Federated Hermes Inc. Sells 110,677 Shares of CarGurus, Inc. (NASDAQ:CARG)

Federated Hermes Inc. trimmed its holdings in CarGurus, Inc. (NASDAQ:CARG) by 23.3% in the 2nd quarter, HoldingsChannel reports. The firm owned 364,287 shares of the company’s stock after selling 110,677 shares during the quarter. Federated Hermes Inc.’s holdings in CarGurus were worth $9,544,000 at the end of the most recent reporting period.

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

Insiders Place Their Bets

In other CarGurus news, CMO Dafna Sarnoff sold 3,107 shares of the business’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 SEC, which can be accessed through the SEC website. In other news, CMO Dafna Sarnoff sold 3,107 shares of the company’s stock in a transaction on Tuesday, September 3rd. The shares were 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 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 can be accessed through this hyperlink. Also, COO Samuel Zales sold 25,168 shares of the company’s stock in a transaction on Tuesday, July 16th. The shares were sold at an average price of $26.49, for a total transaction of $666,700.32. Following the completion of the sale, the chief operating officer now directly owns 488,083 shares in the company, valued at $12,929,318.67. The disclosure for this sale can be found here. In the last quarter, insiders have sold 57,421 shares of company stock valued at $1,567,354. Insiders own 17.20% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on the stock. JPMorgan Chase & Co. increased their target price on shares of CarGurus from $29.00 to $32.00 and gave the company an “overweight” rating in a research note on Monday, August 12th. Needham & Company LLC raised their price objective on shares of CarGurus from $25.00 to $27.00 and gave the stock a “buy” rating in a research note on Friday, August 9th. BTIG Research upped their target price on CarGurus from $28.00 to $30.00 and gave the company a “buy” rating in a research note on Friday, August 9th. B. Riley increased their target price on CarGurus from $28.00 to $30.00 and gave the stock a “buy” rating in a research note on Friday, August 9th. Finally, DA Davidson reissued a “neutral” rating and set a $26.50 target price on shares of CarGurus in a research note on Tuesday, September 10th. Three research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $29.35.

CarGurus Price Performance

CARG stock opened at $29.72 on Wednesday. CarGurus, Inc. has a 1-year low of $16.70 and a 1-year high of $29.89. The business has a 50-day moving average price of $26.70 and a 200 day moving average price of $24.76. The company has a market capitalization of $3.10 billion, a P/E ratio of 106.14, a PEG ratio of 1.33 and a beta of 1.56.

CarGurus (NASDAQ:CARG) last posted its quarterly earnings results on Thursday, August 8th. The company reported $0.30 EPS for the quarter, beating the consensus estimate 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 business had revenue of $218.69 million during the quarter, compared to analyst estimates of $214.85 million. On average, analysts anticipate that CarGurus, Inc. will post 1.18 earnings per share for the current fiscal year.

CarGurus 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.