Matthew Todd Quinn Sells 4,678 Shares of CarGurus, Inc. (NASDAQ:CARG) Stock

CarGurus, Inc. (NASDAQ:CARG) CTO Matthew Todd Quinn sold 4,678 shares of the business’s stock in a transaction dated Friday, January 3rd. The stock was sold at an average price of $35.78, for a total value 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. The trade was a 2.33 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website.

CarGurus Stock Performance

NASDAQ:CARG opened at $36.76 on Wednesday. The stock has a 50-day simple moving average of $36.12 and a 200 day simple moving average of $30.71. CarGurus, Inc. has a 52-week low of $21.18 and a 52-week high of $39.10. The company has a market cap of $3.81 billion, a PE ratio of -79.91, a PEG ratio of 2.00 and a beta of 1.58.

Hedge Funds Weigh In On CarGurus

Several hedge funds have recently made changes to their positions in the business. Loomis Sayles & Co. L P bought a new stake in shares of CarGurus in the third quarter worth $21,052,000. Marshall Wace LLP lifted its position in CarGurus by 3,512.4% during the 2nd quarter. Marshall Wace LLP now owns 480,339 shares of the company’s stock worth $12,585,000 after buying an additional 467,042 shares in the last quarter. Assenagon Asset Management S.A. boosted its stake in shares of 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 buying an additional 321,318 shares during the last quarter. Allen Investment Management LLC grew its holdings in shares of CarGurus by 187.2% in the 2nd quarter. Allen Investment Management LLC now owns 257,827 shares of the company’s stock valued at $6,755,000 after acquiring an additional 168,051 shares in the last quarter. Finally, State Street Corp increased its position in shares of CarGurus by 4.8% in the third quarter. State Street Corp now owns 3,298,894 shares of the company’s stock valued at $99,066,000 after acquiring an additional 151,862 shares during the last quarter. 86.90% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on the stock. Citigroup upgraded shares of CarGurus from a “hold” rating to a “strong-buy” rating in a report on Monday, November 11th. Oppenheimer boosted their price target on shares of CarGurus from $32.00 to $44.00 and gave the company an “outperform” rating in a report on Friday, November 8th. B. Riley upped their price objective on shares of CarGurus from $30.00 to $40.00 and gave the company a “buy” rating in a research report on Monday, November 11th. Royal Bank of Canada lifted their target price on CarGurus from $30.00 to $42.00 and gave the stock an “outperform” rating in a report on Monday, November 11th. Finally, Needham & Company LLC increased their price target on CarGurus from $27.00 to $39.00 and gave the stock a “buy” rating in a report on Friday, November 8th. Two research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $37.86.

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.