M&T Bank Corp Grows Holdings in CarGurus, Inc. (NASDAQ:CARG)

M&T Bank Corp increased its holdings in shares of CarGurus, Inc. (NASDAQ:CARG) by 16.3% in the fourth quarter, Holdings Channel reports. The firm owned 121,015 shares of the company’s stock after buying an additional 16,963 shares during the quarter. M&T Bank Corp’s holdings in CarGurus were worth $2,924,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors also recently bought and sold shares of the business. GAMMA Investing LLC acquired a new stake in shares of CarGurus during the fourth quarter worth about $32,000. Acadian Asset Management LLC purchased a new stake in CarGurus during the 3rd quarter valued at approximately $32,000. Daiwa Securities Group Inc. acquired a new stake in CarGurus during the 4th quarter worth approximately $65,000. PNC Financial Services Group Inc. grew its stake in shares of CarGurus by 298.2% in the 3rd quarter. PNC Financial Services Group Inc. now owns 2,951 shares of the company’s stock valued at $52,000 after purchasing an additional 2,210 shares during the last quarter. Finally, DekaBank Deutsche Girozentrale acquired a new position in shares of CarGurus in the third quarter valued at approximately $107,000. 86.90% of the stock is owned by hedge funds and other institutional investors.

CarGurus Stock Down 1.7 %

Shares of CARG stock opened at $22.61 on Wednesday. The stock has a market cap of $2.43 billion, a P/E ratio of 125.61, a P/E/G ratio of 1.38 and a beta of 1.57. CarGurus, Inc. has a fifty-two week low of $16.02 and a fifty-two week high of $24.64. The business has a fifty day simple moving average of $22.76 and a 200-day simple moving average of $22.28.

CarGurus (NASDAQ:CARG) last issued its quarterly earnings data on Monday, February 26th. The company reported $0.35 EPS for the quarter, beating analysts’ consensus estimates of $0.34 by $0.01. The firm had revenue of $223.12 million for the quarter, compared to analysts’ expectations of $220.05 million. CarGurus had a net margin of 3.40% and a return on equity of 7.74%. The firm’s revenue was down 22.2% on a year-over-year basis. During the same period in the prior year, the company earned $0.25 EPS. On average, sell-side analysts anticipate that CarGurus, Inc. will post 0.94 earnings per share for the current year.

Insider Transactions at CarGurus

In other CarGurus news, CMO Dafna Sarnoff sold 10,573 shares of the stock in a transaction on Monday, March 18th. The stock was sold at an average price of $22.56, for a total transaction of $238,526.88. Following the sale, the chief marketing officer now owns 168,099 shares in the company, valued at approximately $3,792,313.44. The sale was disclosed in a legal filing with the SEC, which is available through this link. In other CarGurus news, General Counsel Javier Esquivel Zamora sold 23,557 shares of CarGurus stock in a transaction that occurred on Thursday, February 29th. The shares were sold at an average price of $22.13, for a total value of $521,316.41. Following the completion of the sale, the general counsel now directly owns 111,589 shares of the company’s stock, valued at approximately $2,469,464.57. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CMO Dafna Sarnoff sold 10,573 shares of the company’s stock in a transaction on Monday, March 18th. The shares were sold at an average price of $22.56, for a total value of $238,526.88. Following the completion of the transaction, the chief marketing officer now owns 168,099 shares of the company’s stock, valued at $3,792,313.44. The disclosure for this sale can be found here. Insiders sold a total of 113,793 shares of company stock valued at $2,523,342 in the last ninety days. Corporate insiders own 15.70% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on CARG. Oppenheimer increased their price target on CarGurus from $26.00 to $30.00 and gave the stock an “outperform” rating in a report on Tuesday, February 27th. UBS Group boosted their price target on shares of CarGurus from $26.00 to $27.00 and gave the stock a “neutral” rating in a research note on Friday, March 15th. JMP Securities restated a “market perform” rating on shares of CarGurus in a research report on Wednesday, April 17th. Finally, Needham & Company LLC increased their target price on CarGurus from $22.00 to $24.00 and gave the stock a “buy” rating in a research note on Tuesday, February 27th. Four investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $24.90.

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.