Allianz Asset Management GmbH Raises Stock Holdings in CarGurus, Inc. $CARG

Allianz Asset Management GmbH boosted its position in shares of CarGurus, Inc. (NASDAQ:CARG) by 106.4% in the third quarter, according to the company in its most recent filing with the SEC. The firm owned 283,534 shares of the company’s stock after acquiring an additional 146,169 shares during the quarter. Allianz Asset Management GmbH owned about 0.29% of CarGurus worth $10,556,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of the company. The Manufacturers Life Insurance Company lifted its holdings in shares of CarGurus by 0.3% during the second quarter. The Manufacturers Life Insurance Company now owns 1,914,925 shares of the company’s stock worth $64,093,000 after purchasing an additional 6,676 shares during the period. Congress Asset Management Co. purchased a new position in CarGurus during the 3rd quarter worth approximately $70,856,000. Invesco Ltd. raised its position in CarGurus by 6.9% during the 2nd quarter. Invesco Ltd. now owns 1,717,321 shares of the company’s stock worth $57,479,000 after buying an additional 110,452 shares during the last quarter. Arrowstreet Capital Limited Partnership lifted its stake in CarGurus by 22.4% during the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 1,699,910 shares of the company’s stock valued at $56,896,000 after acquiring an additional 311,287 shares during the period. Finally, Boston Partners boosted its holdings in shares of CarGurus by 26.2% in the 2nd quarter. Boston Partners now owns 1,109,048 shares of the company’s stock valued at $36,845,000 after acquiring an additional 230,492 shares during the last quarter. 86.90% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on CARG shares. Citigroup raised their target price on shares of CarGurus from $37.00 to $41.00 and gave the stock a “neutral” rating in a report on Tuesday, October 28th. DA Davidson set a $37.50 price target on CarGurus in a research report on Monday, November 17th. BTIG Research lifted their price objective on CarGurus from $39.00 to $44.00 and gave the company a “buy” rating in a research note on Tuesday, December 30th. Zacks Research downgraded CarGurus from a “strong-buy” rating to a “hold” rating in a research note on Thursday, October 16th. Finally, Wall Street Zen raised CarGurus from a “hold” rating to a “buy” rating in a report on Saturday. Five research analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $40.23.

Insider Transactions at CarGurus

In other news, insider Jennifer Ladd Hanson sold 2,358 shares of the stock in a transaction that occurred on Wednesday, December 31st. The stock was sold at an average price of $38.10, for a total transaction of $89,839.80. Following the transaction, the insider owned 50,466 shares in the company, valued at $1,922,754.60. This trade represents a 4.46% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Ismail Elshareef sold 1,645 shares of the business’s stock in a transaction on Monday, February 2nd. The stock was sold at an average price of $32.21, for a total transaction of $52,985.45. Following the completion of the sale, the insider directly owned 91,822 shares of the company’s stock, valued at approximately $2,957,586.62. The trade was a 1.76% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 49,003 shares of company stock valued at $1,858,494 in the last three months. 17.20% of the stock is currently owned by company insiders.

CarGurus Stock Up 0.6%

CARG stock opened at $28.61 on Monday. CarGurus, Inc. has a 52-week low of $24.65 and a 52-week high of $40.37. The firm has a market cap of $2.73 billion, a P/E ratio of 19.46, a PEG ratio of 1.08 and a beta of 1.35. The company’s 50-day simple moving average is $35.94 and its 200-day simple moving average is $35.16.

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

CarGurus Profile

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.