Principal Financial Group Inc. Increases Holdings in CarGurus, Inc. (NASDAQ:CARG)

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

Several other institutional investors also recently added to or reduced their stakes in the stock. Loomis Sayles & Co. L P bought a new position in shares of CarGurus during the 3rd quarter valued at approximately $21,052,000. Marshall Wace LLP lifted its stake in CarGurus by 3,512.4% in the second 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. Assenagon Asset Management S.A. grew its holdings in CarGurus by 629.3% during the third quarter. Assenagon Asset Management S.A. now owns 372,379 shares of the company’s stock valued at $11,183,000 after purchasing an additional 321,318 shares during the period. Allen Investment Management LLC increased its position in CarGurus by 187.2% in the second quarter. Allen Investment Management LLC now owns 257,827 shares of the company’s stock worth $6,755,000 after buying an additional 168,051 shares during the last quarter. Finally, State Street Corp raised its stake in shares of CarGurus by 4.8% in the third quarter. State Street Corp now owns 3,298,894 shares of the company’s stock valued at $99,066,000 after buying an additional 151,862 shares during the period. Institutional investors own 86.90% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on the company. Oppenheimer increased their price target on CarGurus from $32.00 to $44.00 and gave the stock an “outperform” rating in a research note on Friday, November 8th. Citigroup upgraded shares of CarGurus from a “hold” rating to a “strong-buy” rating in a research note on Monday, November 11th. Needham & Company LLC upped their price target on shares of CarGurus from $27.00 to $39.00 and gave the company a “buy” rating in a research note on Friday, November 8th. Royal Bank of Canada lifted their price objective on shares of CarGurus from $30.00 to $42.00 and gave the company an “outperform” rating in a research note on Monday, November 11th. Finally, B. Riley raised their price target on CarGurus from $30.00 to $40.00 and gave the stock a “buy” rating in a report on Monday, November 11th. Two 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 company. Based on data from MarketBeat.com, CarGurus currently has an average rating of “Moderate Buy” and an average target price of $37.86.

Insider Transactions at CarGurus

In related news, CMO Dafna Sarnoff sold 4,127 shares of the stock in a transaction on Tuesday, October 1st. The stock was sold at an average price of $29.94, for a total value of $123,562.38. Following the transaction, the chief marketing officer now owns 119,330 shares of the company’s stock, valued at $3,572,740.20. This represents a 3.34 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Jason Trevisan sold 10,000 shares of CarGurus stock in a transaction dated Monday, November 18th. The stock was sold at an average price of $35.41, for a total value of $354,100.00. Following the sale, the chief executive officer now directly owns 779,606 shares of the company’s stock, valued at approximately $27,605,848.46. This trade represents a 1.27 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 75,458 shares of company stock valued at $2,550,785. 17.20% of the stock is owned by corporate insiders.

CarGurus Stock Up 0.5 %

CarGurus stock opened at $37.07 on Friday. The stock has a market cap of $3.84 billion, a price-to-earnings ratio of -80.59, a PEG ratio of 2.00 and a beta of 1.57. The business has a 50-day simple moving average of $35.45 and a 200 day simple moving average of $30.11. CarGurus, Inc. has a 52 week low of $21.18 and a 52 week high of $39.10.

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.