M&T Bank Corp Grows Stock Holdings in CarGurus, Inc. (NASDAQ:CARG)

M&T Bank Corp lifted its stake in shares of CarGurus, Inc. (NASDAQ:CARG) by 16.3% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 121,015 shares of the company’s stock after acquiring an additional 16,963 shares during the quarter. M&T Bank Corp owned approximately 0.11% of CarGurus worth $2,924,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of CARG. GAMMA Investing LLC bought a new stake in CarGurus during the 4th quarter valued at $32,000. Acadian Asset Management LLC purchased a new position in shares of CarGurus during the third quarter valued at $32,000. Daiwa Securities Group Inc. bought a new stake in shares of CarGurus in the fourth quarter valued at about $65,000. PNC Financial Services Group Inc. lifted its stake in CarGurus by 298.2% in the third quarter. PNC Financial Services Group Inc. now owns 2,951 shares of the company’s stock worth $52,000 after acquiring an additional 2,210 shares during the period. Finally, DekaBank Deutsche Girozentrale purchased a new position in CarGurus during the 3rd quarter valued at about $107,000. Institutional investors own 86.90% of the company’s stock.

Insider Buying and Selling at CarGurus

In related news, COO Samuel Zales sold 17,668 shares of CarGurus stock in a transaction dated Thursday, February 29th. The stock was sold at an average price of $22.22, for a total transaction of $392,582.96. Following the completion of the sale, the chief operating officer now owns 564,609 shares of the company’s stock, valued at $12,545,611.98. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, CMO Dafna Sarnoff sold 10,573 shares of the stock in a transaction on Monday, March 18th. The shares were sold at an average price of $22.56, for a total transaction of $238,526.88. Following the sale, the chief marketing officer now directly owns 168,099 shares of the company’s stock, valued at $3,792,313.44. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, COO Samuel Zales sold 17,668 shares of CarGurus stock in a transaction on Thursday, February 29th. The shares were sold at an average price of $22.22, for a total transaction of $392,582.96. Following the completion of the transaction, the chief operating officer now directly owns 564,609 shares of the company’s stock, valued at approximately $12,545,611.98. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 113,793 shares of company stock worth $2,523,342. 15.70% of the stock is currently owned by insiders.

CarGurus Stock Down 1.7 %

CARG stock opened at $22.61 on Wednesday. The stock has a market capitalization of $2.43 billion, a PE ratio of 125.61, a price-to-earnings-growth ratio of 1.38 and a beta of 1.57. CarGurus, Inc. has a 52 week low of $16.02 and a 52 week high of $24.64. The firm has a 50 day moving average of $22.76 and a 200 day moving average of $22.28.

CarGurus (NASDAQ:CARG) last posted its quarterly earnings data on Monday, February 26th. The company reported $0.35 EPS for the quarter, topping the consensus estimate of $0.34 by $0.01. CarGurus had a net margin of 3.40% and a return on equity of 7.74%. The business had revenue of $223.12 million during the quarter, compared to the consensus estimate of $220.05 million. During the same period in the previous year, the firm posted $0.25 earnings per share. The business’s revenue for the quarter was down 22.2% compared to the same quarter last year. On average, equities research analysts expect that CarGurus, Inc. will post 0.94 earnings per share for the current year.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on CARG shares. Needham & Company LLC upped their price target on shares of CarGurus from $22.00 to $24.00 and gave the stock a “buy” rating in a research report on Tuesday, February 27th. Oppenheimer boosted their price target on CarGurus from $26.00 to $30.00 and gave the stock an “outperform” rating in a research report on Tuesday, February 27th. JMP Securities reiterated a “market perform” rating on shares of CarGurus in a report on Wednesday, April 17th. Finally, UBS Group raised their price target on shares of CarGurus from $26.00 to $27.00 and gave the company a “neutral” rating in a report on Friday, March 15th. Four analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $24.90.

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.