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

Oppenheimer & Co. Inc. purchased a new position in shares of CarGurus, Inc. (NASDAQ:CARG - Free Report) in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund purchased 20,233 shares of the company's stock, valued at approximately $608,000.

Other hedge funds have also modified their holdings of the company. Marshall Wace LLP increased its position in shares of CarGurus by 3,512.4% in the second quarter. Marshall Wace LLP now owns 480,339 shares of the company's stock worth $12,585,000 after acquiring an additional 467,042 shares in the last quarter. Assenagon Asset Management S.A. raised its position in shares of CarGurus by 629.3% in the 3rd quarter. Assenagon Asset Management S.A. now owns 372,379 shares of the company's stock valued at $11,183,000 after purchasing an additional 321,318 shares in the last quarter. Fort Washington Investment Advisors Inc. OH boosted its stake in shares of CarGurus by 26.5% during 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 buying an additional 228,380 shares during the last quarter. SG Capital Management LLC acquired a new position in CarGurus during the 1st quarter worth $4,222,000. Finally, Allen Investment Management LLC grew its stake in CarGurus by 187.2% in the second quarter. Allen Investment Management LLC now owns 257,827 shares of the company's stock worth $6,755,000 after purchasing an additional 168,051 shares in the last quarter. 86.90% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on CARG shares. Citigroup upgraded shares of CarGurus from a "hold" rating to a "strong-buy" rating in a research report on Monday, November 11th. Royal Bank of Canada upped their price target on shares of CarGurus from $30.00 to $42.00 and gave the company an "outperform" rating in a report on Monday, November 11th. Oppenheimer raised their price objective on CarGurus from $32.00 to $44.00 and gave the stock an "outperform" rating in a research note on Friday, November 8th. BTIG Research upped their target price on CarGurus from $30.00 to $35.00 and gave the company a "buy" rating in a report on Tuesday, October 22nd. Finally, JMP Securities upped their price objective on shares of CarGurus from $32.00 to $41.00 and gave the company a "market outperform" rating in a research note on Monday, November 11th. Two analysts have rated the stock with a hold rating, eight have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $37.41.

CarGurus Price Performance

Shares of NASDAQ CARG traded up $0.57 during mid-day trading on Thursday, hitting $35.73. The company had a trading volume of 716,548 shares, compared to its average volume of 824,040. CarGurus, Inc. has a 12 month low of $20.63 and a 12 month high of $37.94. The firm has a market cap of $3.71 billion, a P/E ratio of -77.11, a PEG ratio of 1.87 and a beta of 1.55. The business's 50-day simple moving average is $31.59 and its 200-day simple moving average is $27.65.

Insider Buying and Selling

In related news, COO Samuel Zales sold 25,168 shares of the firm's stock in a transaction that occurred on Wednesday, October 16th. The shares were sold at an average price of $31.62, for a total value of $795,812.16. Following the completion of the sale, 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 ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Jason Trevisan sold 10,000 shares of the stock in a transaction on Monday, November 18th. The shares were sold at an average price of $35.41, for a total value of $354,100.00. Following the completion of the transaction, the chief executive officer now owns 779,606 shares in the company, valued at $27,605,848.46. The trade was a 1.27 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 71,065 shares of company stock worth $2,356,336 in the last three months. Insiders own 17.20% of the company's stock.

About CarGurus

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.