Raymond James & Associates Cuts Position in CarGurus, Inc. (NASDAQ:CARG)

Raymond James & Associates lessened its holdings in CarGurus, Inc. (NASDAQ:CARG – Get Rating) by 2.5% during the fourth quarter, Holdings Channel.com reports. The firm owned 494,568 shares of the company’s stock after selling 12,835 shares during the quarter. Raymond James & Associates’ holdings in CarGurus were worth $6,929,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of CARG. Great West Life Assurance Co. Can grew its holdings in CarGurus by 23.3% in the third quarter. Great West Life Assurance Co. Can now owns 4,928 shares of the company’s stock worth $69,000 after purchasing an additional 932 shares during the period. Point72 Hong Kong Ltd grew its holdings in CarGurus by 23.4% in the third quarter. Point72 Hong Kong Ltd now owns 8,013 shares of the company’s stock worth $114,000 after purchasing an additional 1,522 shares during the period. Penserra Capital Management LLC purchased a new stake in CarGurus in the first quarter worth about $117,000. Strs Ohio grew its holdings in CarGurus by 17.6% in the third quarter. Strs Ohio now owns 8,700 shares of the company’s stock worth $123,000 after purchasing an additional 1,300 shares during the period. Finally, Hennion & Walsh Asset Management Inc. purchased a new stake in CarGurus in the third quarter worth about $145,000. Hedge funds and other institutional investors own 89.37% of the company’s stock.

CarGurus Trading Down 1.8 %

CARG opened at $19.02 on Friday. CarGurus, Inc. has a 1-year low of $9.14 and a 1-year high of $26.73. The company has a market capitalization of $2.16 billion, a PE ratio of 54.34, a PEG ratio of 34.37 and a beta of 1.62. The firm’s 50 day simple moving average is $17.63 and its two-hundred day simple moving average is $16.03.

CarGurus (NASDAQ:CARG – Get Rating) last released its quarterly earnings results on Tuesday, February 28th. The company reported $0.25 earnings per share for the quarter, topping the consensus estimate of ($0.04) by $0.29. CarGurus had a net margin of 18.68% and a return on equity of 17.88%. The business had revenue of $286.74 million for the quarter, compared to the consensus estimate of $279.28 million. Equities analysts forecast that CarGurus, Inc. will post 0.04 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several research analysts have recently issued reports on the stock. Oppenheimer upped their target price on shares of CarGurus from $21.00 to $24.00 in a research note on Friday, May 12th. Piper Sandler downgraded shares of CarGurus from a “neutral” rating to an “underweight” rating and set a $12.00 target price on the stock. in a research note on Thursday, February 16th. DA Davidson upped their target price on shares of CarGurus from $18.00 to $20.00 in a research note on Wednesday, May 10th. Needham & Company LLC reiterated a “buy” rating and issued a $20.00 target price on shares of CarGurus in a research note on Wednesday, March 1st. Finally, Raymond James upped their target price on shares of CarGurus from $16.00 to $20.00 and gave the stock an “outperform” rating in a research note on Wednesday, March 1st. One analyst has rated the stock with a sell rating, three have given a hold rating and seven have given a buy rating to the company. According to data from MarketBeat, CarGurus has a consensus rating of “Moderate Buy” and a consensus price target of $21.27.

CarGurus Profile

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Cargurus, Inc is an online automotive platform, which engages in buying and selling vehicles that is building upon its listings marketplace with digital retail solutions and the CarOffer digital wholesale platform. It operates through the following segments: U.S. Marketplace, Digital Wholesale, and Other.