Insider Selling: CarGurus, Inc. (NASDAQ:CARG) CEO Sells $163,872.40 in Stock

CarGurus, Inc. (NASDAQ:CARG) CEO Zachary Emerson Hallowell sold 4,580 shares of the firm’s stock in a transaction dated Friday, January 3rd. The shares were sold at an average price of $35.78, for a total transaction of $163,872.40. Following the completion of the transaction, the chief executive officer now directly owns 120,051 shares in the company, valued at $4,295,424.78. This represents a 3.67 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link.

CarGurus Price Performance

Shares of NASDAQ CARG opened at $37.11 on Thursday. CarGurus, Inc. has a 1 year low of $21.18 and a 1 year high of $39.10. The company has a market capitalization of $3.85 billion, a P/E ratio of -80.67, a P/E/G ratio of 2.00 and a beta of 1.58. The company has a 50 day simple moving average of $36.12 and a 200-day simple moving average of $30.71.

Institutional Investors Weigh In On CarGurus

A number of institutional investors and hedge funds have recently added to or reduced their stakes in CARG. Charles Schwab Investment Management Inc. grew its holdings in shares of CarGurus by 9.4% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,043,217 shares of the company’s stock worth $31,328,000 after purchasing an additional 89,815 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 buying an additional 151,862 shares during the period. Los Angeles Capital Management LLC increased 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 valued at $1,934,000 after acquiring an additional 22,004 shares during the last quarter. Alpha DNA Investment Management LLC acquired a new stake in shares of CarGurus during the third quarter valued at about $503,000. Finally, Citigroup Inc. raised its stake in shares of CarGurus by 31.0% in the 3rd quarter. Citigroup Inc. now owns 165,918 shares of the company’s stock valued at $4,983,000 after acquiring an additional 39,240 shares during the period. Hedge funds and other institutional investors own 86.90% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on CARG shares. JMP Securities restated a “market outperform” rating and issued a $46.00 target price on shares of CarGurus in a research report on Monday, December 16th. BTIG Research lifted their target price on shares of CarGurus from $30.00 to $35.00 and gave the stock a “buy” rating in a research note on Tuesday, October 22nd. DA Davidson increased their target price on shares of CarGurus from $26.50 to $38.50 and gave the company a “neutral” rating in a research report on Friday, November 8th. Needham & Company LLC boosted their price target on shares of CarGurus from $27.00 to $39.00 and gave the stock a “buy” rating in a research report on Friday, November 8th. Finally, 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 report on Monday, November 11th. Two equities research 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’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $37.86.

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.