Wellington Management Group LLP Sells 1,115,487 Shares of CarGurus, Inc. (NASDAQ:CARG)

Wellington Management Group LLP decreased its stake in CarGurus, Inc. (NASDAQ:CARG - Free Report) by 15.0% in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 6,342,748 shares of the company's stock after selling 1,115,487 shares during the quarter. Wellington Management Group LLP owned 6.14% of CarGurus worth $190,473,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also modified their holdings of CARG. Loomis Sayles & Co. L P acquired a new position in shares of CarGurus in the 3rd quarter valued at $21,052,000. Marshall Wace LLP boosted its position in shares of CarGurus by 3,512.4% in the 2nd quarter. Marshall Wace LLP now owns 480,339 shares of the company's stock valued at $12,585,000 after purchasing an additional 467,042 shares during the period. Assenagon Asset Management S.A. boosted its position in CarGurus by 629.3% during the 3rd quarter. Assenagon Asset Management S.A. now owns 372,379 shares of the company's stock worth $11,183,000 after acquiring an additional 321,318 shares during the period. Fort Washington Investment Advisors Inc. OH boosted its position in 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 worth $28,567,000 after acquiring an additional 228,380 shares during the period. Finally, Allen Investment Management LLC boosted its position in CarGurus by 187.2% during the 2nd quarter. Allen Investment Management LLC now owns 257,827 shares of the company's stock worth $6,755,000 after acquiring an additional 168,051 shares during the period. Institutional investors and hedge funds own 86.90% of the company's stock.

CarGurus Stock Down 1.3 %

Shares of CARG traded down $0.49 during midday trading on Monday, reaching $37.87. 509,426 shares of the stock were exchanged, compared to its average volume of 816,200. CarGurus, Inc. has a 12-month low of $21.18 and a 12-month high of $39.10. The firm has a 50 day simple moving average of $33.44 and a 200-day simple moving average of $28.84.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on the company. Jefferies Financial Group raised 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 raised 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. Citigroup upgraded CarGurus from a "hold" rating to a "strong-buy" rating in a research report on Monday, November 11th. JMP Securities raised 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. Finally, JPMorgan Chase & Co. raised their price objective on CarGurus from $36.00 to $40.00 and gave the stock an "overweight" rating in a research report on Friday, November 8th. Two investment 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. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $37.86.

Insider Activity at CarGurus

In related news, CEO Jason Trevisan sold 10,000 shares of the firm's stock in a transaction that occurred on Monday, November 18th. The stock was sold at an average price of $35.41, for a total value of $354,100.00. Following the transaction, the chief executive officer now directly owns 779,606 shares of the company's stock, valued at approximately $27,605,848.46. This trade represents a 1.27 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, 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 transaction, the chief operating officer now directly owns 449,821 shares in the company, valued at $14,223,340.02. The trade was a 5.30 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 67,958 shares of company stock valued at $2,268,035. Corporate insiders own 17.20% of the company's stock.

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.