Intech Investment Management LLC Purchases New Position in CarGurus, Inc. (NASDAQ:CARG)

Intech Investment Management LLC acquired a new stake in CarGurus, Inc. (NASDAQ:CARG) in the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor acquired 22,411 shares of the company’s stock, valued at approximately $673,000.

Other hedge funds have also recently added to or reduced their stakes in the company. Swedbank AB bought a new stake in CarGurus during the 1st quarter worth $1,352,000. Los Angeles Capital Management LLC raised its holdings in CarGurus by 51.9% in the 3rd quarter. Los Angeles Capital Management LLC now owns 64,417 shares of the company’s stock valued at $1,934,000 after buying an additional 22,004 shares during the last quarter. Versor Investments LP acquired a new stake in CarGurus during the 3rd quarter worth approximately $808,000. Aigen Investment Management LP bought a new stake in CarGurus during the 3rd quarter worth approximately $451,000. Finally, State of New Jersey Common Pension Fund D acquired a new position in CarGurus in the 2nd quarter valued at approximately $2,079,000. Institutional investors and hedge funds own 86.90% of the company’s stock.

Insider Activity at CarGurus

In other CarGurus news, COO Samuel Zales sold 25,168 shares of the business’s stock in a transaction on Wednesday, October 16th. The shares were sold at an average price of $31.62, for a total value of $795,812.16. Following the completion of the sale, the chief operating officer now directly owns 449,821 shares of the company’s stock, valued at $14,223,340.02. The trade was a 5.30 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CMO Dafna Sarnoff sold 3,107 shares of the firm’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $28.42, for a total value of $88,300.94. Following the transaction, the chief marketing officer now owns 128,952 shares in the company, valued at approximately $3,664,815.84. The trade was a 2.35 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 71,065 shares of company stock valued at $2,356,336. Company insiders own 17.20% of the company’s stock.

Analyst Upgrades and Downgrades

CARG has been the subject of a number of recent research reports. Jefferies Financial Group increased their price objective on CarGurus from $35.00 to $38.00 and gave the company a “buy” rating in a report on Tuesday, October 22nd. JMP Securities upped their target price on CarGurus from $41.00 to $46.00 and gave the company a “market outperform” rating in a report on Friday, November 22nd. DA Davidson boosted their price target on shares of CarGurus from $26.50 to $38.50 and gave the stock a “neutral” rating in a research report on Friday, November 8th. Royal Bank of Canada boosted their target price on shares of CarGurus from $30.00 to $42.00 and gave the company an “outperform” rating in a report on Monday, November 11th. Finally, Citigroup raised CarGurus from a “hold” rating to a “strong-buy” rating in a research note on Monday, November 11th. Two analysts have rated the stock with a hold rating, eight have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $37.86.

CarGurus Trading Up 0.5 %

CarGurus stock opened at $37.82 on Friday. The firm has a market capitalization of $3.92 billion, a price-to-earnings ratio of -82.22, a P/E/G ratio of 1.98 and a beta of 1.55. CarGurus, Inc. has a 1-year low of $21.02 and a 1-year high of $38.15. The firm has a 50 day simple moving average of $32.58 and a 200 day simple moving average of $28.31.

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.