PNC Financial Services Group Inc. Purchases 2,568 Shares of CarGurus, Inc. (NASDAQ:CARG)

PNC Financial Services Group Inc. grew its position in CarGurus, Inc. (NASDAQ:CARG) by 87.0% in the fourth quarter, Holdings Channel.com reports. The fund owned 5,519 shares of the company’s stock after buying an additional 2,568 shares during the period. PNC Financial Services Group Inc.’s holdings in CarGurus were worth $133,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds also recently modified their holdings of the company. Wellington Management Group LLP increased its position in shares of CarGurus by 39.6% during the fourth quarter. Wellington Management Group LLP now owns 5,705,962 shares of the company’s stock valued at $137,856,000 after purchasing an additional 1,619,076 shares during the period. Pale Fire Capital SE acquired a new position in shares of CarGurus in the 4th quarter valued at $1,800,000. Blueshift Asset Management LLC acquired a new position in shares of CarGurus in the 4th quarter valued at $235,000. Premier Fund Managers Ltd bought a new position in shares of CarGurus during the 4th quarter worth about $299,000. Finally, Prevatt Capital Ltd acquired a new stake in shares of CarGurus during the 4th quarter valued at about $24,160,000. Institutional investors own 86.90% of the company’s stock.

Analysts Set New Price Targets

CARG has been the subject of several recent research reports. Needham & Company LLC increased their price target on shares of CarGurus from $24.00 to $25.00 and gave the stock a “buy” rating in a research report on Friday, May 10th. JPMorgan Chase & Co. raised their target price on CarGurus from $27.00 to $29.00 and gave the stock an “overweight” rating in a research report on Friday, May 10th. Citigroup upped their price target on CarGurus from $24.00 to $27.00 and gave the company a “neutral” rating in a research report on Wednesday. UBS Group increased their price objective on CarGurus from $26.00 to $27.00 and gave the stock a “neutral” rating in a research note on Friday, March 15th. Finally, DA Davidson boosted their target price on shares of CarGurus from $22.00 to $25.50 and gave the company a “neutral” rating in a research note on Monday, May 13th. Three investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $26.41.

CarGurus Stock Down 4.6 %

CarGurus stock opened at $24.33 on Friday. The stock has a 50-day simple moving average of $24.34 and a 200 day simple moving average of $23.57. The stock has a market capitalization of $2.53 billion, a price-to-earnings ratio of 86.89, a P/E/G ratio of 1.48 and a beta of 1.57. CarGurus, Inc. has a 12-month low of $16.70 and a 12-month high of $26.90.

CarGurus (NASDAQ:CARG) last announced its earnings results on Thursday, May 9th. The company reported $0.22 earnings per share for the quarter, topping analysts’ consensus estimates of $0.19 by $0.03. CarGurus had a net margin of 4.04% and a return on equity of 8.80%. The company had revenue of $215.80 million during the quarter, compared to the consensus estimate of $217.29 million. As a group, sell-side analysts anticipate that CarGurus, Inc. will post 0.98 EPS for the current year.

Insiders Place Their Bets

In other news, General Counsel Javier Esquivel Zamora sold 6,680 shares of CarGurus stock in a transaction on Thursday, June 6th. The stock was sold at an average price of $25.00, for a total value of $167,000.00. Following the completion of the sale, the general counsel now directly owns 102,130 shares of the company’s stock, valued at approximately $2,553,250. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other CarGurus news, COO Samuel Zales sold 17,668 shares of the firm’s stock in a transaction that occurred on Tuesday, April 16th. The shares were sold at an average price of $21.42, for a total value of $378,448.56. Following the transaction, the chief operating officer now directly owns 548,845 shares of the company’s stock, valued at $11,756,259.90. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, General Counsel Javier Esquivel Zamora sold 6,680 shares of CarGurus stock in a transaction on Thursday, June 6th. The stock was sold at an average price of $25.00, for a total transaction of $167,000.00. Following the sale, the general counsel now directly owns 102,130 shares of the company’s stock, valued at approximately $2,553,250. The disclosure for this sale can be found here. In the last quarter, insiders have sold 75,994 shares of company stock valued at $1,831,470. 17.20% of the stock is currently owned by corporate insiders.

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.