State of New Jersey Common Pension Fund D Takes $2.08 Million Position in CarGurus, Inc. (NASDAQ:CARG)

State of New Jersey Common Pension Fund D bought a new stake in shares of CarGurus, Inc. (NASDAQ:CARG) in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 79,345 shares of the company’s stock, valued at approximately $2,079,000. State of New Jersey Common Pension Fund D owned 0.08% of CarGurus as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently modified their holdings of the company. CWM LLC grew its position in shares of CarGurus by 54.1% during the 2nd quarter. CWM LLC now owns 1,381 shares of the company’s stock valued at $36,000 after acquiring an additional 485 shares during the period. Nisa Investment Advisors LLC grew its position in shares of CarGurus by 43.5% during the 2nd quarter. Nisa Investment Advisors LLC now owns 1,579 shares of the company’s stock valued at $41,000 after acquiring an additional 479 shares during the period. GAMMA Investing LLC lifted its stake in shares of CarGurus by 25.9% during the 2nd quarter. GAMMA Investing LLC now owns 2,066 shares of the company’s stock valued at $54,000 after buying an additional 425 shares in the last quarter. Headlands Technologies LLC purchased a new stake in shares of CarGurus during the 1st quarter valued at approximately $49,000. Finally, nVerses Capital LLC purchased a new stake in shares of CarGurus during the 2nd quarter valued at approximately $102,000. 86.90% of the stock is owned by institutional investors.

CarGurus Price Performance

NASDAQ CARG opened at $30.35 on Friday. CarGurus, Inc. has a 1 year low of $16.70 and a 1 year high of $30.99. The stock has a market capitalization of $3.16 billion, a PE ratio of 108.39, a P/E/G ratio of 1.33 and a beta of 1.56. The company’s 50 day simple moving average is $27.01 and its two-hundred day simple moving average is $24.89.

CarGurus (NASDAQ:CARG) last posted its earnings results on Thursday, August 8th. The company reported $0.30 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.23 by $0.07. CarGurus had a negative net margin of 5.57% and a positive return on equity of 11.06%. The business had revenue of $218.69 million for the quarter, compared to analysts’ expectations of $214.85 million. On average, research analysts anticipate that CarGurus, Inc. will post 1.18 EPS for the current year.

Insider Transactions at CarGurus

In other news, CTO Matthew Todd Quinn sold 3,978 shares of the stock in a transaction on Tuesday, July 2nd. The shares were sold at an average price of $24.91, for a total value of $99,091.98. Following the transaction, the chief technology officer now owns 217,374 shares of the company’s stock, valued at approximately $5,414,786.34. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other news, CTO Matthew Todd Quinn sold 3,978 shares of the stock in a transaction on Tuesday, July 2nd. The shares were sold at an average price of $24.91, for a total value of $99,091.98. Following the transaction, the chief technology officer now owns 217,374 shares of the company’s stock, valued at approximately $5,414,786.34. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CMO Dafna Sarnoff sold 3,107 shares of the stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $28.42, for a total transaction of $88,300.94. Following the completion of the transaction, the chief marketing officer now directly owns 128,952 shares in the company, valued at approximately $3,664,815.84. The disclosure for this sale can be found here. Insiders have sold 57,421 shares of company stock valued at $1,567,354 in the last quarter. Insiders own 17.20% of the company’s stock.

Analysts Set New Price Targets

A number of analysts recently commented on CARG shares. JMP Securities restated a “market outperform” rating and set a $32.00 price target on shares of CarGurus in a research note on Monday, September 9th. Royal Bank of Canada upped their price target on shares of CarGurus from $27.00 to $30.00 and gave the company an “outperform” rating in a research note on Friday, August 9th. BTIG Research upped their price target on shares of CarGurus from $28.00 to $30.00 and gave the company a “buy” rating in a research note on Friday, August 9th. JPMorgan Chase & Co. upped their price target on shares of CarGurus from $29.00 to $32.00 and gave the company an “overweight” rating in a research note on Monday, August 12th. Finally, DA Davidson restated a “neutral” rating and set a $26.50 price target on shares of CarGurus in a research note on Tuesday, September 10th. Three equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $29.35.

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.