Franklin Resources Inc. raised its holdings in shares of CarGurus (NASDAQ:CARG) by 321.5% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 102,000 shares of the company’s stock after purchasing an additional 77,800 shares during the quarter. Franklin Resources Inc. owned 0.10% of CarGurus worth $3,924,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also modified their holdings of the company. Arrowstreet Capital Limited Partnership acquired a new stake in CarGurus during the 4th quarter valued at approximately $271,000. Northern Trust Corp grew its stake in CarGurus by 12.8% during the 1st quarter. Northern Trust Corp now owns 20,129 shares of the company’s stock valued at $775,000 after purchasing an additional 2,292 shares in the last quarter. Two Sigma Investments LP acquired a new stake in CarGurus during the 4th quarter valued at approximately $1,024,000. Schwab Charles Investment Management Inc. grew its stake in CarGurus by 36.6% during the 1st quarter. Schwab Charles Investment Management Inc. now owns 27,886 shares of the company’s stock valued at $1,073,000 after purchasing an additional 7,468 shares in the last quarter. Finally, Macquarie Group Ltd. acquired a new stake in CarGurus during the 4th quarter valued at approximately $1,137,000. Hedge funds and other institutional investors own 50.56% of the company’s stock.
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In other news, VP Oliver Ian Chrzan sold 6,000 shares of CarGurus stock in a transaction that occurred on Friday, May 4th. The stock was sold at an average price of $30.49, for a total value of $182,940.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Ian G. Smith sold 6,650 shares of CarGurus stock in a transaction that occurred on Wednesday, April 11th. The stock was sold at an average price of $37.44, for a total value of $248,976.00. The disclosure for this sale can be found here. In the last quarter, insiders sold 4,159,815 shares of company stock valued at $134,641,420. Insiders own 51.03% of the company’s stock.
A number of equities research analysts have weighed in on the company. DA Davidson upgraded CarGurus from a “neutral” rating to a “buy” rating and set a $41.00 price objective for the company in a research note on Tuesday, May 1st. They noted that the move was a valuation call. Benchmark raised their price objective on CarGurus from $42.00 to $44.00 and gave the company a “buy” rating in a research note on Sunday, May 6th. BidaskClub lowered CarGurus from a “buy” rating to a “hold” rating in a research note on Saturday, April 14th. Zacks Investment Research upgraded CarGurus from a “sell” rating to a “buy” rating and set a $35.00 price objective for the company in a research note on Tuesday, May 1st. Finally, ValuEngine lowered CarGurus from a “hold” rating to a “sell” rating in a research note on Tuesday, May 1st. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and three have issued a buy rating to the stock. The stock currently has an average rating of “Hold” and an average target price of $35.80.
Shares of CarGurus opened at $35.79 on Thursday, according to Marketbeat.com. The company has a market capitalization of $3.73 billion and a PE ratio of 298.25. CarGurus has a 52 week low of $25.85 and a 52 week high of $40.60.
CarGurus (NASDAQ:CARG) last issued its earnings results on Thursday, May 3rd. The company reported $0.06 EPS for the quarter, topping the consensus estimate of $0.02 by $0.04. The firm had revenue of $98.70 million during the quarter, compared to analyst estimates of $94.15 million. The company’s revenue for the quarter was up 47.3% on a year-over-year basis. research analysts expect that CarGurus will post 0.11 earnings per share for the current year.
About CarGurus
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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