Cullinan Associates Inc. Has $835,000 Stake in CarGurus, Inc. (NASDAQ:CARG)

Cullinan Associates Inc. lessened its holdings in shares of CarGurus, Inc. (NASDAQ:CARG) by 36.5% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 36,200 shares of the company’s stock after selling 20,800 shares during the period. Cullinan Associates Inc.’s holdings in CarGurus were worth $835,000 at the end of the most recent quarter.

Several other hedge funds also recently made changes to their positions in the business. Allspring Global Investments Holdings LLC raised its holdings in CarGurus by 0.6% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 295,634 shares of the company’s stock valued at $6,823,000 after acquiring an additional 1,904 shares in the last quarter. Scharf Investments LLC bought a new position in shares of CarGurus in the first quarter worth $203,000. Nomura Holdings Inc. acquired a new position in CarGurus in the fourth quarter valued at about $412,000. PNC Financial Services Group Inc. lifted its position in CarGurus by 87.0% during the fourth quarter. PNC Financial Services Group Inc. now owns 5,519 shares of the company’s stock worth $133,000 after purchasing an additional 2,568 shares during the period. Finally, Wellington Management Group LLP increased its holdings in CarGurus by 39.6% in the 4th quarter. Wellington Management Group LLP now owns 5,705,962 shares of the company’s stock valued at $137,856,000 after buying an additional 1,619,076 shares during the period. 86.90% of the stock is owned by institutional investors.

CarGurus Price Performance

Shares of CARG stock opened at $25.49 on Wednesday. The stock has a market capitalization of $2.66 billion, a PE ratio of 91.04, a PEG ratio of 1.52 and a beta of 1.57. The business’s 50 day simple moving average is $24.30 and its 200 day simple moving average is $23.56. CarGurus, Inc. has a one year low of $16.70 and a one year high of $26.90.

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

Insider Activity

In other CarGurus news, COO Samuel Zales sold 17,668 shares of CarGurus stock in a transaction that occurred on Thursday, May 16th. The stock was sold at an average price of $24.73, for a total value of $436,929.64. Following the completion of the sale, the chief operating officer now directly owns 548,845 shares in the company, valued at $13,572,936.85. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In other news, General Counsel Javier Esquivel Zamora sold 6,680 shares of the firm’s stock in a transaction dated Thursday, June 6th. The stock was sold at an average price of $25.00, for a total value of $167,000.00. Following the completion of the sale, the general counsel now directly owns 102,130 shares in the company, valued at approximately $2,553,250. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, COO Samuel Zales sold 17,668 shares of the company’s stock in a transaction that occurred on Thursday, May 16th. The stock was sold at an average price of $24.73, for a total value of $436,929.64. Following the transaction, the chief operating officer now directly owns 548,845 shares in the company, valued at $13,572,936.85. The disclosure for this sale can be found here. Insiders have sold 72,016 shares of company stock valued at $1,732,378 in the last ninety days. 17.20% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on the company. Royal Bank of Canada upped their target price on CarGurus from $26.00 to $27.00 and gave the stock an “outperform” rating in a research note on Friday, May 10th. JMP Securities upgraded CarGurus from a “market perform” rating to an “outperform” rating and set a $30.00 target price on the stock in a research report on Friday, June 7th. Needham & Company LLC increased their target price on shares of CarGurus from $24.00 to $25.00 and gave the stock a “buy” rating in a report on Friday, May 10th. JPMorgan Chase & Co. lifted their price target on shares of CarGurus from $27.00 to $29.00 and gave the company an “overweight” rating in a report on Friday, May 10th. Finally, UBS Group raised their target price on shares of CarGurus from $26.00 to $27.00 and gave the company a “neutral” rating in a research report on Friday, March 15th. Three research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $26.14.

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.