USA Financial Formulas Makes New $35,000 Investment in CarGurus, Inc. (NASDAQ:CARG)

USA Financial Formulas purchased a new stake in shares of CarGurus, Inc. (NASDAQ:CARG) during the fourth quarter, Holdings Channel reports. The fund purchased 949 shares of the company’s stock, valued at approximately $35,000.

Other institutional investors and hedge funds have also modified their holdings of the company. Friedenthal Financial acquired a new position in CarGurus during the fourth quarter worth $767,000. Harbour Capital Advisors LLC acquired a new position in shares of CarGurus during the 4th quarter valued at about $402,000. Harbor Capital Advisors Inc. raised its stake in shares of CarGurus by 41.8% in the 4th quarter. Harbor Capital Advisors Inc. now owns 14,251 shares of the company’s stock valued at $521,000 after acquiring an additional 4,200 shares in the last quarter. Nordea Investment Management AB lifted its holdings in CarGurus by 4.3% in the 4th quarter. Nordea Investment Management AB now owns 313,474 shares of the company’s stock worth $11,711,000 after purchasing an additional 12,899 shares during the last quarter. Finally, GAMMA Investing LLC boosted its position in CarGurus by 26.0% during the fourth quarter. GAMMA Investing LLC now owns 3,099 shares of the company’s stock worth $113,000 after purchasing an additional 640 shares during the period. Institutional investors and hedge funds own 86.90% of the company’s stock.

CarGurus Trading Up 1.1 %

Shares of CARG stock opened at $37.65 on Friday. CarGurus, Inc. has a 12 month low of $21.18 and a 12 month high of $39.10. The company has a market capitalization of $3.90 billion, a P/E ratio of -81.85, a P/E/G ratio of 1.61 and a beta of 1.58. The stock has a 50 day moving average of $36.79 and a two-hundred day moving average of $31.17.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on CARG shares. Needham & Company LLC boosted their price objective on shares of CarGurus from $39.00 to $45.00 and gave the stock a “buy” rating in a research note on Thursday. Jefferies Financial Group boosted their target price on shares of CarGurus from $35.00 to $38.00 and gave the stock a “buy” rating in a research report on Tuesday, October 22nd. DA Davidson lifted their price objective on CarGurus from $26.50 to $38.50 and gave the stock a “neutral” rating in a research note on Friday, November 8th. JPMorgan Chase & Co. boosted 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. Finally, Royal Bank of Canada raised their target price on CarGurus from $30.00 to $42.00 and gave the company an “outperform” rating in a report on Monday, November 11th. Two research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, CarGurus currently has an average rating of “Moderate Buy” and an average price target of $38.41.

Insider Activity at CarGurus

In other news, CEO Zachary Emerson Hallowell sold 4,580 shares of CarGurus 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 sale, the chief executive officer now directly owns 120,051 shares in the company, valued at approximately $4,295,424.78. The trade was a 3.67 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Jason Trevisan sold 10,000 shares of the company’s stock in a transaction dated Monday, November 18th. The shares were sold at an average price of $35.41, for a total transaction of $354,100.00. Following the completion of the sale, the chief executive officer now directly owns 779,606 shares in the company, valued at approximately $27,605,848.46. The trade was a 1.27 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 72,353 shares of company stock worth $2,598,961. 17.20% of the stock is owned by corporate insiders.

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.