Charles Schwab Investment Management Inc. Purchases 89,815 Shares of CarGurus, Inc. (NASDAQ:CARG)

Charles Schwab Investment Management Inc. increased its stake in CarGurus, Inc. (NASDAQ:CARG) by 9.4% in the 3rd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 1,043,217 shares of the company’s stock after purchasing an additional 89,815 shares during the quarter. Charles Schwab Investment Management Inc. owned about 1.01% of CarGurus worth $31,328,000 at the end of the most recent quarter.

Other hedge funds also recently made changes to their positions in the company. Thrivent Financial for Lutherans grew its position in CarGurus by 6.5% during the second quarter. Thrivent Financial for Lutherans now owns 1,461,119 shares of the company’s stock worth $38,282,000 after buying an additional 89,346 shares in the last quarter. Select Equity Group L.P. grew its stake in shares of CarGurus by 2.8% in the 2nd quarter. Select Equity Group L.P. now owns 1,145,692 shares of the company’s stock worth $30,017,000 after buying an additional 31,431 shares during the last quarter. Fort Washington Investment Advisors Inc. OH grew its stake in shares of CarGurus by 26.5% in 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 buying an additional 228,380 shares during the last quarter. Raymond James & Associates boosted its stake in CarGurus by 2.2% during the 2nd quarter. Raymond James & Associates now owns 534,939 shares of the company’s stock valued at $14,015,000 after purchasing an additional 11,584 shares during the last quarter. Finally, Marshall Wace LLP boosted its stake in CarGurus by 3,512.4% during the 2nd quarter. Marshall Wace LLP now owns 480,339 shares of the company’s stock valued at $12,585,000 after purchasing an additional 467,042 shares during the last quarter. 86.90% of the stock is currently owned by hedge funds and other institutional investors.

CarGurus Stock Performance

Shares of CARG stock opened at $38.06 on Wednesday. CarGurus, Inc. has a 52-week low of $21.12 and a 52-week high of $38.15. The stock has a market cap of $3.95 billion, a price-to-earnings ratio of -82.74, a P/E/G ratio of 1.99 and a beta of 1.57. The firm has a fifty day moving average of $32.90 and a 200-day moving average of $28.53.

Insider Activity at CarGurus

In other news, COO Samuel Zales sold 25,168 shares of CarGurus stock in a transaction on Wednesday, October 16th. The stock was sold at an average price of $31.62, for a total transaction of $795,812.16. Following the completion of the sale, the chief operating officer now owns 449,821 shares of the company’s stock, valued at approximately $14,223,340.02. This trade represents a 5.30 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CMO Dafna Sarnoff sold 4,127 shares of the business’s stock in a transaction dated Tuesday, October 1st. The shares were sold at an average price of $29.94, for a total value of $123,562.38. Following the completion of the transaction, the chief marketing officer now directly owns 119,330 shares of the company’s stock, valued at approximately $3,572,740.20. This trade represents a 3.34 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 67,958 shares of company stock worth $2,268,035 in the last ninety days. Company insiders own 17.20% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on the company. Oppenheimer increased their price target on CarGurus from $32.00 to $44.00 and gave the company an “outperform” rating in a report on Friday, November 8th. BTIG Research increased their price target on CarGurus from $30.00 to $35.00 and gave the stock a “buy” rating in a research note on Tuesday, October 22nd. Needham & Company LLC raised their price objective on CarGurus from $27.00 to $39.00 and gave the company a “buy” rating in a research report on Friday, November 8th. B. Riley lifted 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. Finally, Citigroup raised CarGurus from a “hold” rating to a “strong-buy” rating in a research note on Monday, November 11th. Two investment analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $37.86.

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.