Citigroup Inc. Raises Holdings in CarGurus, Inc. (NASDAQ:CARG)

Citigroup Inc. grew its stake in shares of CarGurus, Inc. (NASDAQ:CARG - Free Report) by 31.0% in the third quarter, according to its most recent filing with the SEC. The institutional investor owned 165,918 shares of the company's stock after purchasing an additional 39,240 shares during the period. Citigroup Inc. owned about 0.16% of CarGurus worth $4,983,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also recently modified their holdings of CARG. Marshall Wace LLP boosted its holdings in CarGurus by 3,512.4% during the second quarter. Marshall Wace LLP now owns 480,339 shares of the company's stock worth $12,585,000 after purchasing an additional 467,042 shares during the last quarter. Assenagon Asset Management S.A. boosted its position in CarGurus by 629.3% in the third quarter. Assenagon Asset Management S.A. now owns 372,379 shares of the company's stock worth $11,183,000 after purchasing an additional 321,318 shares during the last quarter. Fort Washington Investment Advisors Inc. OH grew its stake in CarGurus by 26.5% in the 2nd quarter. Fort Washington Investment Advisors Inc. OH now owns 1,090,335 shares of the company's stock valued at $28,567,000 after purchasing an additional 228,380 shares during the period. Allen Investment Management LLC increased its position in shares of CarGurus by 187.2% during the 2nd quarter. Allen Investment Management LLC now owns 257,827 shares of the company's stock valued at $6,755,000 after purchasing an additional 168,051 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. raised its stake in shares of CarGurus by 9.4% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,043,217 shares of the company's stock worth $31,328,000 after purchasing an additional 89,815 shares during the period. 86.90% of the stock is owned by hedge funds and other institutional investors.

CarGurus Stock Up 0.5 %

Shares of CARG stock traded up $0.19 on Tuesday, reaching $38.06. The company's stock had a trading volume of 466,120 shares, compared to its average volume of 726,193. CarGurus, Inc. has a 12-month low of $21.12 and a 12-month high of $38.15. The stock's 50 day simple moving average is $32.90 and its 200-day simple moving average is $28.53. The company has a market capitalization of $3.95 billion, a P/E ratio of -82.74, a PEG ratio of 1.99 and a beta of 1.57.

Insider Transactions at CarGurus

In other CarGurus news, CMO Dafna Sarnoff sold 4,127 shares of the company's stock in a transaction that occurred 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 completion of the sale, 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 sale was disclosed in a 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 that occurred on Monday, November 18th. The stock was sold at an average price of $35.41, for a total transaction of $354,100.00. Following the transaction, 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 disclosure for this sale can be found here. Over the last 90 days, insiders sold 67,958 shares of company stock valued at $2,268,035. 17.20% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

A number of research analysts have recently weighed in on CARG shares. DA Davidson increased their target price on shares of CarGurus from $26.50 to $38.50 and gave the company a "neutral" rating in a research report on Friday, November 8th. Jefferies Financial Group boosted their price objective on CarGurus from $35.00 to $38.00 and gave the company a "buy" rating in a research note on Tuesday, October 22nd. JPMorgan Chase & Co. increased their target price on shares of CarGurus from $36.00 to $40.00 and gave the stock an "overweight" rating in a research report on Friday, November 8th. Needham & Company LLC lifted their target price on shares of CarGurus from $27.00 to $39.00 and gave the stock a "buy" rating in a research note on Friday, November 8th. Finally, BTIG Research upped their price target on shares of CarGurus from $30.00 to $35.00 and gave the company a "buy" rating in a research note on Tuesday, October 22nd. Two analysts have rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $37.86.

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.