Principal Financial Group Inc. Increases Stake in CarGurus, Inc. (NASDAQ:CARG)

Principal Financial Group Inc. increased its holdings in CarGurus, Inc. (NASDAQ:CARG) by 1.4% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 450,015 shares of the company’s stock after purchasing an additional 6,186 shares during the quarter. Principal Financial Group Inc.’s holdings in CarGurus were worth $13,514,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also added to or reduced their stakes in CARG. Point72 Hong Kong Ltd bought a new position in shares of CarGurus during the third quarter valued at about $28,000. Signaturefd LLC boosted its holdings in CarGurus by 81.3% during the 3rd quarter. Signaturefd LLC now owns 959 shares of the company’s stock valued at $29,000 after acquiring an additional 430 shares during the period. Kathleen S. Wright Associates Inc. bought a new position in CarGurus during the 3rd quarter worth approximately $30,000. Quarry LP increased its stake in CarGurus by 155.8% in the 3rd quarter. Quarry LP now owns 1,499 shares of the company’s stock worth $45,000 after purchasing an additional 913 shares during the period. Finally, GAMMA Investing LLC lifted its position in CarGurus by 19.0% in the third quarter. GAMMA Investing LLC now owns 2,459 shares of the company’s stock valued at $74,000 after purchasing an additional 393 shares during the last quarter. 86.90% of the stock is owned by institutional investors.

CarGurus Trading Up 0.5 %

Shares of CarGurus stock opened at $37.07 on Friday. The business has a fifty day simple moving average of $35.45 and a two-hundred day simple moving average of $30.11. The firm has a market capitalization of $3.84 billion, a P/E ratio of -80.59, a P/E/G ratio of 2.00 and a beta of 1.57. CarGurus, Inc. has a 12 month low of $21.18 and a 12 month high of $39.10.

Analyst Ratings Changes

Several research analysts recently commented on CARG shares. Jefferies Financial Group lifted their target price on shares of CarGurus from $35.00 to $38.00 and gave the stock a “buy” rating in a research note on Tuesday, October 22nd. BTIG Research upped their price objective on shares of CarGurus from $30.00 to $35.00 and gave the company a “buy” rating in a research note on Tuesday, October 22nd. Royal Bank of Canada raised their target price on CarGurus from $30.00 to $42.00 and gave the stock an “outperform” rating in a research note on Monday, November 11th. JPMorgan Chase & Co. upped their price target on CarGurus from $36.00 to $40.00 and gave the company an “overweight” rating in a research report on Friday, November 8th. Finally, Citigroup upgraded CarGurus from a “hold” rating to a “strong-buy” rating in a research report on Monday, November 11th. Two research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $37.86.

Insider Activity at CarGurus

In other CarGurus news, COO Samuel Zales sold 7,500 shares of CarGurus stock in a transaction on Monday, December 16th. The stock was sold at an average price of $37.70, for a total transaction of $282,750.00. Following the completion of the transaction, the chief operating officer now owns 434,821 shares in the company, valued at approximately $16,392,751.70. The trade was a 1.70 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CMO Dafna Sarnoff sold 4,127 shares of the business’s stock in a transaction on Tuesday, October 1st. The stock was sold at an average price of $29.94, for a total value of $123,562.38. Following the completion of the sale, the chief marketing officer now directly owns 119,330 shares in the company, valued at $3,572,740.20. This trade represents a 3.34 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 75,458 shares of company stock valued at $2,550,785 in the last three months. Company insiders own 17.20% of the company’s stock.

About CarGurus

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.