Principal Financial Group Inc. Has $13.51 Million Stake in CarGurus, Inc. (NASDAQ:CARG)

Principal Financial Group Inc. boosted its holdings in shares of CarGurus, Inc. (NASDAQ:CARG) by 1.4% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 450,015 shares of the company’s stock after buying an additional 6,186 shares during the period. Principal Financial Group Inc. owned about 0.43% of CarGurus worth $13,514,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently bought and sold shares of the business. UniSuper Management Pty Ltd acquired a new stake in shares of CarGurus during the 1st quarter valued at about $483,000. Swedbank AB bought a new position in CarGurus during the first quarter worth about $1,352,000. SG Capital Management LLC acquired a new stake in CarGurus during the first quarter valued at approximately $4,222,000. Edgestream Partners L.P. bought a new stake in shares of CarGurus in the 1st quarter valued at approximately $3,978,000. Finally, Vanguard Group Inc. raised its holdings in shares of CarGurus by 1.1% in the 1st quarter. Vanguard Group Inc. now owns 10,198,538 shares of the company’s stock worth $235,382,000 after buying an additional 107,244 shares in the last quarter. Institutional investors own 86.90% of the company’s stock.

CarGurus Trading Down 0.7 %

Shares of NASDAQ CARG opened at $35.64 on Friday. CarGurus, Inc. has a 1-year low of $18.90 and a 1-year high of $37.94. The company has a 50-day moving average of $31.09 and a two-hundred day moving average of $27.38. The company has a market cap of $3.68 billion, a PE ratio of -77.48, a P/E/G ratio of 2.03 and a beta of 1.55.

Insider Buying and Selling

In other news, CMO Dafna Sarnoff sold 4,127 shares of CarGurus stock in a transaction that occurred on Tuesday, October 1st. The shares were sold at an average price of $29.94, for a total transaction of $123,562.38. Following the completion of the sale, the chief marketing officer now owns 119,330 shares in the company, valued at $3,572,740.20. The trade was a 3.34 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CTO Matthew Todd Quinn sold 3,495 shares of the business’s stock in a transaction that occurred on Wednesday, October 2nd. The stock was sold at an average price of $29.43, for a total transaction of $102,857.85. Following the sale, the chief technology officer now directly owns 205,696 shares of the company’s stock, valued at approximately $6,053,633.28. This trade represents a 1.67 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 35,897 shares of company stock worth $1,110,533 in the last quarter. Insiders own 17.20% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages recently commented on CARG. JMP Securities boosted their price target on CarGurus from $32.00 to $41.00 and gave the company a “market outperform” rating in a research note on Monday, November 11th. B. Riley lifted their price objective on CarGurus from $30.00 to $40.00 and gave the company a “buy” rating in a report on Monday, November 11th. Royal Bank of Canada upped their target price on shares of CarGurus from $30.00 to $42.00 and gave the stock an “outperform” rating in a report on Monday, November 11th. Citigroup upgraded shares of CarGurus from a “hold” rating to a “strong-buy” rating in a research report on Monday, November 11th. Finally, 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 research report on Tuesday, October 22nd. 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. Based on data from MarketBeat, CarGurus currently has a consensus rating of “Moderate Buy” and a consensus price target of $37.41.

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.