Texas Permanent School Fund Corp Cuts Holdings in CarGurus, Inc. (NASDAQ:CARG)

Texas Permanent School Fund Corp decreased its stake in CarGurus, Inc. (NASDAQ:CARG) by 14.5% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 64,128 shares of the company’s stock after selling 10,858 shares during the period. Texas Permanent School Fund Corp’s holdings in CarGurus were worth $1,680,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently made changes to their positions in CARG. Charles Schwab Investment Management Inc. increased its stake in CarGurus by 5.6% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 924,731 shares of the company’s stock valued at $22,342,000 after acquiring an additional 48,886 shares during the last quarter. Dimensional Fund Advisors LP increased its position in shares of CarGurus by 6.1% during the 4th quarter. Dimensional Fund Advisors LP now owns 2,208,420 shares of the company’s stock valued at $53,357,000 after purchasing an additional 126,216 shares during the last quarter. Norges Bank purchased a new position in shares of CarGurus during the 4th quarter valued at about $17,042,000. Allianz Asset Management GmbH lifted its position in CarGurus by 68.4% in the 4th quarter. Allianz Asset Management GmbH now owns 160,000 shares of the company’s stock worth $3,866,000 after buying an additional 65,000 shares during the last quarter. Finally, TFO Wealth Partners LLC boosted its stake in CarGurus by 54,837.5% in the fourth quarter. TFO Wealth Partners LLC now owns 8,790 shares of the company’s stock worth $212,000 after buying an additional 8,774 shares in the last quarter. Hedge funds and other institutional investors own 86.90% of the company’s stock.

CarGurus Stock Performance

Shares of CARG stock opened at $30.00 on Thursday. CarGurus, Inc. has a fifty-two week low of $16.70 and a fifty-two week high of $30.71. The firm has a market capitalization of $3.13 billion, a price-to-earnings ratio of 107.14, a PEG ratio of 1.33 and a beta of 1.56. The stock’s 50-day simple moving average is $26.80 and its 200-day simple moving average is $24.80.

CarGurus (NASDAQ:CARG) last announced its quarterly earnings results on Thursday, August 8th. The company reported $0.30 earnings per share for the quarter, topping the consensus estimate of $0.23 by $0.07. The company had revenue of $218.69 million for the quarter, compared to the consensus estimate of $214.85 million. CarGurus had a positive return on equity of 11.06% and a negative net margin of 5.57%. As a group, equities analysts forecast that CarGurus, Inc. will post 1.18 earnings per share for the current year.

Analysts Set New Price Targets

A number of equities analysts recently commented on CARG shares. B. Riley lifted their target price on shares of CarGurus from $28.00 to $30.00 and gave the stock a “buy” rating in a research report on Friday, August 9th. JPMorgan Chase & Co. upped their target price on shares of CarGurus from $29.00 to $32.00 and gave the stock an “overweight” rating in a research report on Monday, August 12th. BTIG Research lifted their price target on CarGurus from $28.00 to $30.00 and gave the stock a “buy” rating in a research report on Friday, August 9th. Oppenheimer boosted their price target on CarGurus from $30.00 to $32.00 and gave the stock an “outperform” rating in a research note on Friday, August 9th. Finally, Citigroup increased their price target on CarGurus from $24.00 to $27.00 and gave the company a “neutral” rating in a report on Wednesday, July 3rd. Three investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $29.35.

Insider Buying and Selling

In other CarGurus news, CMO Dafna Sarnoff sold 3,107 shares of the business’s stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $28.42, for a total value of $88,300.94. Following the transaction, the chief marketing officer now directly owns 128,952 shares in the company, valued at approximately $3,664,815.84. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other CarGurus news, CTO Matthew Todd Quinn sold 3,978 shares of the stock in a transaction that occurred on Tuesday, July 2nd. The shares were sold at an average price of $24.91, for a total value of $99,091.98. Following the sale, the chief technology officer now directly owns 217,374 shares of the company’s stock, valued at approximately $5,414,786.34. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CMO Dafna Sarnoff sold 3,107 shares of the firm’s stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $28.42, for a total value of $88,300.94. Following the sale, the chief marketing officer now directly owns 128,952 shares in the company, valued at approximately $3,664,815.84. The disclosure for this sale can be found here. Over the last three months, insiders have sold 57,421 shares of company stock worth $1,567,354. 17.20% of the stock is owned by insiders.

CarGurus Company Profile

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.