Zacks Investment Management Takes $958,000 Position in CarGurus, Inc. (NASDAQ:CARG)

Zacks Investment Management purchased a new position in CarGurus, Inc. (NASDAQ:CARG) in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 31,887 shares of the company’s stock, valued at approximately $958,000.

Several other institutional investors and hedge funds have also bought and sold shares of the stock. Point72 Hong Kong Ltd bought a new stake in shares of CarGurus during the third quarter valued at approximately $28,000. Signaturefd LLC increased its stake in shares of CarGurus by 81.3% in the 3rd quarter. Signaturefd LLC now owns 959 shares of the company’s stock worth $29,000 after acquiring an additional 430 shares in the last quarter. Kathleen S. Wright Associates Inc. purchased a new position in CarGurus during the 3rd quarter valued at about $30,000. CWM LLC boosted its stake in CarGurus by 54.1% during the second quarter. CWM LLC now owns 1,381 shares of the company’s stock worth $36,000 after acquiring an additional 485 shares in the last quarter. Finally, Nisa Investment Advisors LLC grew its holdings in CarGurus by 43.5% in the second quarter. Nisa Investment Advisors LLC now owns 1,579 shares of the company’s stock worth $41,000 after purchasing an additional 479 shares during the period. 86.90% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research firms recently weighed in on CARG. Jefferies Financial Group upped their price target on CarGurus from $35.00 to $38.00 and gave the stock a “buy” rating in a research note on Tuesday, October 22nd. B. Riley raised their price target on CarGurus from $30.00 to $40.00 and gave the company a “buy” rating in a report on Monday, November 11th. DA Davidson upped their price target on shares of CarGurus from $26.50 to $38.50 and gave the stock a “neutral” rating in a research note on Friday, November 8th. Royal Bank of Canada raised their price objective on shares of CarGurus from $30.00 to $42.00 and gave the company an “outperform” rating in a research note on Monday, November 11th. Finally, Citigroup upgraded shares of CarGurus from a “hold” rating to a “strong-buy” rating in a research note on Monday, November 11th. Two equities research analysts have rated the stock with a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $37.86.

CarGurus Trading Down 1.3 %

Shares of CARG opened at $37.87 on Tuesday. The firm has a market cap of $3.93 billion, a PE ratio of -82.32, a P/E/G ratio of 2.02 and a beta of 1.57. CarGurus, Inc. has a 1-year low of $21.18 and a 1-year high of $39.10. The firm has a fifty day simple moving average of $33.59 and a two-hundred day simple moving average of $28.94.

Insider Activity at CarGurus

In other news, COO Samuel Zales sold 25,168 shares of the company’s stock in a transaction dated Wednesday, October 16th. The shares were sold at an average price of $31.62, for a total transaction of $795,812.16. Following the completion of the sale, the chief operating officer now owns 449,821 shares of the company’s stock, valued at $14,223,340.02. This represents a 5.30 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Jason Trevisan sold 10,000 shares of the firm’s stock in a transaction that occurred on Monday, November 18th. The stock was sold at an average price of $35.41, for a total transaction of $354,100.00. Following the completion of the transaction, the chief executive officer now directly owns 779,606 shares in the company, valued at approximately $27,605,848.46. The trade was a 1.27 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 67,958 shares of company stock worth $2,268,035. 17.20% of the stock is owned by insiders.

CarGurus 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.