NEXT Financial Group Inc Invests $206,000 in CarGurus Inc (CARG)

NEXT Financial Group Inc acquired a new position in shares of CarGurus Inc (NASDAQ:CARG) during the 3rd quarter, according to its most recent filing with the SEC. The institutional investor acquired 3,700 shares of the company’s stock, valued at approximately $206,000.

Several other hedge funds also recently made changes to their positions in the company. Wells Fargo & Company MN purchased a new position in CarGurus in the first quarter valued at approximately $2,629,000. Schwab Charles Investment Management Inc. raised its holdings in CarGurus by 36.6% in the first quarter. Schwab Charles Investment Management Inc. now owns 27,886 shares of the company’s stock valued at $1,073,000 after buying an additional 7,468 shares during the period. Northern Trust Corp raised its holdings in CarGurus by 12.8% in the first quarter. Northern Trust Corp now owns 20,129 shares of the company’s stock valued at $775,000 after buying an additional 2,292 shares during the period. Franklin Resources Inc. raised its holdings in CarGurus by 321.5% in the first quarter. Franklin Resources Inc. now owns 102,000 shares of the company’s stock valued at $3,924,000 after buying an additional 77,800 shares during the period. Finally, Lord Abbett & CO. LLC raised its holdings in CarGurus by 55.6% in the first quarter. Lord Abbett & CO. LLC now owns 970,288 shares of the company’s stock valued at $37,327,000 after buying an additional 346,567 shares during the period. Institutional investors and hedge funds own 63.33% of the company’s stock.

NASDAQ CARG opened at $43.00 on Thursday. CarGurus Inc has a one year low of $25.85 and a one year high of $57.25. The company has a market capitalization of $6.10 billion and a P/E ratio of 358.33.

CarGurus (NASDAQ:CARG) last issued its quarterly earnings data on Tuesday, August 7th. The company reported $0.06 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.02 by $0.04. CarGurus had a net margin of 10.34% and a return on equity of 12.60%. The company had revenue of $110.33 million during the quarter, compared to the consensus estimate of $103.84 million. As a group, equities analysts expect that CarGurus Inc will post 0.1 EPS for the current fiscal year.

In other CarGurus news, VP Oliver Ian Chrzan sold 18,000 shares of the stock in a transaction that occurred on Friday, July 13th. The shares were sold at an average price of $37.05, for a total value of $666,900.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Thomas Michael Caputo sold 3,093 shares of the stock in a transaction that occurred on Friday, October 5th. The shares were sold at an average price of $49.99, for a total transaction of $154,619.07. The disclosure for this sale can be found here. Insiders sold 5,379,510 shares of company stock valued at $270,399,683 in the last ninety days. 51.03% of the stock is owned by corporate insiders.

Several research analysts recently commented on the stock. BidaskClub upgraded shares of CarGurus from a “hold” rating to a “buy” rating in a report on Thursday, June 21st. Royal Bank of Canada upgraded shares of CarGurus from a “sector perform” rating to an “outperform” rating and set a $33.00 price target on the stock in a report on Wednesday, August 8th. Zacks Investment Research lowered shares of CarGurus from a “buy” rating to a “hold” rating in a report on Monday, August 13th. JMP Securities upgraded shares of CarGurus from a “market perform” rating to an “outperform” rating and set a $55.00 price target on the stock in a report on Wednesday, August 8th. Finally, DA Davidson set a $53.00 price target on shares of CarGurus and gave the company a “buy” rating in a report on Wednesday, August 8th. Three equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. The company has a consensus rating of “Buy” and an average price target of $44.17.

CarGurus Profile

CarGurus, Inc operates an online automotive marketplace connecting buyers and sellers of new and used cars worldwide. The company's marketplace enables users with third-party validation on pricing, dealer reputation, and other information. As of June 30, 2017, it had an active dealer network of approximately 40,000 dealers; and approximately 5.4 million car listings.

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Institutional Ownership by Quarter for CarGurus (NASDAQ:CARG)

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