Raymond James & Associates Has $14.80 Million Stock Position in CarGurus, Inc. (NASDAQ:CARG)

Raymond James & Associates cut its holdings in shares of CarGurus, Inc. (NASDAQ:CARG) by 7.9% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 492,731 shares of the company’s stock after selling 42,208 shares during the quarter. Raymond James & Associates owned about 0.47% of CarGurus worth $14,797,000 as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of CARG. Marshall Wace LLP raised its stake in CarGurus by 3,512.4% during the 2nd quarter. Marshall Wace LLP now owns 480,339 shares of the company’s stock valued at $12,585,000 after purchasing an additional 467,042 shares during the last quarter. Fort Washington Investment Advisors Inc. OH lifted its stake in shares of CarGurus by 26.5% in the second quarter. Fort Washington Investment Advisors Inc. OH now owns 1,090,335 shares of the company’s stock valued at $28,567,000 after buying an additional 228,380 shares during the period. SG Capital Management LLC acquired a new stake in CarGurus during the first quarter worth about $4,222,000. Edgestream Partners L.P. bought a new position in CarGurus during the first quarter valued at about $3,978,000. Finally, Allen Investment Management LLC raised its holdings in CarGurus by 187.2% in the 2nd quarter. Allen Investment Management LLC now owns 257,827 shares of the company’s stock valued at $6,755,000 after acquiring an additional 168,051 shares in the last quarter. 86.90% of the stock is owned by institutional investors.

CarGurus Trading Down 1.9 %

Shares of CarGurus stock opened at $31.53 on Friday. The stock has a market capitalization of $3.29 billion, a price-to-earnings ratio of 112.61, a P/E/G ratio of 1.48 and a beta of 1.56. The firm’s 50-day moving average price is $29.54 and its two-hundred day moving average price is $26.22. CarGurus, Inc. has a 1-year low of $16.70 and a 1-year high of $32.36.

CarGurus (NASDAQ:CARG) last released its quarterly earnings results on Thursday, August 8th. The company reported $0.30 EPS for the quarter, topping analysts’ consensus estimates of $0.23 by $0.07. CarGurus had a positive return on equity of 11.06% and a negative net margin of 5.57%. The business had revenue of $218.69 million for the quarter, compared to analyst estimates of $214.85 million. As a group, equities research analysts predict that CarGurus, Inc. will post 1.18 EPS for the current year.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on the company. Royal Bank of Canada lifted their price objective on CarGurus from $27.00 to $30.00 and gave the stock an “outperform” rating in a report on Friday, August 9th. Citigroup lifted their price target on shares of CarGurus from $24.00 to $27.00 and gave the stock a “neutral” rating in a research note on Wednesday, July 3rd. Oppenheimer increased their price objective on shares of CarGurus from $30.00 to $32.00 and gave the company an “outperform” rating in a research note on Friday, August 9th. JMP Securities reiterated a “market outperform” rating and set a $32.00 target price on shares of CarGurus in a research report on Monday, September 9th. Finally, DA Davidson reissued a “neutral” rating and issued a $26.50 price target on shares of CarGurus in a research report on Tuesday, September 10th. Three analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $30.59.

Insider Activity

In related news, COO Samuel Zales sold 25,168 shares of the company’s stock in a transaction dated Friday, August 16th. The shares were sold at an average price of $28.34, for a total transaction of $713,261.12. Following the transaction, the chief operating officer now owns 480,583 shares in the company, valued at $13,619,722.22. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other CarGurus news, CMO Dafna Sarnoff sold 4,127 shares of the stock in a transaction on Tuesday, October 1st. The stock was sold at an average price of $29.94, for a total value of $123,562.38. Following the transaction, the chief marketing officer now directly owns 119,330 shares in the company, valued at approximately $3,572,740.20. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, COO Samuel Zales sold 25,168 shares of the business’s stock in a transaction on Friday, August 16th. The stock was sold at an average price of $28.34, for a total value of $713,261.12. Following the sale, the chief operating officer now owns 480,583 shares of the company’s stock, valued at approximately $13,619,722.22. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 61,065 shares of company stock worth $1,823,794. 17.20% of the stock is owned by corporate insiders.

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.