Barclays PLC Increases Stake in CarGurus, Inc. (NASDAQ:CARG)

Barclays PLC has significantly increased its stake in CarGurus, Inc. (NASDAQ:CARG – Free Report) by an impressive 252.2% during the third quarter, according to recent reports from HoldingsChannel.com. After acquiring an additional 121,341 shares during this period, Barclays now holds a total of 169,461 shares in the company. This investment is valued at approximately $5,089,000 as of the end of the latest reporting cycle.

Several other institutional investors have also recently adjusted their positions in CarGurus. For instance, Loomis Sayles & Co. L P entered a new stake in the company valued at about $21,052,000 during the same quarter. Marshall Wace LLP made a substantial move by increasing its holdings in CarGurus by 3,512.4% in the second quarter. The firm now possesses 480,339 shares worth around $12,585,000 after purchasing an additional 467,042 shares.

Moreover, Assenagon Asset Management S.A. expanded its stake by 629.3% in the third quarter, acquiring a total of 372,379 shares valued at $11,183,000 after adding 321,318 shares in the last quarter. Fort Washington Investment Advisors Inc. OH also raised its stake by 26.5% during the second quarter, now owning 1,090,335 shares worth $28,567,000 after a purchase of 228,380 shares.

Additionally, Allen Investment Management LLC boosted its ownership in the second quarter by 187.2%, bringing their total to 257,827 shares valued at $6,755,000 after acquiring an extra 168,051 shares. Overall, hedge funds and other institutional investors now possess an impressive 86.90% of the company’s stock.

Analysts’ Outlook on CarGurus

The outlook for CarGurus has caught the attention of several research analysts. Needham & Company LLC raised its price target from $27.00 to $39.00, rating the stock as a "buy" in its report dated November 8th. Similarly, JPMorgan Chase & Co. increased its target from $36.00 to $40.00, giving it an "overweight" rating on the same day. Citigroup also upgraded the stock from a "hold" to a "strong-buy" rating in a research report released on November 11th.

In another reflection of confidence, Royal Bank of Canada raised its price target from $30.00 to $42.00, assigning the stock an "outperform" rating. JMP Securities echoed this sentiment, reaffirming a "market outperform" rating with a target of $46.00, as noted in their December 16th report. Currently, two investment analysts rate the stock as a hold, while eight recommend it as a buy, and one rates it as a strong buy. According to MarketBeat.com, the current average rating for CarGurus is "Moderate Buy," with a consensus target price set at $37.86.

Current Market Situation

On the trading front, CarGurus shares opened at $36.03 recently. The company has a market capitalization of $3.74 billion, with a PE ratio of -78.32 and P/E/G ratio of 2.00. The stock has experienced a 52-week low of $21.18 and a high of $39.10, with a fifty-day moving average at $34.94 and a two-hundred day moving average at $29.71.

Insider Trading Activity

In terms of insider trades, COO Samuel Zales sold 7,500 shares of the company on December 16th. The shares were sold at an average price of $37.70, amounting to $282,750.00. Following this transaction, Zales now holds 434,821 shares valued at approximately $16,392,751.70, marking a 1.70% decrease in ownership. Furthermore, CEO Jason Trevisan sold 10,000 shares on November 18th at an average of $35.41, generating a total of $354,100.00. Trevisan's remaining shares total 779,606, with a value of about $27,605,848.46, indicating a 1.27% decrease following the transaction. In total, insiders have sold 75,458 shares worth $2,550,785 over the last ninety days, with company insiders holding 17.20% of the stock.

About CarGurus, Inc.

CarGurus, Inc. operates an online automotive marketplace where buyers and sellers can connect. The platform facilitates the buying and selling of vehicles across the United States and internationally. CarGurus functions through two main segments: the U.S. Marketplace and Digital Wholesale. It provides a website where customers can browse new and used car listings from dealers, as well as sell their vehicles directly to dealers and other consumers. The company also offers paid listings to enhance its marketplace's visibility, connecting dealers to a wide audience of informed customers.

Barclays, Investment, Shares