Nordea Investment Management AB Grows Position in CarGurus, Inc. (NASDAQ:CARG)

Nordea Investment Management AB grew its holdings in CarGurus, Inc. (NASDAQ:CARG) by 4.3% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 313,474 shares of the company’s stock after buying an additional 12,899 shares during the period. Nordea Investment Management AB’s holdings in CarGurus were worth $11,711,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently modified their holdings of CARG. Point72 Hong Kong Ltd purchased a new stake in CarGurus during the 3rd quarter valued at about $28,000. Signaturefd LLC boosted its holdings in shares of CarGurus by 81.3% during the 3rd quarter. Signaturefd LLC now owns 959 shares of the company’s stock worth $29,000 after purchasing an additional 430 shares during the last quarter. Kathleen S. Wright Associates Inc. purchased a new stake in shares of CarGurus in the third quarter valued at approximately $30,000. Quarry LP increased its holdings in shares of CarGurus by 155.8% in the third quarter. Quarry LP now owns 1,499 shares of the company’s stock valued at $45,000 after purchasing an additional 913 shares during the last quarter. Finally, GAMMA Investing LLC increased its holdings in shares of 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 hedge funds and other institutional investors.

Insider Activity at CarGurus

In related news, CMO Dafna Sarnoff sold 10,570 shares of CarGurus stock in a transaction that occurred on Friday, January 3rd. The shares were sold at an average price of $35.78, for a total value of $378,194.60. Following the completion of the transaction, the chief marketing officer now owns 95,261 shares in the company, valued at approximately $3,408,438.58. The trade was a 9.99 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, COO Samuel Zales sold 25,168 shares of the company’s stock in a transaction that occurred on Monday, November 18th. The stock was sold at an average price of $35.43, for a total transaction of $891,702.24. Following the sale, the chief operating officer now directly owns 442,321 shares in the company, valued at approximately $15,671,433.03. The trade was a 5.38 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 97,521 shares of company stock worth $3,394,774. 17.20% of the stock is currently owned by company insiders.

CarGurus Stock Up 1.0 %

Shares of NASDAQ CARG opened at $37.11 on Thursday. CarGurus, Inc. has a 52-week low of $21.18 and a 52-week high of $39.10. The business’s 50 day moving average is $36.12 and its two-hundred day moving average is $30.71. The firm has a market cap of $3.85 billion, a price-to-earnings ratio of -80.67, a PEG ratio of 2.00 and a beta of 1.58.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on the company. JMP Securities reissued a “market outperform” rating and set a $46.00 price objective on shares of CarGurus in a research note on Monday, December 16th. JPMorgan Chase & Co. upped their price objective on shares of CarGurus from $36.00 to $40.00 and gave the company an “overweight” rating in a report on Friday, November 8th. Jefferies Financial Group raised their price objective on shares of CarGurus from $35.00 to $38.00 and gave the stock a “buy” rating in a research report on Tuesday, October 22nd. DA Davidson boosted their target price on shares of CarGurus from $26.50 to $38.50 and gave the company a “neutral” rating in a report on Friday, November 8th. Finally, B. Riley raised their price target on shares of CarGurus from $30.00 to $40.00 and gave the stock a “buy” rating in a report on Monday, November 11th. Two investment analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, CarGurus has a consensus rating of “Moderate Buy” and a consensus target price of $37.86.

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.