JPMorgan Chase & Co. grew its stake in CarGurus Inc (NASDAQ:CARG) by 209.5% in the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 247,319 shares of the company’s stock after buying an additional 167,404 shares during the quarter. JPMorgan Chase & Co.’s holdings in CarGurus were worth $13,773,000 at the end of the most recent reporting period.
Several other institutional investors also recently added to or reduced their stakes in the company. Allen Investment Management LLC bought a new position in CarGurus during the 3rd quarter worth approximately $371,000. Los Angeles Capital Management & Equity Research Inc. bought a new position in CarGurus during the 3rd quarter worth approximately $1,251,000. CIBC Asset Management Inc bought a new position in CarGurus during the 3rd quarter worth approximately $209,000. Comerica Bank bought a new position in CarGurus during the 3rd quarter worth approximately $722,000. Finally, Chicago Equity Partners LLC bought a new position in CarGurus during the 3rd quarter worth approximately $3,336,000. Institutional investors own 68.67% of the company’s stock.
Several research analysts have issued reports on the stock. Citigroup assumed coverage on shares of CarGurus in a report on Friday. They set a “buy” rating and a $45.00 price target for the company. BidaskClub lowered shares of CarGurus from a “hold” rating to a “sell” rating in a report on Friday. SunTrust Banks assumed coverage on shares of CarGurus in a report on Monday, November 19th. They set a “buy” rating and a $49.00 price target for the company. Zacks Investment Research upgraded shares of CarGurus from a “hold” rating to a “buy” rating and set a $47.00 price target for the company in a report on Wednesday, November 14th. Finally, BTIG Research assumed coverage on shares of CarGurus in a report on Tuesday, November 13th. They set a “buy” rating and a $48.00 price target for the company. One equities research analyst has rated the stock with a sell rating and nine have given a buy rating to the stock. The company presently has an average rating of “Buy” and an average price target of $50.75.
CarGurus (NASDAQ:CARG) last released its quarterly earnings results on Wednesday, November 7th. The company reported $0.08 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.05 by $0.03. The firm had revenue of $119.04 million during the quarter, compared to analyst estimates of $112.70 million. CarGurus had a net margin of 11.78% and a return on equity of 9.82%. The company’s revenue was up 43.4% compared to the same quarter last year. During the same quarter last year, the business earned $0.02 EPS. On average, sell-side analysts forecast that CarGurus Inc will post 0.13 earnings per share for the current year.
In other news, CEO Langley Steinert sold 176,109 shares of CarGurus stock in a transaction on Tuesday, September 11th. The shares were sold at an average price of $49.30, for a total value of $8,682,173.70. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Anastasios Parafestas sold 2,700 shares of CarGurus stock in a transaction on Tuesday, November 13th. The shares were sold at an average price of $42.56, for a total transaction of $114,912.00. The disclosure for this sale can be found here. Insiders sold a total of 4,817,674 shares of company stock valued at $231,547,583 in the last quarter. 51.03% of the stock is currently owned by company insiders.
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CarGurus Company Profile
CarGurus, Inc operates an online automotive marketplace connecting buyers and sellers of new and used cars worldwide. The company's marketplace enables users with third-party validation on pricing, dealer reputation, and other information. As of June 30, 2017, it had an active dealer network of approximately 40,000 dealers; and approximately 5.4 million car listings.
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