State of New Jersey Common Pension Fund D Buys New Shares in CarGurus, Inc. (NASDAQ:CARG)

State of New Jersey Common Pension Fund D bought a new stake in shares of CarGurus, Inc. (NASDAQ:CARG) during the 2nd quarter, HoldingsChannel.com reports. The fund bought 79,345 shares of the company’s stock, valued at approximately $2,079,000.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Prevatt Capital Ltd bought a new position in shares of CarGurus during the 4th quarter valued at $24,160,000. Pale Fire Capital SE bought a new stake in CarGurus in the 4th quarter worth $1,800,000. UniSuper Management Pty Ltd bought a new stake in CarGurus in the 1st quarter worth $483,000. Capstone Investment Advisors LLC bought a new stake in CarGurus in the 1st quarter worth $1,315,000. Finally, Jennison Associates LLC bought a new stake in CarGurus in the 1st quarter worth $707,000. Institutional investors own 86.90% of the company’s stock.

CarGurus Trading Down 0.8 %

NASDAQ:CARG opened at $30.35 on Friday. The company has a 50-day moving average price of $27.01 and a 200-day moving average price of $24.89. CarGurus, Inc. has a 12 month low of $16.70 and a 12 month high of $30.99. The stock has a market cap of $3.16 billion, a price-to-earnings ratio of 108.39, a P/E/G ratio of 1.33 and a beta of 1.56.

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

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on the stock. DA Davidson reissued a “neutral” rating and issued a $26.50 price target on shares of CarGurus in a report on Tuesday, September 10th. Needham & Company LLC raised their price target on shares of CarGurus from $25.00 to $27.00 and gave the stock a “buy” rating in a report on Friday, August 9th. B. Riley raised their price target on shares of CarGurus from $28.00 to $30.00 and gave the stock a “buy” rating in a report on Friday, August 9th. Oppenheimer raised their target price on shares of CarGurus from $30.00 to $32.00 and gave the stock an “outperform” rating in a research report on Friday, August 9th. Finally, Citigroup raised their target price on shares of CarGurus from $24.00 to $27.00 and gave the stock a “neutral” rating in a research report on Wednesday, July 3rd. Three research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $29.35.

Insider Activity at CarGurus

In related news, CTO Matthew Todd Quinn sold 3,978 shares of CarGurus stock in a transaction dated Tuesday, July 2nd. The shares were sold at an average price of $24.91, for a total transaction of $99,091.98. Following the completion of the transaction, 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 filing with the SEC, which is available at this hyperlink. In related news, CTO Matthew Todd Quinn sold 3,978 shares of CarGurus stock in a transaction dated Tuesday, July 2nd. The shares were sold at an average price of $24.91, for a total transaction of $99,091.98. Following the completion of the transaction, 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 filing with the SEC, which is available at this hyperlink. Also, CMO Dafna Sarnoff sold 3,107 shares of CarGurus stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $28.42, for a total transaction of $88,300.94. Following the completion of the transaction, the chief marketing officer now directly owns 128,952 shares of the company’s stock, valued at $3,664,815.84. The disclosure for this sale can be found here. Insiders sold a total of 57,421 shares of company stock valued at $1,567,354 in the last three months. Company insiders own 17.20% of the company’s stock.

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.