Charles Schwab Investment Management Inc. Raises Stock Position in CarGurus, Inc. (NASDAQ:CARG)

Charles Schwab Investment Management Inc. raised its stake in shares of CarGurus, Inc. (NASDAQ:CARG) by 2.9% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,073,810 shares of the company’s stock after purchasing an additional 30,593 shares during the period. Charles Schwab Investment Management Inc. owned 1.04% of CarGurus worth $39,237,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Amalgamated Bank raised its position in shares of CarGurus by 6.0% during the 3rd quarter. Amalgamated Bank now owns 25,748 shares of the company’s stock worth $773,000 after purchasing an additional 1,465 shares during the last quarter. Principal Financial Group Inc. raised its holdings in shares of CarGurus by 1.4% during the third quarter. Principal Financial Group Inc. now owns 450,015 shares of the company’s stock valued at $13,514,000 after acquiring an additional 6,186 shares during the last quarter. Atria Investments Inc purchased a new position in shares of CarGurus in the third quarter valued at approximately $247,000. Victory Capital Management Inc. boosted its stake in shares of CarGurus by 45.5% in the third quarter. Victory Capital Management Inc. now owns 94,939 shares of the company’s stock worth $2,851,000 after acquiring an additional 29,674 shares during the last quarter. Finally, Oppenheimer & Co. Inc. purchased a new stake in shares of CarGurus during the third quarter worth approximately $608,000. 86.90% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

CARG has been the topic of a number of research reports. Oppenheimer decreased their price objective on CarGurus from $44.00 to $42.00 and set an “outperform” rating on the stock in a report on Monday, February 24th. Needham & Company LLC reissued a “buy” rating and issued a $45.00 price target on shares of CarGurus in a research note on Friday, February 21st. JMP Securities reaffirmed a “market outperform” rating and set a $46.00 price objective on shares of CarGurus in a research note on Monday, December 16th. Finally, JPMorgan Chase & Co. raised their target price on shares of CarGurus from $40.00 to $42.00 and gave the stock an “overweight” rating in a research note on Friday, February 21st. One equities research analyst has rated the stock with a hold rating, eight have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, CarGurus presently has a consensus rating of “Buy” and a consensus price target of $39.55.

Insider Activity at CarGurus

In other CarGurus news, CMO Dafna Sarnoff sold 10,570 shares of the company’s stock in a transaction dated Friday, January 3rd. The stock was sold at an average price of $35.78, for a total transaction of $378,194.60. Following the sale, the chief marketing officer now owns 95,261 shares in the company, valued at $3,408,438.58. This represents a 9.99 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, COO Samuel Zales sold 20,000 shares of CarGurus stock in a transaction dated Monday, February 3rd. The shares were sold at an average price of $38.36, for a total value of $767,200.00. Following the completion of the transaction, the chief operating officer now owns 400,025 shares of the company’s stock, valued at $15,344,959. The trade was a 4.76 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 59,388 shares of company stock worth $2,204,338. 17.20% of the stock is currently owned by company insiders.

CarGurus Price Performance

Shares of NASDAQ CARG opened at $30.78 on Friday. The company has a market capitalization of $3.21 billion, a P/E ratio of 171.01, a P/E/G ratio of 1.72 and a beta of 1.52. The company has a 50 day simple moving average of $36.23 and a 200-day simple moving average of $34.16. CarGurus, Inc. has a 1 year low of $21.18 and a 1 year high of $41.33.

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