The Manufacturers Life Insurance Company purchased a new stake in shares of CarGurus Inc (NASDAQ:CARG) in the fourth quarter, according to its most recent disclosure with the SEC. The firm purchased 3,342,616 shares of the company’s stock, valued at approximately $100,212,000. The Manufacturers Life Insurance Company owned approximately 3.15% of CarGurus as of its most recent filing with the SEC.
A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. First Trust Advisors LP bought a new position in CarGurus during the 4th quarter valued at $2,694,000. Quantitative Systematic Strategies LLC bought a new position in CarGurus during the 4th quarter valued at $210,000. Spinnaker Capital LLC bought a new position in CarGurus during the 4th quarter valued at $410,972,000. Finally, Bollard Group LLC bought a new position in CarGurus during the 4th quarter valued at $318,223,000. 23.00% of the stock is owned by hedge funds and other institutional investors.
A number of equities analysts have issued reports on the company. Raymond James Financial assumed coverage on CarGurus in a research note on Monday, November 6th. They set a “market perform” rating for the company. Zacks Investment Research raised CarGurus from a “hold” rating to a “buy” rating and set a $34.00 price target for the company in a research note on Monday, January 8th. BidaskClub raised CarGurus from a “sell” rating to a “hold” rating in a research note on Friday, January 26th. William Blair initiated coverage on CarGurus in a research note on Monday, November 6th. They set an “outperform” rating for the company. Finally, Royal Bank of Canada initiated coverage on CarGurus in a research note on Monday, November 6th. They set a “sector perform” rating and a $33.00 price objective for the company. Six research analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus target price of $31.00.
Shares of CarGurus Inc (CARG) opened at $31.70 on Friday. CarGurus Inc has a one year low of $25.85 and a one year high of $36.81.
CarGurus (NASDAQ:CARG) last released its quarterly earnings data on Tuesday, November 14th. The company reported $0.02 earnings per share for the quarter. The company had revenue of $83.00 million for the quarter, compared to the consensus estimate of $79.23 million. CarGurus’s revenue was up 56.3% on a year-over-year basis. research analysts predict that CarGurus Inc will post 0.11 EPS for the current year.
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CarGurus, Inc is an online automotive marketplace connecting buyers and sellers of new and used cars. Using proprietary technology, search algorithms, and data analytics. The Company’s marketplace empowers users with unbiased third-party validation on pricing and dealer reputation as well as other information that aids them in finding Great Deals from Great Dealers.
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