CarGurus (CARG) Director Ian G. Smith Sells 5,300 Shares of Stock

CarGurus (NASDAQ:CARG) Director Ian G. Smith sold 5,300 shares of the firm’s stock in a transaction that occurred on Tuesday, June 12th. The shares were sold at an average price of $35.08, for a total value of $185,924.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

Shares of CarGurus traded down $0.43, hitting $35.36, during midday trading on Thursday, according to MarketBeat. The company’s stock had a trading volume of 55,015 shares, compared to its average volume of 479,938. CarGurus has a 12-month low of $25.85 and a 12-month high of $40.60. The company has a market cap of $3.73 billion and a price-to-earnings ratio of 294.67.

CarGurus (NASDAQ:CARG) last issued its quarterly earnings results on Thursday, May 3rd. The company reported $0.06 earnings per share for the quarter, topping the consensus estimate of $0.02 by $0.04. The business had revenue of $98.70 million during the quarter, compared to analysts’ expectations of $94.15 million. The company’s revenue for the quarter was up 47.3% compared to the same quarter last year. research analysts expect that CarGurus will post 0.11 EPS for the current year.

Several equities research analysts have recently issued reports on CARG shares. Benchmark started coverage on CarGurus in a research note on Thursday, March 22nd. They issued a “buy” rating and a $42.00 price objective for the company. Zacks Investment Research downgraded CarGurus from a “hold” rating to a “sell” rating in a report on Tuesday, March 6th. BidaskClub upgraded CarGurus from a “hold” rating to a “buy” rating in a report on Thursday, February 22nd. DA Davidson began coverage on CarGurus in a report on Wednesday, April 4th. They issued a “neutral” rating and a $41.00 price target on the stock. Finally, ValuEngine downgraded CarGurus from a “hold” rating to a “sell” rating in a report on Tuesday, May 1st. One research analyst has rated the stock with a sell rating, six have given a hold rating and three have issued a buy rating to the company. CarGurus has a consensus rating of “Hold” and an average price target of $35.80.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in CARG. The Manufacturers Life Insurance Company purchased a new position in CarGurus during the 4th quarter worth $100,212,000. The Manufacturers Life Insurance Company increased its holdings in CarGurus by 13.9% during the 1st quarter. The Manufacturers Life Insurance Company now owns 3,808,722 shares of the company’s stock worth $146,522,000 after purchasing an additional 466,106 shares during the period. Lord Abbett & CO. LLC increased its holdings in CarGurus by 55.6% during the 1st quarter. Lord Abbett & CO. LLC now owns 970,288 shares of the company’s stock worth $37,327,000 after purchasing an additional 346,567 shares during the period. Abdiel Capital Advisors LP purchased a new position in CarGurus during the 4th quarter worth $7,495,000. Finally, Clearbridge Investments LLC purchased a new position in CarGurus during the 4th quarter worth $6,752,000. Institutional investors own 50.56% of the company’s stock.

About CarGurus

CarGurus, Inc operates an online automotive marketplace connecting buyers and sellers of new and used cars worldwide. The company's marketplace enables users with third-party validation on pricing, dealer reputation, and other information. As of June 30, 2017, it had an active dealer network of approximately 40,000 dealers; and approximately 5.4 million car listings.

Insider Buying and Selling by Quarter for CarGurus (NASDAQ:CARG)

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