No Street GP LP Invests $25.58 Million in CarGurus, Inc. (NASDAQ:CARG)

No Street GP LP bought a new position in CarGurus, Inc. (NASDAQ:CARG) during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 700,000 shares of the company’s stock, valued at approximately $25,578,000. CarGurus accounts for about 1.7% of No Street GP LP’s holdings, making the stock its 20th biggest position.

Several other hedge funds also recently made changes to their positions in the company. Global Retirement Partners LLC increased its position in CarGurus by 198.5% during the 4th quarter. Global Retirement Partners LLC now owns 800 shares of the company’s stock valued at $29,000 after purchasing an additional 532 shares during the period. Fifth Third Bancorp boosted its stake in CarGurus by 100.0% in the 4th quarter. Fifth Third Bancorp now owns 912 shares of the company’s stock worth $33,000 after purchasing an additional 456 shares in the last quarter. Principal Securities Inc. boosted its stake in CarGurus by 82.7% in the 4th quarter. Principal Securities Inc. now owns 937 shares of the company’s stock worth $34,000 after purchasing an additional 424 shares in the last quarter. USA Financial Formulas bought a new position in CarGurus in the 4th quarter worth about $35,000. Finally, GeoWealth Management LLC bought a new position in CarGurus during the 4th quarter valued at about $49,000. 86.90% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on CARG shares. JMP Securities reduced their target price on shares of CarGurus from $43.00 to $38.00 and set a “market outperform” rating for the company in a report on Wednesday, April 9th. JPMorgan Chase & Co. lowered shares of CarGurus from an “overweight” rating to a “neutral” rating and cut their price objective for the company from $42.00 to $34.00 in a report on Thursday, March 27th. Royal Bank of Canada reiterated an “outperform” rating and set a $42.00 target price on shares of CarGurus in a research report on Monday. Needham & Company LLC lowered their price target on CarGurus from $45.00 to $39.00 and set a “buy” rating for the company in a research report on Friday, May 9th. Finally, Oppenheimer lowered their price target on CarGurus from $44.00 to $42.00 and set an “outperform” rating for the company in a research report on Monday, February 24th. Three equities research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, CarGurus has a consensus rating of “Moderate Buy” and a consensus target price of $36.95.

CarGurus Trading Up 1.9%

Shares of CarGurus stock opened at $33.57 on Wednesday. CarGurus, Inc. has a 12 month low of $21.65 and a 12 month high of $41.33. The stock’s fifty day moving average price is $28.80 and its 200-day moving average price is $33.75. The firm has a market cap of $3.51 billion, a P/E ratio of 186.51, a P/E/G ratio of 1.72 and a beta of 1.45.

CarGurus (NASDAQ:CARG) last issued its quarterly earnings results on Thursday, May 8th. The company reported $0.46 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.42 by $0.04. CarGurus had a return on equity of 27.14% and a net margin of 2.34%. The business had revenue of $225.16 million for the quarter, compared to the consensus estimate of $226.72 million. During the same period in the prior year, the firm posted $0.32 earnings per share. The business’s quarterly revenue was up 4.3% on a year-over-year basis. Analysts forecast that CarGurus, Inc. will post 1.41 earnings per share for the current year.

Insider Activity at CarGurus

In related news, CEO Zachary Emerson Hallowell sold 1,824 shares of the company’s stock in a transaction that occurred on Thursday, April 17th. The stock was sold at an average price of $26.73, for a total value of $48,755.52. Following the sale, the chief executive officer now owns 129,790 shares in the company, valued at $3,469,286.70. This represents a 1.39% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, COO Samuel Zales sold 10,000 shares of the stock in a transaction on Monday, March 17th. The stock was sold at an average price of $30.78, for a total transaction of $307,800.00. Following the completion of the sale, the chief operating officer now owns 390,025 shares in the company, valued at $12,004,969.50. The trade was a 2.50% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 31,824 shares of company stock valued at $907,856 in the last ninety days. Corporate insiders own 16.99% of the company’s stock.

CarGurus 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.