ProShare Advisors LLC Cuts Holdings in CarGurus, Inc. (NASDAQ:CARG)

ProShare Advisors LLC cut its position in shares of CarGurus, Inc. (NASDAQ:CARG) by 24.6% during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 14,421 shares of the company’s stock after selling 4,695 shares during the quarter. ProShare Advisors LLC’s holdings in CarGurus were worth $378,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in CARG. CWM LLC boosted its holdings in CarGurus by 54.1% during the second quarter. CWM LLC now owns 1,381 shares of the company’s stock worth $36,000 after purchasing an additional 485 shares during the last quarter. Nisa Investment Advisors LLC boosted its stake in CarGurus by 43.5% in the second quarter. Nisa Investment Advisors LLC now owns 1,579 shares of the company’s stock valued at $41,000 after acquiring an additional 479 shares during the last quarter. Headlands Technologies LLC purchased a new position in CarGurus in the first quarter valued at about $49,000. GAMMA Investing LLC boosted its stake in CarGurus by 25.9% in the second quarter. GAMMA Investing LLC now owns 2,066 shares of the company’s stock valued at $54,000 after acquiring an additional 425 shares during the last quarter. Finally, nVerses Capital LLC purchased a new position in CarGurus in the second quarter valued at about $102,000. 86.90% of the stock is currently owned by hedge funds and other institutional investors.

CarGurus Stock Down 1.2 %

NASDAQ CARG opened at $29.29 on Thursday. The company’s 50 day moving average is $27.52 and its 200-day moving average is $25.27. The firm has a market cap of $3.05 billion, a P/E ratio of 104.61, a price-to-earnings-growth ratio of 1.45 and a beta of 1.56. CarGurus, Inc. has a 12-month low of $16.70 and a 12-month high of $30.99.

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

Insider Buying and Selling

In related news, CMO Dafna Sarnoff sold 3,107 shares of the company’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $28.42, for a total transaction of $88,300.94. Following the sale, the chief marketing officer now owns 128,952 shares of the company’s stock, valued at approximately $3,664,815.84. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other CarGurus news, COO Samuel Zales sold 25,168 shares of the business’s stock in a transaction that occurred on Friday, August 16th. The shares were sold at an average price of $28.34, for a total value of $713,261.12. Following the completion of the transaction, the chief operating officer now owns 480,583 shares of the company’s stock, valued at approximately $13,619,722.22. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CMO Dafna Sarnoff sold 3,107 shares of the business’s stock in a transaction that occurred on 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 approximately $3,664,815.84. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 53,443 shares of company stock valued at $1,468,262. Company insiders own 17.20% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have weighed in on the stock. Oppenheimer boosted their target price on shares of CarGurus from $30.00 to $32.00 and gave the company an “outperform” rating in a research note on Friday, August 9th. Royal Bank of Canada boosted their target price on shares of CarGurus from $27.00 to $30.00 and gave the company an “outperform” rating in a research note on Friday, August 9th. DA Davidson reiterated a “neutral” rating and issued a $26.50 target price on shares of CarGurus in a research note on Tuesday, September 10th. BTIG Research boosted their target price on shares of CarGurus from $28.00 to $30.00 and gave the company a “buy” rating in a research note on Friday, August 9th. Finally, Needham & Company LLC boosted their price target on shares of CarGurus from $25.00 to $27.00 and gave the company a “buy” rating in a research report on Friday, August 9th. Three investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to MarketBeat.com, CarGurus has a consensus rating of “Moderate Buy” and an average target price of $29.35.

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.