CarGurus, Inc. (NASDAQ:CARG) Shares Sold by The Manufacturers Life Insurance Company

The Manufacturers Life Insurance Company lessened its stake in CarGurus, Inc. (NASDAQ:CARG - Free Report) by 1.0% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 2,364,859 shares of the company's stock after selling 22,829 shares during the quarter. The Manufacturers Life Insurance Company owned approximately 2.29% of CarGurus worth $71,017,000 at the end of the most recent quarter.

A number of other hedge funds also recently modified their holdings of the stock. Loomis Sayles & Co. L P bought a new stake in CarGurus during the 3rd quarter valued at $21,052,000. Dynamic Technology Lab Private Ltd bought a new stake in CarGurus during the 3rd quarter valued at $735,000. Alpha DNA Investment Management LLC bought a new stake in CarGurus during the 3rd quarter valued at $503,000. Algert Global LLC raised its holdings in CarGurus by 914.0% during the 3rd quarter. Algert Global LLC now owns 86,430 shares of the company's stock valued at $2,595,000 after acquiring an additional 77,906 shares during the period. Finally, Citigroup Inc. raised its holdings in CarGurus by 31.0% during the 3rd quarter. Citigroup Inc. now owns 165,918 shares of the company's stock valued at $4,983,000 after acquiring an additional 39,240 shares during the period. Institutional investors own 86.90% of the company's stock.

Insider Transactions at CarGurus

In other CarGurus news, CEO Jason Trevisan sold 10,000 shares of CarGurus stock in a transaction dated Monday, November 18th. The shares were sold at an average price of $35.41, for a total transaction of $354,100.00. Following the completion of the sale, the chief executive officer now directly owns 779,606 shares in the company, valued at $27,605,848.46. This trade represents a 1.27 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, COO Samuel Zales sold 25,168 shares of CarGurus stock in a transaction that occurred on Wednesday, October 16th. The shares were sold at an average price of $31.62, for a total transaction of $795,812.16. Following the completion of the transaction, the chief operating officer now owns 449,821 shares of the company's stock, valued at $14,223,340.02. This trade represents a 5.30 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 71,065 shares of company stock worth $2,356,336 over the last 90 days. 17.20% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

CARG has been the topic of a number of recent analyst reports. JMP Securities increased their price objective on CarGurus from $41.00 to $46.00 and gave the stock a "market outperform" rating in a research report on Friday, November 22nd. Citigroup upgraded CarGurus from a "hold" rating to a "strong-buy" rating in a research report on Monday, November 11th. Jefferies Financial Group increased their price objective on CarGurus from $35.00 to $38.00 and gave the stock a "buy" rating in a research report on Tuesday, October 22nd. B. Riley increased their price objective on CarGurus from $30.00 to $40.00 and gave the stock a "buy" rating in a research report on Monday, November 11th. Finally, Needham & Company LLC increased their price objective on CarGurus from $27.00 to $39.00 and gave the stock a "buy" rating in a research report on Friday, November 8th. Two research 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's stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $37.86.

CarGurus Stock Performance

NASDAQ:CARG traded up $1.18 during midday trading on Thursday, reaching $37.64. 706,964 shares of the stock traded hands, compared to its average volume of 823,093. CarGurus, Inc. has a 12-month low of $21.02 and a 12-month high of $37.94. The business has a 50-day moving average of $32.29 and a two-hundred day moving average of $28.12. The stock has a market capitalization of $3.90 billion, a PE ratio of -81.82, a price-to-earnings-growth ratio of 1.89 and a beta of 1.55.

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.