Intech Investment Management LLC Invests $673,000 in CarGurus, Inc. (NASDAQ:CARG)

Intech Investment Management LLC purchased a new position in shares of CarGurus, Inc. (NASDAQ:CARG) in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 22,411 shares of the company’s stock, valued at approximately $673,000.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Price T Rowe Associates Inc. MD lifted its holdings in CarGurus by 4.9% in the first quarter. Price T Rowe Associates Inc. MD now owns 56,448 shares of the company’s stock valued at $1,303,000 after acquiring an additional 2,655 shares during the period. Swedbank AB purchased a new position in CarGurus during the first quarter worth about $1,352,000. GAMMA Investing LLC grew its holdings in CarGurus by 25.9% in the second quarter. GAMMA Investing LLC now owns 2,066 shares of the company’s stock valued at $54,000 after purchasing an additional 425 shares during the period. CWM LLC raised its stake in CarGurus by 54.1% during the second quarter. CWM LLC now owns 1,381 shares of the company’s stock worth $36,000 after purchasing an additional 485 shares during the period. Finally, Contravisory Investment Management Inc. purchased a new stake in shares of CarGurus during the 2nd quarter worth about $231,000. 86.90% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities analysts recently commented on CARG shares. B. Riley boosted their price target on CarGurus from $30.00 to $40.00 and gave the stock a “buy” rating in a research report on Monday, November 11th. Royal Bank of Canada lifted their target price on CarGurus from $30.00 to $42.00 and gave the company an “outperform” rating in a research note on Monday, November 11th. JPMorgan Chase & Co. boosted 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. BTIG Research boosted their price target on shares of CarGurus from $30.00 to $35.00 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 research note on Monday, November 11th. Two equities research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $37.86.

Insiders Place Their Bets

In other news, CTO Matthew Todd Quinn sold 3,495 shares of the business’s stock in a transaction dated Wednesday, October 2nd. The shares were sold at an average price of $29.43, for a total value of $102,857.85. Following the completion of the sale, the chief technology officer now owns 205,696 shares of the company’s stock, valued at approximately $6,053,633.28. The trade was a 1.67 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, COO Samuel Zales sold 25,168 shares of the business’s stock in a transaction that occurred on Monday, November 18th. The shares were sold at an average price of $35.43, for a total value of $891,702.24. Following the completion of the sale, the chief operating officer now owns 442,321 shares of the company’s stock, valued at approximately $15,671,433.03. This trade represents a 5.38 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 71,065 shares of company stock valued at $2,356,336 in the last quarter. 17.20% of the stock is currently owned by insiders.

CarGurus Price Performance

NASDAQ CARG opened at $37.82 on Friday. The firm has a market cap of $3.92 billion, a P/E ratio of -82.22, a P/E/G ratio of 1.98 and a beta of 1.55. CarGurus, Inc. has a one year low of $21.02 and a one year high of $38.15. The stock’s 50-day moving average is $32.58 and its 200-day moving average is $28.31.

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.