Mackenzie Financial Corp Reduces Stock Position in CarGurus, Inc. (NASDAQ:CARG)

Mackenzie Financial Corp decreased its position in CarGurus, Inc. (NASDAQ:CARG) by 43.9% during the second quarter, Holdings Channel.com reports. The fund owned 31,635 shares of the company’s stock after selling 24,716 shares during the quarter. Mackenzie Financial Corp’s holdings in CarGurus were worth $829,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Vanguard Group Inc. increased its holdings in CarGurus by 1.1% during the 1st quarter. Vanguard Group Inc. now owns 10,198,538 shares of the company’s stock valued at $235,382,000 after purchasing an additional 107,244 shares during the period. Wellington Management Group LLP grew its position in shares of CarGurus by 39.6% in the 4th quarter. Wellington Management Group LLP now owns 5,705,962 shares of the company’s stock worth $137,856,000 after buying an additional 1,619,076 shares during the last quarter. Thrivent Financial for Lutherans increased its stake in shares of CarGurus by 6.5% during the second quarter. Thrivent Financial for Lutherans now owns 1,461,119 shares of the company’s stock valued at $38,282,000 after buying an additional 89,346 shares during the period. Fort Washington Investment Advisors Inc. OH raised its holdings in shares of CarGurus by 26.5% during the second quarter. Fort Washington Investment Advisors Inc. OH now owns 1,090,335 shares of the company’s stock valued at $28,567,000 after acquiring an additional 228,380 shares in the last quarter. Finally, Raymond James & Associates lifted its stake in CarGurus by 2.2% in the second quarter. Raymond James & Associates now owns 534,939 shares of the company’s stock worth $14,015,000 after acquiring an additional 11,584 shares during the period. 86.90% of the stock is owned by institutional investors.

Insider Transactions at CarGurus

In related news, CTO Matthew Todd Quinn sold 3,495 shares of the stock in a transaction dated Wednesday, October 2nd. The shares were sold at an average price of $29.43, for a total transaction of $102,857.85. Following the sale, the chief technology officer now directly owns 205,696 shares of the company’s stock, valued at approximately $6,053,633.28. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other CarGurus news, CMO Dafna Sarnoff sold 3,107 shares of CarGurus stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $28.42, for a total value of $88,300.94. Following the completion of the sale, the chief marketing officer now owns 128,952 shares of the company’s stock, valued at approximately $3,664,815.84. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CTO Matthew Todd Quinn sold 3,495 shares of the company’s stock in a transaction on Wednesday, October 2nd. The shares were sold at an average price of $29.43, for a total value of $102,857.85. Following the transaction, the chief technology officer now directly owns 205,696 shares in the company, valued at approximately $6,053,633.28. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 61,065 shares of company stock valued at $1,694,683 in the last quarter. 17.20% of the stock is owned by insiders.

CarGurus Stock Performance

Shares of NASDAQ CARG opened at $29.29 on Friday. The company has a 50 day simple moving average of $27.76 and a two-hundred day simple moving average of $25.36. CarGurus, Inc. has a fifty-two week low of $16.70 and a fifty-two week high of $30.99. The company has a market capitalization of $3.05 billion, a price-to-earnings ratio of 104.61, a P/E/G ratio of 1.45 and a beta of 1.56.

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

Analyst Upgrades and Downgrades

CARG has been the topic of a number of research analyst reports. JMP Securities reissued a “market outperform” rating and set a $32.00 price objective on shares of CarGurus in a research report on Monday, September 9th. BTIG Research boosted their price target on shares of CarGurus from $28.00 to $30.00 and gave the company a “buy” rating in a research report on Friday, August 9th. DA Davidson reissued a “neutral” rating and issued a $26.50 price target on shares of CarGurus in a research note on Tuesday, September 10th. JPMorgan Chase & Co. lifted their price objective on CarGurus from $29.00 to $32.00 and gave the company an “overweight” rating in a research report on Monday, August 12th. Finally, Oppenheimer increased their target price on CarGurus from $30.00 to $32.00 and gave the stock an “outperform” rating in a research report on Friday, August 9th. Three equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $29.35.

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.