit Global Investments acquired a new position in shares of CarGurus in the 4th quarter valued at about $1,150,000. Hedge funds and other institutional investors own 86.90% of the company’s stock.

Insider Transactions at CarGurus

In related news, CEO Zachary Emerson Hallowell sold 4,580 shares of CarGurus stock in a transaction dated 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 transaction, the chief executive officer now directly owns 120,051 shares in the company, valued at approximately $4,295,424.78. This trade represents a 3.67 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, COO Samuel Zales sold 20,000 shares of the business’s stock in a transaction dated Monday, February 3rd. The shares were sold at an average price of $38.36, for a total value of $767,200.00. Following the completion of the sale, the chief operating officer now directly owns 400,025 shares of the company’s stock, valued at approximately $15,344,959. This represents a 4.76 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 61,888 shares of company stock valued at $2,229,388. 17.20% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

CARG has been the subject of a number of research analyst reports. JPMorgan Chase & Co. downgraded shares of CarGurus from an “overweight” rating to a “neutral” rating and dropped their target price for the stock from $42.00 to $34.00 in a research report on Thursday, March 27th. Oppenheimer dropped their price objective on shares of CarGurus from $44.00 to $42.00 and set an “outperform” rating for the company in a research report on Monday, February 24th. JMP Securities restated a “market outperform” rating and set a $46.00 target price on shares of CarGurus in a report on Monday, December 16th. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $45.00 price target on shares of CarGurus in a report on Friday, February 21st. Two equities research analysts have rated the stock with a hold rating, seven have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, CarGurus currently has an average rating of “Moderate Buy” and an average target price of $38.75.

CarGurus Price Performance

NASDAQ:CARG opened at $29.24 on Wednesday. The firm has a 50-day moving average of $34.78 and a two-hundred day moving average of $34.38. The stock has a market cap of $3.05 billion, a P/E ratio of 162.45, a PEG ratio of 1.72 and a beta of 1.52. CarGurus, Inc. has a 1-year low of $21.18 and a 1-year high of $41.33.

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

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.