Corebridge Financial Inc. Reduces Position in CarGurus, Inc. (NASDAQ:CARG)

Corebridge Financial Inc. lowered its stake in shares of CarGurus, Inc. (NASDAQ:CARG) by 8.7% during the 4th quarter, according to its most recent filing with the SEC. The firm owned 46,228 shares of the company’s stock after selling 4,427 shares during the period. Corebridge Financial Inc.’s holdings in CarGurus were worth $1,689,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Louisiana State Employees Retirement System boosted its holdings in CarGurus by 0.7% in the fourth quarter. Louisiana State Employees Retirement System now owns 42,500 shares of the company’s stock worth $1,553,000 after purchasing an additional 300 shares during the last quarter. Principal Securities Inc. boosted its stake in shares of CarGurus by 82.7% in the 4th quarter. Principal Securities Inc. now owns 937 shares of the company’s stock worth $34,000 after buying an additional 424 shares during the last quarter. Fifth Third Bancorp grew its holdings in shares of CarGurus by 100.0% in the fourth quarter. Fifth Third Bancorp now owns 912 shares of the company’s stock worth $33,000 after acquiring an additional 456 shares during the period. QRG Capital Management Inc. increased its position in CarGurus by 6.6% during the fourth quarter. QRG Capital Management Inc. now owns 7,687 shares of the company’s stock valued at $281,000 after acquiring an additional 475 shares during the last quarter. Finally, Hillsdale Investment Management Inc. increased its position in CarGurus by 0.4% during the fourth quarter. Hillsdale Investment Management Inc. now owns 133,450 shares of the company’s stock valued at $4,876,000 after acquiring an additional 500 shares during the last quarter. Hedge funds and other institutional investors own 86.90% of the company’s stock.

Insider Buying and Selling at CarGurus

In related news, CTO Matthew Todd Quinn sold 4,678 shares of the stock in a transaction that occurred on Friday, January 3rd. The stock was sold at an average price of $35.78, for a total transaction of $167,378.84. Following the completion of the transaction, the chief technology officer now directly owns 195,795 shares of the company’s stock, valued at approximately $7,005,545.10. This represents a 2.33 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CMO Dafna Sarnoff sold 10,570 shares of the firm’s stock in a transaction that occurred on Friday, January 3rd. The shares were sold at an average price of $35.78, for a total value of $378,194.60. Following the transaction, the chief marketing officer now owns 95,261 shares of the company’s stock, valued at $3,408,438.58. This represents a 9.99 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 52,031 shares of company stock valued at $1,868,424 in the last 90 days. Insiders own 17.20% of the company’s stock.

CarGurus Trading Up 0.9 %

Shares of CARG opened at $29.51 on Thursday. CarGurus, Inc. has a 12-month low of $21.18 and a 12-month high of $41.33. The company has a market capitalization of $3.08 billion, a PE ratio of 163.95, a price-to-earnings-growth ratio of 1.72 and a beta of 1.46. The business’s 50 day moving average is $34.41 and its 200 day moving average is $34.35.

CarGurus (NASDAQ:CARG) last released its earnings results on Thursday, February 20th. The company reported $0.44 EPS 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 during the quarter, compared to analysts’ expectations of $231.72 million. Equities research analysts predict that CarGurus, Inc. will post 1.41 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on the company. JMP Securities restated a “market outperform” rating and set a $46.00 price target on shares of CarGurus in a research note on Monday, December 16th. Needham & Company LLC reaffirmed a “buy” rating and set a $45.00 target price on shares of CarGurus in a report on Friday, February 21st. Oppenheimer dropped their price target on shares of CarGurus from $44.00 to $42.00 and set an “outperform” rating on the stock in a research note on Monday, February 24th. Finally, JPMorgan Chase & Co. lowered CarGurus from an “overweight” rating to a “neutral” rating and reduced their price objective for the stock from $42.00 to $34.00 in a research note on Thursday, March 27th. Two analysts have rated the stock with a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $38.75.

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.