Oppenheimer & Co. Inc. Invests $608,000 in CarGurus, Inc. (NASDAQ:CARG)

Oppenheimer & Co. Inc. acquired a new position in CarGurus, Inc. (NASDAQ:CARG - Free Report) in the third quarter, according to the company in its most recent filing with the SEC. The firm acquired 20,233 shares of the company's stock, valued at approximately $608,000.

Several other hedge funds and other institutional investors have also recently bought and sold shares of CARG. Vanguard Group Inc. lifted its stake in CarGurus by 1.1% during the first quarter. Vanguard Group Inc. now owns 10,198,538 shares of the company's stock worth $235,382,000 after purchasing an additional 107,244 shares during the period. Thrivent Financial for Lutherans raised its stake in shares of CarGurus by 6.5% in the second quarter. Thrivent Financial for Lutherans now owns 1,461,119 shares of the company's stock worth $38,282,000 after acquiring an additional 89,346 shares during the last quarter. Select Equity Group L.P. lifted its position in shares of CarGurus by 2.8% during the second quarter. Select Equity Group L.P. now owns 1,145,692 shares of the company's stock worth $30,017,000 after purchasing an additional 31,431 shares in the last quarter. Fort Washington Investment Advisors Inc. OH grew its stake in shares of CarGurus by 26.5% during the second 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 last quarter. Finally, Raymond James & Associates increased its holdings in shares of CarGurus by 2.2% in the second quarter. Raymond James & Associates now owns 534,939 shares of the company's stock valued at $14,015,000 after purchasing an additional 11,584 shares in the last quarter. 86.90% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other CarGurus news, CTO Matthew Todd Quinn sold 3,495 shares of the company's stock in a transaction on Wednesday, October 2nd. The shares were sold at an average price of $29.43, for a total transaction of $102,857.85. Following the sale, the chief technology officer now directly owns 205,696 shares of the company's stock, valued at approximately $6,053,633.28. This represents a 1.67 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CMO Dafna Sarnoff sold 4,127 shares of the stock in a transaction on Tuesday, October 1st. The shares were sold at an average price of $29.94, for a total transaction 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 approximately $3,572,740.20. This represents a 3.34 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 71,065 shares of company stock valued at $2,356,336 in the last three months. 17.20% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on the stock. Needham & Company LLC boosted their price target 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. Citigroup raised shares of CarGurus from a "hold" rating to a "strong-buy" rating in a report on Monday, November 11th. Jefferies Financial Group lifted their target price on CarGurus from $35.00 to $38.00 and gave the stock a "buy" rating in a report on Tuesday, October 22nd. BTIG Research increased their price target on CarGurus from $30.00 to $35.00 and gave the stock a "buy" rating in a report on Tuesday, October 22nd. Finally, B. Riley lifted their price objective on CarGurus from $30.00 to $40.00 and gave the company a "buy" rating in a report on Monday, November 11th. Two analysts have rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $37.41.

CarGurus Price Performance

Shares of CARG stock opened at $35.16 on Thursday. CarGurus, Inc. has a 12 month low of $20.63 and a 12 month high of $37.94. The company's fifty day simple moving average is $31.43 and its 200-day simple moving average is $27.60.

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.