California Public Employees Retirement System Has $3.63 Million Position in TrueCar, Inc. (TRUE)
California Public Employees Retirement System increased its holdings in TrueCar, Inc. (NASDAQ:TRUE) by 9.2% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 182,000 shares of the technology company’s stock after buying an additional 15,400 shares during the period. California Public Employees Retirement System owned 0.20% of TrueCar worth $3,627,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds have also added to or reduced their stakes in TRUE. Vanguard Group Inc. boosted its holdings in TrueCar by 43.9% in the 2nd quarter. Vanguard Group Inc. now owns 6,574,867 shares of the technology company’s stock worth $131,037,000 after buying an additional 2,004,642 shares during the period. Credit Suisse AG boosted its holdings in TrueCar by 1,037.5% in the 1st quarter. Credit Suisse AG now owns 531,333 shares of the technology company’s stock worth $8,220,000 after buying an additional 484,622 shares during the period. First Trust Advisors LP boosted its holdings in TrueCar by 18.4% in the 2nd quarter. First Trust Advisors LP now owns 2,746,837 shares of the technology company’s stock worth $54,744,000 after buying an additional 427,025 shares during the period. FMR LLC bought a new position in TrueCar in the 2nd quarter worth approximately $6,701,000. Finally, Redwood Investments LLC bought a new position in TrueCar in the 2nd quarter worth approximately $5,808,000. 91.88% of the stock is owned by institutional investors.
Several research analysts recently commented on TRUE shares. Morgan Stanley reaffirmed an “underweight” rating and issued a $13.00 price objective (up from $12.00) on shares of TrueCar in a report on Thursday, July 20th. Zacks Investment Research downgraded shares of TrueCar from a “buy” rating to a “hold” rating in a report on Thursday, July 13th. Royal Bank Of Canada reaffirmed a “buy” rating and issued a $22.00 price objective on shares of TrueCar in a report on Friday, August 4th. Goldman Sachs Group, Inc. (The) reaffirmed a “neutral” rating and issued a $17.00 price objective on shares of TrueCar in a report on Wednesday, October 11th. Finally, Cowen and Company reaffirmed a “hold” rating and issued a $15.00 price objective on shares of TrueCar in a report on Thursday, August 17th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and seven have given a buy rating to the company. The company presently has a consensus rating of “Buy” and a consensus target price of $18.33.
Shares of TrueCar, Inc. (TRUE) opened at 15.32 on Tuesday. The stock’s market capitalization is $1.51 billion. The firm has a 50-day moving average of $15.97 and a 200 day moving average of $17.42. TrueCar, Inc. has a 1-year low of $9.16 and a 1-year high of $21.75.
TrueCar (NASDAQ:TRUE) last posted its quarterly earnings results on Tuesday, August 8th. The technology company reported $0.01 earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.01) by $0.02. The business had revenue of $81.82 million during the quarter, compared to analyst estimates of $80.75 million. TrueCar had a negative net margin of 9.86% and a negative return on equity of 11.00%. The company’s revenue was up 23.2% on a year-over-year basis. During the same period in the prior year, the business posted ($0.05) earnings per share. Analysts predict that TrueCar, Inc. will post $0.02 EPS for the current year.
In other TrueCar news, CFO Michael Guthrie sold 322,865 shares of the company’s stock in a transaction that occurred on Friday, July 28th. The shares were sold at an average price of $19.12, for a total value of $6,173,178.80. Following the completion of the transaction, the chief financial officer now directly owns 359,847 shares in the company, valued at $6,880,274.64. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, EVP Neeraj Gunsagar sold 1,882 shares of the company’s stock in a transaction that occurred on Monday, October 16th. The stock was sold at an average price of $15.22, for a total transaction of $28,644.04. The disclosure for this sale can be found here. Over the last quarter, insiders sold 2,013,818 shares of company stock valued at $37,204,844. Company insiders own 15.50% of the company’s stock.
TrueCar Company Profile
TrueCar, Inc is an Internet-based information, technology, and communication services company. The Company has a data-driven online platform, which features market data and analytics. The Company-branded platform is available on its TrueCar Website and mobile applications. It customizes and operates its platform on a co-branded basis for its affinity group marketing partners, including financial institutions, membership-based organizations, and employee buying programs for a range of enterprises.
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