RFG Advisory LLC bought a new position in shares of CarGurus, Inc. (NASDAQ:CARG – Free Report) during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 41,677 shares of the company’s stock, valued at approximately $1,421,000.
Several other institutional investors and hedge funds have also bought and sold shares of CARG. Wellington Management Group LLP grew 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 in the last quarter. California State Teachers Retirement System increased its stake in CarGurus by 2,879.8% in the 2nd quarter. California State Teachers Retirement System now owns 3,003,431 shares of the company’s stock worth $102,387,000 after acquiring an additional 2,902,639 shares during the last quarter. Prevatt Capital Ltd increased its stake 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 acquiring an additional 275,000 shares during the last quarter. Geode Capital Management LLC raised its holdings in shares of CarGurus by 1.2% in the 4th quarter. Geode Capital Management LLC now owns 2,101,437 shares of the company’s stock valued at $80,602,000 after acquiring an additional 24,910 shares in the last quarter. Finally, The Manufacturers Life Insurance Company raised its holdings in shares of CarGurus by 0.3% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 1,914,925 shares of the company’s stock valued at $64,093,000 after acquiring an additional 6,676 shares in the last quarter. 86.90% of the stock is currently owned by hedge funds and other institutional investors.
CarGurus Stock Performance
CARG stock opened at $34.42 on Friday. CarGurus, Inc. has a 52 week low of $26.39 and a 52 week high of $41.22. The firm’s fifty day moving average is $35.52 and its 200 day moving average is $33.53. The firm has a market cap of $3.07 billion, a P/E ratio of 18.71, a P/E/G ratio of 1.18 and a beta of 1.16.
Analyst Upgrades and Downgrades
CARG has been the subject of several recent analyst reports. B. Riley Financial reissued a “buy” rating on shares of CarGurus in a report on Friday, August 7th. Wall Street Zen upgraded shares of CarGurus from a “hold” rating to a “buy” rating in a research report on Saturday, August 22nd. Piper Sandler reissued a “sector weight” rating on shares of CarGurus in a research note on Friday, June 12th. Royal Bank Of Canada increased their price target on shares of CarGurus from $35.00 to $42.00 and gave the stock an “outperform” rating in a report on Friday, August 7th. Finally, BTIG Research raised their price objective on shares of CarGurus from $40.00 to $41.00 and gave the company a “buy” rating in a research report on Friday, August 7th. One analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and seven have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, CarGurus presently has an average rating of “Moderate Buy” and a consensus target price of $40.75.
Check Out Our Latest Report on CARG
Insider Buying and Selling
In other CarGurus news, CMO Dafna Sarnoff sold 17,151 shares of CarGurus stock in a transaction that occurred on Thursday, August 13th. The stock was sold at an average price of $37.00, for a total value of $634,587.00. Following the transaction, the chief marketing officer directly owned 109,668 shares of the company’s stock, valued at $4,057,716. The trade was a 13.52% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, COO Samuel Zales sold 10,000 shares of CarGurus stock in a transaction on Friday, August 28th. The stock was sold at an average price of $36.50, for a total transaction of $365,000.00. Following the completion of the transaction, the chief operating officer directly owned 465,349 shares in the company, valued at approximately $16,985,238.50. The trade was a 2.10% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 61,943 shares of company stock worth $2,238,736 in the last 90 days. 18.19% of the stock is currently owned by company insiders.
CarGurus Profile
CarGurus, Inc operates an online automotive marketplace that connects consumers with automobile dealers and private sellers. Its platform enables shoppers to search for new and used vehicles, compare listings, evaluate pricing and vehicle details, and contact sellers. CarGurus generates revenue primarily by providing dealers with digital advertising and marketing products designed to help them display inventory and reach prospective buyers.
The company also provides tools and services intended to support automotive retailers throughout the vehicle-shopping process, including inventory merchandising, lead generation, pricing insights and digital retail capabilities.
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