CarGurus, Inc. (NASDAQ:CARG) Stake Boosted by Allspring Global Investments Holdings LLC

Allspring Global Investments Holdings LLC increased its position in shares of CarGurus, Inc. (NASDAQ:CARG) by 16.4% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 244,828 shares of the company’s stock after purchasing an additional 34,555 shares during the quarter. Allspring Global Investments Holdings LLC owned 0.24% of CarGurus worth $8,748,000 at the end of the most recent reporting period.

A number of other hedge funds also recently added to or reduced their stakes in the stock. Louisiana State Employees Retirement System lifted its stake in CarGurus by 0.7% in the fourth quarter. Louisiana State Employees Retirement System now owns 42,500 shares of the company’s stock valued at $1,553,000 after buying an additional 300 shares during the last quarter. Signaturefd LLC raised its stake in shares of CarGurus by 81.3% during the third quarter. Signaturefd LLC now owns 959 shares of the company’s stock valued at $29,000 after purchasing an additional 430 shares in the last quarter. Fifth Third Bancorp raised its stake in shares of CarGurus by 100.0% during the fourth quarter. Fifth Third Bancorp now owns 912 shares of the company’s stock valued at $33,000 after purchasing an additional 456 shares in the last quarter. Point72 DIFC Ltd raised its stake in shares of CarGurus by 15.2% during the third quarter. Point72 DIFC Ltd now owns 3,823 shares of the company’s stock valued at $115,000 after purchasing an additional 504 shares in the last quarter. Finally, Hennion & Walsh Asset Management Inc. raised its stake in shares of CarGurus by 5.0% during the third quarter. Hennion & Walsh Asset Management Inc. now owns 12,157 shares of the company’s stock valued at $365,000 after purchasing an additional 584 shares in the last quarter. 86.90% of the stock is currently owned by institutional investors.

CarGurus Stock Up 0.5 %

CARG opened at $39.97 on Wednesday. The stock has a fifty day moving average of $37.90 and a 200-day moving average of $33.43. The firm has a market capitalization of $4.14 billion, a P/E ratio of -86.88, a PEG ratio of 1.79 and a beta of 1.59. CarGurus, Inc. has a 12-month low of $21.18 and a 12-month high of $41.33.

Insider Activity

In other news, COO Samuel Zales sold 20,000 shares of the stock in a transaction on Monday, February 3rd. The stock was sold at an average price of $38.36, for a total value of $767,200.00. Following the completion of the sale, the chief operating officer now owns 400,025 shares in the company, valued at $15,344,959. This represents a 4.76 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Zachary Emerson Hallowell sold 4,580 shares of the stock in a transaction on Friday, January 3rd. The shares were sold at an average price of $35.78, for a total value of $163,872.40. Following the completion of the sale, the chief executive officer now owns 120,051 shares of the company’s stock, valued at $4,295,424.78. The trade was a 3.67 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 59,388 shares of company stock worth $2,204,338 over the last quarter. Corporate insiders own 17.20% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on the stock. B. Riley lifted their price objective on shares of CarGurus from $30.00 to $40.00 and gave the company a “buy” rating in a research note on Monday, November 11th. DA Davidson lifted their price objective on shares of CarGurus from $26.50 to $38.50 and gave the company a “neutral” rating in a research note on Friday, November 8th. Needham & Company LLC lifted their target price on CarGurus from $39.00 to $45.00 and gave the stock a “buy” rating in a report on Thursday, January 16th. BTIG Research raised their price objective 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. Finally, Oppenheimer increased their target price on shares of CarGurus from $32.00 to $44.00 and gave the company an “outperform” rating in a research note on Friday, November 8th. Two research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has assigned 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 an average price target of $38.41.

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.