Bessemer Group Inc. Has $36.65 Million Holdings in CarGurus, Inc. $CARG

Bessemer Group Inc. increased its holdings in shares of CarGurus, Inc. (NASDAQ:CARG) by 26.7% during the third quarter, Holdings Channel reports. The fund owned 984,435 shares of the company’s stock after purchasing an additional 207,373 shares during the period. Bessemer Group Inc.’s holdings in CarGurus were worth $36,652,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently bought and sold shares of the business. BNP PARIBAS ASSET MANAGEMENT Holding S.A. acquired a new stake in shares of CarGurus in the second quarter valued at $27,000. Private Wealth Asset Management LLC acquired a new stake in CarGurus in the 2nd quarter valued at about $29,000. MAI Capital Management increased its position in CarGurus by 661.0% in the 2nd quarter. MAI Capital Management now owns 1,172 shares of the company’s stock valued at $39,000 after acquiring an additional 1,018 shares in the last quarter. Farther Finance Advisors LLC raised its stake in shares of CarGurus by 71.1% in the third quarter. Farther Finance Advisors LLC now owns 1,066 shares of the company’s stock worth $40,000 after acquiring an additional 443 shares during the last quarter. Finally, First Horizon Corp acquired a new position in shares of CarGurus during the third quarter worth approximately $51,000. Institutional investors and hedge funds own 86.90% of the company’s stock.

Insider Activity

In related news, insider Jennifer Ladd Hanson sold 2,358 shares of the stock in a transaction that occurred on Wednesday, December 31st. The shares were sold at an average price of $38.10, for a total value of $89,839.80. Following the sale, the insider directly owned 50,466 shares in the company, valued at $1,922,754.60. This trade represents a 4.46% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Jason Trevisan sold 16,548 shares of CarGurus stock in a transaction on Tuesday, December 23rd. The stock was sold at an average price of $39.02, for a total transaction of $645,702.96. Following the transaction, the chief executive officer directly owned 630,483 shares in the company, valued at approximately $24,601,446.66. This represents a 2.56% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 49,003 shares of company stock valued at $1,858,494 in the last ninety days. 16.99% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on the stock. Weiss Ratings reissued a “hold (c+)” rating on shares of CarGurus in a report on Monday, December 29th. Zacks Research cut CarGurus from a “strong-buy” rating to a “hold” rating in a research note on Thursday, October 16th. BTIG Research upped their price target on CarGurus from $39.00 to $44.00 and gave the company a “buy” rating in a research note on Tuesday, December 30th. JPMorgan Chase & Co. raised their price target on CarGurus from $38.00 to $43.00 and gave the company a “neutral” rating in a report on Tuesday, October 14th. Finally, DA Davidson set a $37.50 price objective on CarGurus in a report on Monday, November 17th. Five investment analysts have rated the stock with a Buy rating and eight have given a Hold rating to the stock. Based on data from MarketBeat, CarGurus presently has a consensus rating of “Hold” and an average target price of $40.23.

CarGurus Stock Down 1.8%

NASDAQ:CARG opened at $28.44 on Friday. CarGurus, Inc. has a 12-month low of $24.65 and a 12-month high of $40.37. The stock’s fifty day simple moving average is $36.08 and its 200-day simple moving average is $35.17. The firm has a market capitalization of $2.71 billion, a P/E ratio of 19.35, a P/E/G ratio of 1.18 and a beta of 1.35.

CarGurus (NASDAQ:CARG) last released its earnings results on Thursday, November 6th. The company reported $0.57 earnings per share for the quarter, beating the consensus estimate of $0.55 by $0.02. CarGurus had a return on equity of 41.31% and a net margin of 16.41%.The firm had revenue of $238.70 million for the quarter, compared to analyst estimates of $234.57 million. During the same quarter in the prior year, the firm posted $0.45 earnings per share. The company’s quarterly revenue was up 3.2% on a year-over-year basis. As a group, equities research analysts expect that CarGurus, Inc. will post 1.41 earnings per share for the current year.

CarGurus Company Profile

CarGurus, Inc operates an online automotive marketplace designed to connect buyers and sellers of new and used vehicles. Through its proprietary search engine and data-driven pricing tools, the platform enables consumers to compare listings, assess fair market values and locate local dealers offering competitive deals. CarGurus also provides detailed vehicle history reports, dealer reviews and financing options to streamline the car-shopping process for both private parties and franchised dealerships.

The company’s core product offerings include Instant Market Value (IMV), which leverages pricing algorithms to help buyers identify over- or under-priced vehicles, as well as dealer subscription services that grant automotive retailers access to lead generation tools, targeted advertising and dynamic pricing insights.