KLP Kapitalforvaltning AS Makes New $632,000 Investment in CarGurus, Inc. (NASDAQ:CARG)

KLP Kapitalforvaltning AS bought a new position in CarGurus, Inc. (NASDAQ:CARG) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 17,300 shares of the company’s stock, valued at approximately $632,000.

Several other hedge funds also recently added to or reduced their stakes in CARG. State Street Corp boosted its holdings in CarGurus by 4.8% during the third quarter. State Street Corp now owns 3,298,894 shares of the company’s stock worth $99,066,000 after buying an additional 151,862 shares in the last quarter. Geode Capital Management LLC boosted its stake in CarGurus by 3.8% during the third quarter. Geode Capital Management LLC now owns 2,055,145 shares of the company’s stock worth $61,728,000 after buying an additional 74,730 shares during the period. Prevatt Capital Ltd increased its stake in CarGurus by 7.0% during the third quarter. Prevatt Capital Ltd now owns 1,230,000 shares of the company’s stock worth $36,937,000 after purchasing an additional 80,000 shares during the period. Charles Schwab Investment Management Inc. raised its stake in shares of CarGurus by 2.9% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,073,810 shares of the company’s stock valued at $39,237,000 after acquiring an additional 30,593 shares in the last quarter. Finally, Raymond James Financial Inc. acquired a new stake in shares of CarGurus in the 4th quarter valued at $19,465,000. 86.90% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, CEO Zachary Emerson Hallowell sold 4,580 shares of the company’s stock in a transaction on Friday, January 3rd. The shares were sold at an average price of $35.78, for a total value of $163,872.40. Following the completion of the sale, the chief executive officer now owns 120,051 shares in the company, valued at $4,295,424.78. This represents a 3.67 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, 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 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. This represents a 4.76 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 52,031 shares of company stock valued at $1,868,424 over the last ninety days. Insiders own 17.20% of the company’s stock.

CarGurus Stock Performance

Shares of CARG stock opened at $29.51 on Thursday. The stock has a market cap of $3.08 billion, a price-to-earnings ratio of 163.95, a P/E/G ratio of 1.72 and a beta of 1.46. CarGurus, Inc. has a 52-week low of $21.18 and a 52-week high of $41.33. The firm has a fifty day moving average of $34.41 and a 200-day moving average of $34.35.

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 the consensus estimate of $0.50 by ($0.06). CarGurus had a net margin of 2.34% and a return on equity of 27.14%. The firm had revenue of $228.54 million for the quarter, compared to the consensus estimate of $231.72 million. On average, sell-side analysts predict that CarGurus, Inc. will post 1.41 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on CARG. JPMorgan Chase & Co. cut shares of CarGurus from an “overweight” rating to a “neutral” rating and cut their target price for the company from $42.00 to $34.00 in a report on Thursday, March 27th. Oppenheimer lowered their target price 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 reaffirmed a “buy” rating and set a $45.00 price target on shares of CarGurus in a research note on Friday, February 21st. Finally, JMP Securities reaffirmed a “market outperform” rating and issued a $46.00 target price on shares of CarGurus in a research note on Monday, December 16th. Two investment analysts have rated the stock with a hold rating, seven have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $38.75.

About CarGurus

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.