Raymond James Financial Inc. Buys Shares of 532,715 CarGurus, Inc. (NASDAQ:CARG)

Raymond James Financial Inc. bought a new position in CarGurus, Inc. (NASDAQ:CARG) in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 532,715 shares of the company’s stock, valued at approximately $19,465,000. Raymond James Financial Inc. owned about 0.51% of CarGurus at the end of the most recent quarter.

Several other large investors also recently made changes to their positions in CARG. Allspring Global Investments Holdings LLC increased its position in CarGurus by 16.4% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 244,828 shares of the company’s stock valued at $8,748,000 after acquiring an additional 34,555 shares during the period. Los Angeles Capital Management LLC increased its holdings in shares of CarGurus by 36.4% during the fourth quarter. Los Angeles Capital Management LLC now owns 87,862 shares of the company’s stock valued at $3,210,000 after purchasing an additional 23,445 shares during the period. Summit Global Investments bought a new stake in shares of CarGurus during the fourth quarter valued at about $1,150,000. Friedenthal Financial bought a new stake in shares of CarGurus during the fourth quarter valued at about $767,000. Finally, Cookson Peirce & Co. Inc. lifted its holdings in CarGurus by 59.6% in the fourth quarter. Cookson Peirce & Co. Inc. now owns 21,376 shares of the company’s stock worth $781,000 after purchasing an additional 7,982 shares during the period. Institutional investors and hedge funds own 86.90% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have commented on the stock. Needham & Company LLC restated a “buy” rating and set a $45.00 price target on shares of CarGurus in a research report on Friday, February 21st. Oppenheimer cut their target price on CarGurus from $44.00 to $42.00 and set an “outperform” rating for the company in a research report on Monday, February 24th. JMP Securities decreased their price target on CarGurus from $43.00 to $38.00 and set a “market outperform” rating for the company in a research note on Wednesday, April 9th. JPMorgan Chase & Co. downgraded CarGurus from an “overweight” rating to a “neutral” rating and dropped their price objective for the stock from $42.00 to $34.00 in a research note on Thursday, March 27th. Finally, UBS Group decreased their target price on CarGurus from $36.00 to $29.00 and set a “neutral” rating for the company in a research note on Thursday, April 10th. Three equities research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $37.14.

Insider Buying and Selling at CarGurus

In related news, COO Samuel Zales sold 20,000 shares of the business’s stock in a transaction that occurred on Monday, February 3rd. The shares were sold at an average price of $38.36, for a total transaction of $767,200.00. Following the transaction, the chief operating officer now directly owns 400,025 shares of the company’s stock, valued at approximately $15,344,959. The trade was a 4.76 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders have sold a total of 40,000 shares of company stock valued at $1,343,400 in the last three months. 17.20% of the stock is currently owned by company insiders.

CarGurus Trading Down 0.4 %

Shares of CARG opened at $26.61 on Friday. CarGurus, Inc. has a 1-year low of $21.65 and a 1-year high of $41.33. The stock has a market capitalization of $2.78 billion, a P/E ratio of 147.84, a P/E/G ratio of 1.72 and a beta of 1.46. The business’s 50-day moving average price is $30.81 and its 200 day moving average price is $34.01.

CarGurus (NASDAQ:CARG) last released its quarterly earnings results on Thursday, February 20th. The company reported $0.44 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.50 by ($0.06). The firm had revenue of $228.54 million for the quarter, compared to analyst estimates of $231.72 million. CarGurus had a net margin of 2.34% and a return on equity of 27.14%. On average, research analysts predict that CarGurus, Inc. will post 1.41 earnings per share for the current year.

About CarGurus

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.