Insider Selling: CarGurus, Inc. (NASDAQ:CARG) CMO Sells 10,570 Shares of Stock

CarGurus, Inc. (NASDAQ:CARG) CMO Dafna Sarnoff sold 10,570 shares of the firm’s stock in a transaction on Friday, January 3rd. The stock was 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 of the company’s stock, valued at $3,408,438.58. This trade represents a 9.99 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link.

CarGurus Price Performance

NASDAQ CARG traded up $1.13 on Monday, hitting $36.95. The company had a trading volume of 589,727 shares, compared to its average volume of 605,499. The company has a market capitalization of $3.83 billion, a PE ratio of -80.32, a PEG ratio of 2.00 and a beta of 1.58. The company’s fifty day moving average price is $35.90 and its 200-day moving average price is $30.50. CarGurus, Inc. has a 12-month low of $21.18 and a 12-month high of $39.10.

Institutional Investors Weigh In On CarGurus

Institutional investors have recently bought and sold shares of the company. Charles Schwab Investment Management Inc. grew its holdings in shares of CarGurus by 9.4% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,043,217 shares of the company’s stock worth $31,328,000 after buying an additional 89,815 shares in the last quarter. State Street Corp raised its position in shares of CarGurus by 4.8% during the 3rd 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 during the period. Los Angeles Capital Management LLC raised its position in CarGurus by 51.9% in the third quarter. Los Angeles Capital Management LLC now owns 64,417 shares of the company’s stock valued at $1,934,000 after purchasing an additional 22,004 shares during the period. Alpha DNA Investment Management LLC acquired a new position in CarGurus in the third quarter valued at about $503,000. Finally, Citigroup Inc. lifted its holdings in shares of CarGurus by 31.0% in the 3rd quarter. Citigroup Inc. now owns 165,918 shares of the company’s stock worth $4,983,000 after acquiring an additional 39,240 shares during the last quarter. 86.90% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several brokerages have recently issued reports on CARG. DA Davidson raised their price objective on CarGurus from $26.50 to $38.50 and gave the stock a “neutral” rating in a research note on Friday, November 8th. Jefferies Financial Group lifted their price objective on shares of CarGurus from $35.00 to $38.00 and gave the company a “buy” rating in a research note on Tuesday, October 22nd. JMP Securities reiterated a “market outperform” rating and issued a $46.00 price objective on shares of CarGurus in a research note on Monday, December 16th. BTIG Research boosted their target price on shares of CarGurus from $30.00 to $35.00 and gave the company a “buy” rating in a research report on Tuesday, October 22nd. Finally, Citigroup raised CarGurus from a “hold” rating to a “strong-buy” rating in a research report on Monday, November 11th. Two research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $37.86.

CarGurus Company 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.