Insider Selling: CarGurus, Inc. (NASDAQ:CARG) CTO Sells $167,378.84 in Stock

CarGurus, Inc. (NASDAQ:CARG) CTO Matthew Todd Quinn sold 4,678 shares of the stock in a transaction on Friday, January 3rd. The shares were sold at an average price of $35.78, for a total value of $167,378.84. Following the completion of the transaction, the chief technology officer now owns 195,795 shares of the company’s stock, valued at $7,005,545.10. This trade represents a 2.33 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website.

CarGurus Price Performance

Shares of CARG stock opened at $37.11 on Thursday. CarGurus, Inc. has a fifty-two week low of $21.18 and a fifty-two week high of $39.10. The stock’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 P/E ratio of -80.67, a PEG ratio of 2.00 and a beta of 1.58.

Hedge Funds Weigh In On CarGurus

A number of hedge funds have recently added to or reduced their stakes in CARG. Loomis Sayles & Co. L P bought a new stake in CarGurus in the third quarter worth approximately $21,052,000. Marshall Wace LLP lifted its stake in shares of CarGurus by 3,512.4% in the 2nd quarter. Marshall Wace LLP now owns 480,339 shares of the company’s stock valued at $12,585,000 after purchasing an additional 467,042 shares during the last quarter. Assenagon Asset Management S.A. boosted its holdings in CarGurus by 629.3% in the third quarter. Assenagon Asset Management S.A. now owns 372,379 shares of the company’s stock worth $11,183,000 after purchasing an additional 321,318 shares in the last quarter. Allen Investment Management LLC increased its position in CarGurus by 187.2% during the second quarter. Allen Investment Management LLC now owns 257,827 shares of the company’s stock worth $6,755,000 after buying an additional 168,051 shares during the last quarter. Finally, State Street Corp raised its holdings in CarGurus by 4.8% during the third quarter. State Street Corp now owns 3,298,894 shares of the company’s stock valued at $99,066,000 after buying an additional 151,862 shares in the last quarter. Institutional investors and hedge funds own 86.90% of the company’s stock.

Analyst Ratings Changes

CARG has been the subject of several recent analyst reports. JPMorgan Chase & Co. raised their target price on shares of CarGurus from $36.00 to $40.00 and gave the stock an “overweight” rating in a report on Friday, November 8th. Needham & Company LLC raised their price objective on shares of CarGurus from $27.00 to $39.00 and gave the stock a “buy” rating in a research note on Friday, November 8th. Oppenheimer boosted their target price on shares of CarGurus from $32.00 to $44.00 and gave the company an “outperform” rating in a research note on Friday, November 8th. BTIG Research raised their target price on CarGurus from $30.00 to $35.00 and gave the stock a “buy” rating in a research report on Tuesday, October 22nd. Finally, Jefferies Financial Group upped their price target on CarGurus from $35.00 to $38.00 and gave the company a “buy” rating in a research report on Tuesday, October 22nd. Two 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 company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target 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.