Bank of New York Mellon Corp Cuts Stock Holdings in CarGurus, Inc. (NASDAQ:CARG)

Bank of New York Mellon Corp decreased its position in CarGurus, Inc. (NASDAQ:CARG) by 2.5% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 582,843 shares of the company’s stock after selling 14,998 shares during the quarter. Bank of New York Mellon Corp owned 0.56% of CarGurus worth $21,297,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Point72 Hong Kong Ltd bought a new position in shares of CarGurus during the third quarter valued at approximately $28,000. Global Retirement Partners LLC boosted its position in CarGurus by 198.5% in the fourth quarter. Global Retirement Partners LLC now owns 800 shares of the company’s stock worth $29,000 after purchasing an additional 532 shares during the last quarter. Fifth Third Bancorp boosted its position in CarGurus by 100.0% in the fourth quarter. Fifth Third Bancorp now owns 912 shares of the company’s stock worth $33,000 after purchasing an additional 456 shares during the last quarter. Principal Securities Inc. lifted its position in shares of CarGurus by 82.7% during the 4th quarter. Principal Securities Inc. now owns 937 shares of the company’s stock valued at $34,000 after buying an additional 424 shares in the last quarter. Finally, USA Financial Formulas purchased a new position in shares of CarGurus during the 4th quarter valued at about $35,000. Institutional investors own 86.90% of the company’s stock.

Insiders Place Their Bets

In related news, COO Samuel Zales sold 20,000 shares of the business’s stock in a transaction that occurred on Monday, February 3rd. The shares were sold at an average price of $38.36, for a total transaction of $767,200.00. Following the transaction, the chief operating officer now directly owns 400,025 shares of the company’s stock, valued at approximately $15,344,959. The trade was a 4.76 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CMO Dafna Sarnoff sold 10,570 shares of CarGurus stock in a transaction that occurred on Friday, January 3rd. The shares were sold at an average price of $35.78, for a total transaction of $378,194.60. Following the completion of the sale, the chief marketing officer now owns 95,261 shares of the company’s stock, valued at $3,408,438.58. This trade represents a 9.99 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 59,388 shares of company stock valued at $2,204,338 over the last quarter. Insiders own 17.20% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts recently commented on CARG shares. Oppenheimer lowered their price target on CarGurus from $44.00 to $42.00 and set an “outperform” rating on the stock in a report on Monday, February 24th. JMP Securities reiterated a “market outperform” rating and issued a $46.00 target price on shares of CarGurus in a report on Monday, December 16th. Royal Bank of Canada upped their target price on CarGurus from $30.00 to $42.00 and gave the company an “outperform” rating in a research report on Monday, November 11th. B. Riley increased their price objective on CarGurus from $30.00 to $40.00 and gave the company a “buy” rating in a report on Monday, November 11th. Finally, JPMorgan Chase & Co. increased their price target on CarGurus from $40.00 to $42.00 and gave the stock an “overweight” rating in a research report on Friday, February 21st. Two analysts have rated the stock with a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $38.41.

CarGurus Stock Performance

CARG stock opened at $30.88 on Tuesday. CarGurus, Inc. has a 1 year low of $21.18 and a 1 year high of $41.33. The stock’s 50 day moving average price is $36.77 and its 200 day moving average price is $34.11. The firm has a market cap of $3.22 billion, a P/E ratio of 171.57, a PEG ratio of 1.72 and a beta of 1.52.

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

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.