M&T Bank Corp Has $2.91 Million Holdings in CarGurus, Inc. (NASDAQ:CARG)

M&T Bank Corp cut its stake in CarGurus, Inc. (NASDAQ:CARG) by 20.0% in the third quarter, HoldingsChannel reports. The fund owned 96,819 shares of the company’s stock after selling 24,170 shares during the period. M&T Bank Corp’s holdings in CarGurus were worth $2,907,000 at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. Loomis Sayles & Co. L P acquired a new position in CarGurus during the 3rd quarter worth $21,052,000. Marshall Wace LLP boosted its holdings in CarGurus by 3,512.4% in the second quarter. Marshall Wace LLP now owns 480,339 shares of the company’s stock valued at $12,585,000 after acquiring an additional 467,042 shares during the last quarter. Assenagon Asset Management S.A. increased its position 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 during the period. Fort Washington Investment Advisors Inc. OH raised its holdings in CarGurus by 26.5% during the 2nd quarter. Fort Washington Investment Advisors Inc. OH now owns 1,090,335 shares of the company’s stock worth $28,567,000 after purchasing an additional 228,380 shares during the last quarter. Finally, Allen Investment Management LLC lifted its position in CarGurus by 187.2% during the 2nd quarter. Allen Investment Management LLC now owns 257,827 shares of the company’s stock valued at $6,755,000 after purchasing an additional 168,051 shares during the period. 86.90% of the stock is currently owned by institutional investors and hedge funds.

CarGurus Stock Performance

Shares of CARG stock opened at $37.67 on Friday. The company has a market capitalization of $3.91 billion, a P/E ratio of -81.89, a price-to-earnings-growth ratio of 2.00 and a beta of 1.57. CarGurus, Inc. has a 52 week low of $21.18 and a 52 week high of $39.10. The company’s 50 day moving average price is $34.28 and its two-hundred day moving average price is $29.26.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on CARG shares. Citigroup raised shares of CarGurus from a “hold” rating to a “strong-buy” rating in a research note on Monday, November 11th. Jefferies Financial Group increased their price target on CarGurus from $35.00 to $38.00 and gave the company a “buy” rating in a research note on Tuesday, October 22nd. Royal Bank of Canada lifted their price objective on CarGurus from $30.00 to $42.00 and gave the stock an “outperform” rating in a research note on Monday, November 11th. Needham & Company LLC raised their target price on CarGurus from $27.00 to $39.00 and gave the stock a “buy” rating in a report on Friday, November 8th. Finally, JMP Securities upped their price target on CarGurus from $41.00 to $46.00 and gave the company a “market outperform” rating in a research note on Friday, November 22nd. Two analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $37.86.

Insider Buying and Selling

In other CarGurus news, CTO Matthew Todd Quinn sold 3,495 shares of the business’s stock in a transaction that occurred on Wednesday, October 2nd. The stock was sold at an average price of $29.43, for a total value of $102,857.85. Following the sale, the chief technology officer now owns 205,696 shares in the company, valued at approximately $6,053,633.28. The trade was a 1.67 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Jason Trevisan sold 10,000 shares of the company’s stock in a transaction that occurred on Monday, November 18th. The stock was sold at an average price of $35.41, for a total value of $354,100.00. Following the transaction, the chief executive officer now directly owns 779,606 shares of the company’s stock, valued at approximately $27,605,848.46. This trade represents a 1.27 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 67,958 shares of company stock worth $2,268,035 over the last ninety days. 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.