Public Sector Pension Investment Board Increases Stock Holdings in CarGurus, Inc. $CARG

Public Sector Pension Investment Board boosted its stake in shares of CarGurus, Inc. (NASDAQ:CARG) by 29.0% during the 3rd quarter, according to its most recent 13F filing with the SEC. The firm owned 372,214 shares of the company’s stock after buying an additional 83,700 shares during the period. Public Sector Pension Investment Board’s holdings in CarGurus were worth $13,858,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently bought and sold shares of CARG. The Manufacturers Life Insurance Company increased its position in CarGurus by 0.3% during the second 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 during the last quarter. Congress Asset Management Co. purchased a new position in shares of CarGurus during the 3rd quarter worth about $70,856,000. Invesco Ltd. grew its holdings in CarGurus by 6.9% during the 2nd quarter. Invesco Ltd. now owns 1,717,321 shares of the company’s stock valued at $57,479,000 after purchasing an additional 110,452 shares during the last quarter. Arrowstreet Capital Limited Partnership raised its position in CarGurus by 22.4% in the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 1,699,910 shares of the company’s stock worth $56,896,000 after purchasing an additional 311,287 shares during the period. Finally, Boston Partners lifted its stake in CarGurus by 26.2% in the second quarter. Boston Partners now owns 1,109,048 shares of the company’s stock worth $36,845,000 after purchasing an additional 230,492 shares during the last quarter. 86.90% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on CARG shares. BTIG Research boosted their price objective on CarGurus from $39.00 to $44.00 and gave the company a “buy” rating in a report on Tuesday, December 30th. Needham & Company LLC lowered their target price on shares of CarGurus from $44.00 to $37.00 and set a “buy” rating for the company in a research note on Thursday, February 5th. Citigroup raised their price target on shares of CarGurus from $37.00 to $41.00 and gave the stock a “neutral” rating in a research note on Tuesday, October 28th. Wall Street Zen lowered shares of CarGurus from a “buy” rating to a “hold” rating in a report on Sunday. Finally, DA Davidson set a $37.50 target price on shares of CarGurus in a research note on Monday, November 17th. Five equities research analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $40.23.

Insider Buying and Selling at CarGurus

In related news, insider Ismail Elshareef sold 1,645 shares of the business’s stock in a transaction that occurred on Monday, February 2nd. The shares were sold at an average price of $32.21, for a total value of $52,985.45. Following the completion of the transaction, the insider owned 91,822 shares of the company’s stock, valued at $2,957,586.62. The trade was a 1.76% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Jennifer Ladd Hanson sold 2,358 shares of the stock in a transaction on Wednesday, December 31st. The shares were sold at an average price of $38.10, for a total value of $89,839.80. Following the sale, the insider directly owned 50,466 shares in the company, valued at $1,922,754.60. This trade represents a 4.46% decrease in their position. The SEC filing for this sale provides additional information. In the last quarter, insiders have sold 49,003 shares of company stock valued at $1,858,494. Company insiders own 17.20% of the company’s stock.

CarGurus Trading Up 1.4%

Shares of CarGurus stock opened at $27.34 on Monday. The stock’s fifty day moving average price is $35.14 and its 200-day moving average price is $34.96. The firm has a market cap of $2.61 billion, a P/E ratio of 18.60, a P/E/G ratio of 1.03 and a beta of 1.35. CarGurus, Inc. has a 12 month low of $24.65 and a 12 month high of $40.37.

About CarGurus

CarGurus, Inc operates an online automotive marketplace designed to connect buyers and sellers of new and used vehicles. Through its proprietary search engine and data-driven pricing tools, the platform enables consumers to compare listings, assess fair market values and locate local dealers offering competitive deals. CarGurus also provides detailed vehicle history reports, dealer reviews and financing options to streamline the car-shopping process for both private parties and franchised dealerships.

The company’s core product offerings include Instant Market Value (IMV), which leverages pricing algorithms to help buyers identify over- or under-priced vehicles, as well as dealer subscription services that grant automotive retailers access to lead generation tools, targeted advertising and dynamic pricing insights.