New York State Teachers Retirement System Boosts Holdings in CarGurus, Inc. (NASDAQ:CARG)

New York State Teachers Retirement System lifted its stake in CarGurus, Inc. (NASDAQ:CARG) by 2.2% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 37,092 shares of the company’s stock after buying an additional 797 shares during the period. New York State Teachers Retirement System’s holdings in CarGurus were worth $1,355,000 at the end of the most recent quarter.

Other hedge funds have also recently modified their holdings of the company. Point72 Hong Kong Ltd purchased a new position in shares of CarGurus in the 3rd quarter valued at $28,000. Signaturefd LLC boosted its stake in CarGurus by 81.3% during the 3rd quarter. Signaturefd LLC now owns 959 shares of the company’s stock worth $29,000 after purchasing an additional 430 shares during the period. Fifth Third Bancorp boosted its stake in CarGurus by 100.0% during the 4th quarter. Fifth Third Bancorp now owns 912 shares of the company’s stock worth $33,000 after purchasing an additional 456 shares during the period. USA Financial Formulas acquired a new stake in CarGurus during the 4th quarter worth $35,000. Finally, Quarry LP boosted its stake in CarGurus by 155.8% during the 3rd quarter. Quarry LP now owns 1,499 shares of the company’s stock worth $45,000 after purchasing an additional 913 shares during the period. 86.90% of the stock is owned by hedge funds and other institutional investors.

CarGurus Stock Performance

CARG stock opened at $31.15 on Monday. CarGurus, Inc. has a one year low of $21.18 and a one year high of $41.33. The stock has a market capitalization of $3.23 billion, a PE ratio of 173.07, a price-to-earnings-growth ratio of 1.72 and a beta of 1.59. The company has a fifty day moving average of $37.81 and a 200-day moving average of $33.83.

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

Insider Activity

In other news, COO Samuel Zales sold 7,500 shares of the stock in a transaction dated Monday, December 16th. The shares were sold at an average price of $37.70, for a total value of $282,750.00. Following the completion of the transaction, the chief operating officer now owns 434,821 shares in the company, valued at $16,392,751.70. This trade represents a 1.70 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Zachary Emerson Hallowell sold 4,580 shares of the stock in a transaction dated Friday, January 3rd. The shares were sold at an average price of $35.78, for a total transaction of $163,872.40. Following the completion of the transaction, the chief executive officer now owns 120,051 shares of the company’s stock, valued at $4,295,424.78. This represents a 3.67 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 59,388 shares of company stock worth $2,204,338 in the last 90 days. 17.20% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

CARG has been the subject of a number of recent research reports. Royal Bank of Canada increased their price target on shares of CarGurus from $30.00 to $42.00 and gave the stock an “outperform” rating in a research note on Monday, November 11th. Oppenheimer increased their price target on shares of CarGurus from $32.00 to $44.00 and gave the stock an “outperform” rating in a research note on Friday, November 8th. B. Riley increased their price target on shares of CarGurus from $30.00 to $40.00 and gave the stock a “buy” rating in a research note on Monday, November 11th. JMP Securities reiterated a “market outperform” rating and set a $46.00 price target on shares of CarGurus in a research note on Monday, December 16th. Finally, Citigroup upgraded shares of CarGurus from a “hold” rating to a “strong-buy” rating in a research note on Monday, November 11th. Two analysts have rated the stock with a hold rating, eight have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, CarGurus has a consensus rating of “Moderate Buy” and a consensus target price of $38.59.

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.