Victory Capital Management Inc. Boosts Stock Holdings in CarGurus, Inc. (NASDAQ:CARG)

Victory Capital Management Inc. boosted its stake in shares of CarGurus, Inc. (NASDAQ:CARG) by 45.5% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 94,939 shares of the company’s stock after purchasing an additional 29,674 shares during the period. Victory Capital Management Inc. owned approximately 0.09% of CarGurus worth $2,851,000 at the end of the most recent reporting period.

A number of other large investors also recently bought and sold shares of CARG. Aigen Investment Management LP purchased a new position in shares of CarGurus in the 3rd quarter valued at $451,000. Versor Investments LP purchased a new position in shares of CarGurus in the 3rd quarter valued at $808,000. Los Angeles Capital Management LLC raised its stake in shares of CarGurus by 51.9% in the 3rd quarter. Los Angeles Capital Management LLC now owns 64,417 shares of the company’s stock valued at $1,934,000 after acquiring an additional 22,004 shares during the period. Atria Investments Inc purchased a new position in shares of CarGurus in the 3rd quarter valued at $247,000. Finally, Principal Financial Group Inc. raised its stake in shares of CarGurus by 1.4% in the 3rd quarter. Principal Financial Group Inc. now owns 450,015 shares of the company’s stock valued at $13,514,000 after acquiring an additional 6,186 shares during the period. Hedge funds and other institutional investors own 86.90% of the company’s stock.

Wall Street Analysts Forecast Growth

CARG has been the topic of a number of research reports. JPMorgan Chase & Co. raised their target price on shares of CarGurus from $36.00 to $40.00 and gave the company an “overweight” rating in a research note on Friday, November 8th. Royal Bank of Canada raised their price target on shares of CarGurus from $30.00 to $42.00 and gave the company an “outperform” rating in a report on Monday, November 11th. JMP Securities raised their price target on shares of CarGurus from $41.00 to $46.00 and gave the company a “market outperform” rating in a report on Friday. Jefferies Financial Group raised their price target on shares of CarGurus from $35.00 to $38.00 and gave the company a “buy” rating in a report on Tuesday, October 22nd. Finally, Citigroup raised shares of CarGurus from a “hold” rating to a “strong-buy” rating in a report on Monday, November 11th. Two investment analysts have rated the stock with a hold rating, eight have issued a buy rating and one has issued 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 Activity

In related news, CMO Dafna Sarnoff sold 3,107 shares of CarGurus stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $28.42, for a total value of $88,300.94. Following the sale, the chief marketing officer now directly owns 128,952 shares in the company, valued at $3,664,815.84. This trade represents a 2.35 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, COO Samuel Zales sold 25,168 shares of CarGurus stock in a transaction dated Monday, November 18th. The shares were sold at an average price of $35.43, for a total transaction of $891,702.24. Following the completion of the sale, the chief operating officer now owns 442,321 shares in the company, valued at approximately $15,671,433.03. This represents a 5.38 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 71,065 shares of company stock valued at $2,356,336. Company insiders own 17.20% of the company’s stock.

CarGurus Stock Performance

NASDAQ CARG opened at $35.62 on Friday. CarGurus, Inc. has a one year low of $21.02 and a one year high of $37.94. The company has a 50-day simple moving average of $31.86 and a 200-day simple moving average of $27.79. The firm has a market capitalization of $3.69 billion, a PE ratio of -77.43, a price-to-earnings-growth ratio of 1.88 and a beta of 1.55.

CarGurus 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.