Fifth Third Bancorp Purchases 18,554 Shares of CarGurus, Inc. $CARG

Fifth Third Bancorp raised its position in shares of CarGurus, Inc. (NASDAQ:CARG) by 1,007.8% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 20,395 shares of the company’s stock after purchasing an additional 18,554 shares during the period. Fifth Third Bancorp’s holdings in CarGurus were worth $694,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in CARG. Wellington Management Group LLP increased its position in shares of CarGurus by 6.6% during the 3rd quarter. Wellington Management Group LLP now owns 9,636,671 shares of the company’s stock valued at $358,773,000 after purchasing an additional 594,670 shares during the last quarter. Prevatt Capital Ltd lifted its position in CarGurus by 12.5% in the 1st quarter. Prevatt Capital Ltd now owns 2,475,000 shares of the company’s stock worth $84,274,000 after buying an additional 275,000 shares during the last quarter. Geode Capital Management LLC boosted its stake in CarGurus by 1.2% in the fourth quarter. Geode Capital Management LLC now owns 2,101,437 shares of the company’s stock worth $80,602,000 after buying an additional 24,910 shares in the last quarter. The Manufacturers Life Insurance Company boosted its stake in CarGurus by 0.3% in the second quarter. The Manufacturers Life Insurance Company now owns 1,914,925 shares of the company’s stock worth $64,093,000 after buying an additional 6,676 shares in the last quarter. Finally, Arrowstreet Capital Limited Partnership boosted its stake in CarGurus by 11.1% in the third quarter. Arrowstreet Capital Limited Partnership now owns 1,888,766 shares of the company’s stock worth $70,319,000 after buying an additional 188,856 shares in the last quarter. Institutional investors own 86.90% of the company’s stock.

CarGurus Price Performance

Shares of CarGurus stock opened at $34.96 on Tuesday. The business’s 50 day simple moving average is $31.37 and its two-hundred day simple moving average is $32.62. The stock has a market capitalization of $3.15 billion, a P/E ratio of 23.00, a price-to-earnings-growth ratio of 1.22 and a beta of 1.18. CarGurus, Inc. has a one year low of $26.39 and a one year high of $39.42.

CarGurus (NASDAQ:CARG) last announced its quarterly earnings data on Thursday, May 7th. The company reported $0.58 earnings per share for the quarter, beating the consensus estimate of $0.56 by $0.02. The firm had revenue of $243.56 million during the quarter, compared to the consensus estimate of $243.10 million. CarGurus had a return on equity of 54.42% and a net margin of 15.57%.The business’s revenue was up 8.2% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.46 earnings per share. CarGurus has set its Q2 2026 guidance at 0.570-0.640 EPS. Sell-side analysts expect that CarGurus, Inc. will post 2.11 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several research analysts have commented on the stock. Royal Bank Of Canada lifted their price target on shares of CarGurus from $34.00 to $35.00 and gave the stock an “outperform” rating in a research note on Monday, May 11th. Weiss Ratings cut shares of CarGurus from a “hold (c+)” rating to a “hold (c)” rating in a research note on Wednesday, May 13th. Wall Street Zen raised shares of CarGurus from a “hold” rating to a “buy” rating in a report on Saturday, June 27th. Barclays lifted their target price on shares of CarGurus from $35.00 to $40.00 and gave the stock an “overweight” rating in a research report on Tuesday, July 21st. Finally, Needham & Company LLC upped their price target on shares of CarGurus from $37.00 to $43.00 and gave the company a “buy” rating in a research report on Friday, May 8th. One investment analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and six have issued a Hold rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $38.55.

Insider Buying and Selling

In related news, CTO Matthew Todd Quinn sold 3,824 shares of the company’s stock in a transaction on Thursday, July 2nd. The shares were sold at an average price of $35.03, for a total transaction of $133,954.72. Following the completion of the sale, the chief technology officer directly owned 233,146 shares in the company, valued at $8,167,104.38. This represents a 1.61% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, General Counsel Javier Zamora sold 8,072 shares of the stock in a transaction on Monday, June 1st. The shares were sold at an average price of $29.53, for a total transaction of $238,366.16. Following the sale, the general counsel directly owned 103,061 shares of the company’s stock, valued at $3,043,391.33. The trade was a 7.26% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 25,559 shares of company stock valued at $841,568 over the last three months. 18.19% of the stock is owned by company insiders.

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.