Bessemer Group Inc. Has $36.65 Million Stock Position in CarGurus, Inc. $CARG

Bessemer Group Inc. increased its position in shares of CarGurus, Inc. (NASDAQ:CARG) by 26.7% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 984,435 shares of the company’s stock after buying an additional 207,373 shares during the period. Bessemer Group Inc. owned 0.99% of CarGurus worth $36,652,000 at the end of the most recent reporting period.

Several other institutional investors have also recently bought and sold shares of CARG. Congress Asset Management Co. bought a new stake in CarGurus during the third quarter valued at about $70,856,000. Divisadero Street Capital Management LP acquired a new position in shares of CarGurus during the 2nd quarter worth about $14,599,000. Squarepoint Ops LLC boosted its stake in CarGurus by 1,457.7% during the 2nd quarter. Squarepoint Ops LLC now owns 403,447 shares of the company’s stock valued at $13,503,000 after purchasing an additional 377,547 shares during the period. Arrowstreet Capital Limited Partnership grew its holdings in CarGurus by 22.4% in the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 1,699,910 shares of the company’s stock valued at $56,896,000 after buying an additional 311,287 shares during the last quarter. Finally, Schroder Investment Management Group bought a new position in CarGurus in the 2nd quarter worth approximately $10,387,000. Institutional investors own 86.90% of the company’s stock.

Insider Buying and Selling at CarGurus

In other CarGurus news, CEO Jason Trevisan sold 16,548 shares of the stock in a transaction on Tuesday, December 23rd. The stock was sold at an average price of $39.02, for a total transaction of $645,702.96. Following the completion of the transaction, the chief executive officer directly owned 630,483 shares in the company, valued at $24,601,446.66. This represents a 2.56% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Ismail Elshareef sold 1,645 shares of the business’s stock in a transaction on Monday, February 2nd. The shares were sold at an average price of $32.21, for a total transaction of $52,985.45. Following the completion of the sale, the insider owned 91,822 shares in the company, valued at $2,957,586.62. This represents a 1.76% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 49,003 shares of company stock worth $1,858,494 over the last three months. Company insiders own 16.99% of the company’s stock.

CarGurus Stock Performance

Shares of CarGurus stock opened at $28.44 on Friday. The firm has a market cap of $2.71 billion, a P/E ratio of 19.35, a price-to-earnings-growth ratio of 1.18 and a beta of 1.35. The firm’s 50-day simple moving average is $36.08 and its 200-day simple moving average is $35.17. CarGurus, Inc. has a twelve month low of $24.65 and a twelve month high of $40.37.

CarGurus (NASDAQ:CARG) last announced its quarterly earnings results on Thursday, November 6th. The company reported $0.57 EPS for the quarter, topping analysts’ consensus estimates of $0.55 by $0.02. CarGurus had a net margin of 16.41% and a return on equity of 41.31%. The firm had revenue of $238.70 million during the quarter, compared to analysts’ expectations of $234.57 million. During the same quarter last year, the company earned $0.45 earnings per share. The company’s revenue for the quarter was up 3.2% compared to the same quarter last year. On average, equities analysts forecast that CarGurus, Inc. will post 1.41 earnings per share for the current fiscal year.

Analysts Set New Price Targets

CARG has been the subject of several research reports. DA Davidson set a $37.50 price objective on CarGurus in a research report on Monday, November 17th. Wall Street Zen lowered shares of CarGurus from a “buy” rating to a “hold” rating in a research report on Saturday, January 3rd. Zacks Research cut shares of CarGurus from a “strong-buy” rating to a “hold” rating in a research note on Thursday, October 16th. Needham & Company LLC lowered their price target on CarGurus from $44.00 to $37.00 and set a “buy” rating on the stock in a research note on Thursday. Finally, Weiss Ratings reaffirmed a “hold (c+)” rating on shares of CarGurus in a report on Monday, December 29th. Five analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $40.23.

About CarGurus

CarGurus, Inc operates an online automotive marketplace designed to connect buyers and sellers of new and used vehicles. Through its proprietary search engine and data-driven pricing tools, the platform enables consumers to compare listings, assess fair market values and locate local dealers offering competitive deals. CarGurus also provides detailed vehicle history reports, dealer reviews and financing options to streamline the car-shopping process for both private parties and franchised dealerships.

The company’s core product offerings include Instant Market Value (IMV), which leverages pricing algorithms to help buyers identify over- or under-priced vehicles, as well as dealer subscription services that grant automotive retailers access to lead generation tools, targeted advertising and dynamic pricing insights.