Principal Financial Group Inc. Boosts Position in CarGurus, Inc. (NASDAQ:CARG)

Principal Financial Group Inc. raised its position in CarGurus, Inc. (NASDAQ:CARG - Free Report) by 4.8% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 471,697 shares of the company's stock after acquiring an additional 21,682 shares during the quarter. Principal Financial Group Inc. owned approximately 0.45% of CarGurus worth $17,236,000 at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of the company. Allspring Global Investments Holdings LLC increased its position in shares of CarGurus by 16.4% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 244,828 shares of the company's stock valued at $8,748,000 after buying an additional 34,555 shares during the period. State Street Corp boosted its stake in CarGurus by 4.8% during the third quarter. State Street Corp now owns 3,298,894 shares of the company's stock worth $99,066,000 after acquiring an additional 151,862 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its stake in CarGurus by 9.4% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,043,217 shares of the company's stock worth $31,328,000 after acquiring an additional 89,815 shares in the last quarter. Alpha DNA Investment Management LLC bought a new position in shares of CarGurus in the third quarter worth approximately $503,000. Finally, Los Angeles Capital Management LLC lifted its stake in shares of CarGurus by 51.9% in the third quarter. Los Angeles Capital Management LLC now owns 64,417 shares of the company's stock worth $1,934,000 after buying an additional 22,004 shares in the last quarter. Hedge funds and other institutional investors own 86.90% of the company's stock.

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Insider Buying and Selling at CarGurus

In other CarGurus news, CMO Dafna Sarnoff sold 10,570 shares of the stock in a transaction on Friday, January 3rd. The shares were sold at an average price of $35.78, for a total transaction of $378,194.60. Following the completion of the transaction, the chief marketing officer now owns 95,261 shares in the company, valued at $3,408,438.58. This trade represents a 9.99 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CTO Matthew Todd Quinn sold 4,678 shares of the stock in a transaction on Friday, January 3rd. The shares were sold at an average price of $35.78, for a total transaction of $167,378.84. Following the transaction, the chief technology officer now owns 195,795 shares of the company's stock, valued at $7,005,545.10. This trade represents a 2.33 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 59,388 shares of company stock worth $2,204,338 over the last 90 days. 17.20% of the stock is owned by insiders.

CarGurus Trading Up 4.7 %

CARG traded up $1.44 during trading on Friday, hitting $32.19. 2,259,438 shares of the company traded hands, compared to its average volume of 976,773. The company has a market cap of $3.34 billion, a PE ratio of 178.84, a P/E/G ratio of 1.72 and a beta of 1.59. The stock's 50-day simple moving average is $37.25 and its two-hundred day simple moving average is $33.91. CarGurus, Inc. has a 1 year low of $21.18 and a 1 year high of $41.33.

CarGurus (NASDAQ:CARG - Get Free Report) last posted its earnings results on Thursday, February 20th. The company reported $0.44 earnings per share for the quarter, missing the consensus estimate of $0.50 by ($0.06). The company had revenue of $228.54 million for the quarter, compared to analysts' expectations of $231.72 million. CarGurus had a net margin of 2.34% and a return on equity of 27.14%. Equities analysts expect that CarGurus, Inc. will post 1.41 EPS for the current year.

Analyst Upgrades and Downgrades

CARG has been the topic of several analyst reports. Oppenheimer dropped their target price on shares of CarGurus from $44.00 to $42.00 and set an "outperform" rating on the stock in a research note on Monday, February 24th. B. Riley upped their target price on shares of CarGurus from $30.00 to $40.00 and gave the stock a "buy" rating in a research note on Monday, November 11th. Royal Bank of Canada increased their price objective on shares of CarGurus from $30.00 to $42.00 and gave the company an "outperform" rating in a research report on Monday, November 11th. JPMorgan Chase & Co. increased their price objective on shares of CarGurus from $40.00 to $42.00 and gave the company an "overweight" rating in a research report on Friday, February 21st. Finally, JMP Securities reaffirmed a "market outperform" rating and set a $46.00 target price on shares of CarGurus in a report on Monday, December 16th. Two analysts have rated the stock with a hold rating, eight have given a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $38.41.

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.