Public Sector Pension Investment Board Grows Position in CarGurus, Inc. $CARG

Public Sector Pension Investment Board raised its stake in shares of CarGurus, Inc. (NASDAQ:CARG) by 29.0% in the 3rd quarter, according to its most recent disclosure with the SEC. The firm owned 372,214 shares of the company’s stock after purchasing an additional 83,700 shares during the period. Public Sector Pension Investment Board owned 0.37% of CarGurus worth $13,858,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in CARG. BNP PARIBAS ASSET MANAGEMENT Holding S.A. bought a new position in shares of CarGurus during the 2nd quarter valued at approximately $27,000. MAI Capital Management raised its stake in CarGurus by 661.0% during the 2nd quarter. MAI Capital Management now owns 1,172 shares of the company’s stock worth $39,000 after acquiring an additional 1,018 shares during the period. Farther Finance Advisors LLC lifted its holdings in CarGurus by 71.1% during the third quarter. Farther Finance Advisors LLC now owns 1,066 shares of the company’s stock valued at $40,000 after purchasing an additional 443 shares in the last quarter. First Horizon Corp bought a new position in shares of CarGurus in the third quarter worth approximately $51,000. Finally, EverSource Wealth Advisors LLC boosted its position in shares of CarGurus by 491.7% in the second quarter. EverSource Wealth Advisors LLC now owns 1,639 shares of the company’s stock worth $55,000 after purchasing an additional 1,362 shares during the period. Institutional investors own 86.90% of the company’s stock.

Insiders Place Their Bets

In other news, insider Jennifer Ladd Hanson sold 2,358 shares of the stock in a transaction that occurred on Wednesday, December 31st. The stock was sold at an average price of $38.10, for a total transaction of $89,839.80. Following the completion of the transaction, the insider directly owned 50,466 shares in the company, valued at approximately $1,922,754.60. This represents a 4.46% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Ismail Elshareef sold 1,645 shares of the stock in a transaction on Monday, February 2nd. The shares were sold at an average price of $32.21, for a total transaction of $52,985.45. Following the transaction, the insider owned 91,822 shares of the company’s stock, valued at $2,957,586.62. This trade represents a 1.76% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 49,003 shares of company stock valued at $1,858,494 in the last quarter. 17.20% of the stock is currently owned by insiders.

CarGurus Stock Up 1.4%

CARG opened at $27.34 on Monday. The company has a market capitalization of $2.61 billion, a PE ratio of 18.60, a price-to-earnings-growth ratio of 1.03 and a beta of 1.35. The firm has a 50-day simple moving average of $35.14 and a two-hundred day simple moving average of $34.96. CarGurus, Inc. has a 52 week low of $24.65 and a 52 week high of $40.37.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on the stock. BTIG Research lifted their target price on shares of CarGurus from $39.00 to $44.00 and gave the company a “buy” rating in a research note on Tuesday, December 30th. Weiss Ratings reissued a “hold (c+)” rating on shares of CarGurus in a report on Monday, December 29th. Citigroup boosted their price objective on CarGurus from $37.00 to $41.00 and gave the company a “neutral” rating in a research report on Tuesday, October 28th. DA Davidson set a $37.50 price objective on CarGurus in a research note on Monday, November 17th. Finally, Needham & Company LLC decreased their target price on CarGurus from $44.00 to $37.00 and set a “buy” rating on the stock in a research note on Thursday, February 5th. Five investment analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, CarGurus presently has a consensus rating of “Hold” and an average price target of $40.23.

CarGurus Company Profile

CarGurus, Inc operates an online automotive marketplace designed to connect buyers and sellers of new and used vehicles. Through its proprietary search engine and data-driven pricing tools, the platform enables consumers to compare listings, assess fair market values and locate local dealers offering competitive deals. CarGurus also provides detailed vehicle history reports, dealer reviews and financing options to streamline the car-shopping process for both private parties and franchised dealerships.

The company’s core product offerings include Instant Market Value (IMV), which leverages pricing algorithms to help buyers identify over- or under-priced vehicles, as well as dealer subscription services that grant automotive retailers access to lead generation tools, targeted advertising and dynamic pricing insights.