Convergence Investment Partners LLC Makes New $2.07 Million Investment in CarGurus, Inc. (NASDAQ:CARG)

Convergence Investment Partners LLC purchased a new position in CarGurus, Inc. (NASDAQ:CARG) in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 56,502 shares of the company’s stock, valued at approximately $2,065,000.

Several other large investors also recently modified their holdings of CARG. State Street Corp boosted its position in shares of 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 buying an additional 151,862 shares during the period. Charles Schwab Investment Management Inc. boosted its position in shares of 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 buying an additional 89,815 shares during the period. Alpha DNA Investment Management LLC acquired a new position in shares of CarGurus during the third quarter worth about $503,000. Los Angeles Capital Management LLC boosted its position in shares of CarGurus by 51.9% during 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 during the period. Finally, Friedenthal Financial acquired a new position in shares of CarGurus during the fourth quarter worth about $767,000. 86.90% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on CARG shares. JPMorgan Chase & Co. upped 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. Needham & Company LLC increased their price target on CarGurus from $39.00 to $45.00 and gave the company a “buy” rating in a research report on Thursday, January 16th. Jefferies Financial Group increased their price target on CarGurus from $35.00 to $38.00 and gave the company a “buy” rating in a research report on Tuesday, October 22nd. Oppenheimer increased their price target on CarGurus from $32.00 to $44.00 and gave the company an “outperform” rating in a research report on Friday, November 8th. Finally, JMP Securities restated a “market outperform” rating and issued a $46.00 price objective on shares of CarGurus in a research note on Monday, December 16th. Two analysts have rated the stock with a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, CarGurus currently has an average rating of “Moderate Buy” and an average price target of $38.41.

Insider Transactions at CarGurus

In other CarGurus news, COO Samuel Zales sold 20,000 shares of the firm’s stock in a transaction on Monday, February 3rd. The stock was sold at an average price of $38.36, for a total transaction of $767,200.00. Following the transaction, the chief operating officer now owns 400,025 shares in the company, valued at $15,344,959. This trade represents a 4.76 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CMO Dafna Sarnoff sold 10,570 shares of the firm’s stock in a transaction on Friday, January 3rd. The stock was sold at an average price of $35.78, for a total value of $378,194.60. Following the transaction, the chief marketing officer now owns 95,261 shares in the company, valued at approximately $3,408,438.58. This trade represents a 9.99 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 59,388 shares of company stock worth $2,204,338. Company insiders own 17.20% of the company’s stock.

CarGurus Trading Up 0.5 %

Shares of NASDAQ CARG opened at $39.97 on Wednesday. The firm has a market cap of $4.14 billion, a P/E ratio of -86.88, a price-to-earnings-growth ratio of 1.79 and a beta of 1.59. CarGurus, Inc. has a 1-year low of $21.18 and a 1-year high of $41.33. The business’s 50 day moving average is $37.90 and its 200-day moving average is $33.43.

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.