Charles Schwab Investment Management Inc. Buys 89,815 Shares of CarGurus, Inc. (NASDAQ:CARG)

Charles Schwab Investment Management Inc. raised its holdings in CarGurus, Inc. (NASDAQ:CARG) by 9.4% during the 3rd quarter, HoldingsChannel.com reports. The fund owned 1,043,217 shares of the company’s stock after acquiring an additional 89,815 shares during the quarter. Charles Schwab Investment Management Inc.’s holdings in CarGurus were worth $31,328,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of the business. Signaturefd LLC grew its position in CarGurus by 81.3% during the 3rd quarter. Signaturefd LLC now owns 959 shares of the company’s stock worth $29,000 after acquiring an additional 430 shares during the last quarter. Kathleen S. Wright Associates Inc. bought a new position in CarGurus during the 3rd quarter worth approximately $30,000. CWM LLC grew its position in CarGurus by 54.1% during the 2nd quarter. CWM LLC now owns 1,381 shares of the company’s stock worth $36,000 after acquiring an additional 485 shares during the last quarter. Nisa Investment Advisors LLC grew its position in CarGurus by 43.5% during the 2nd quarter. Nisa Investment Advisors LLC now owns 1,579 shares of the company’s stock worth $41,000 after acquiring an additional 479 shares during the last quarter. Finally, GAMMA Investing LLC grew its position in CarGurus by 25.9% during the 2nd quarter. GAMMA Investing LLC now owns 2,066 shares of the company’s stock worth $54,000 after acquiring an additional 425 shares during the last quarter. Hedge funds and other institutional investors own 86.90% of the company’s stock.

CarGurus Stock Up 0.5 %

NASDAQ CARG opened at $38.06 on Wednesday. The firm has a market cap of $3.95 billion, a P/E ratio of -82.74, a P/E/G ratio of 1.99 and a beta of 1.57. CarGurus, Inc. has a 52-week low of $21.12 and a 52-week high of $38.15. The business’s 50-day moving average price is $32.90 and its 200 day moving average price is $28.53.

Insider Activity

In related news, CTO Matthew Todd Quinn sold 3,495 shares of the business’s stock in a transaction dated Wednesday, October 2nd. The shares were sold at an average price of $29.43, for a total transaction of $102,857.85. Following the completion of the sale, the chief technology officer now owns 205,696 shares of the company’s stock, valued at $6,053,633.28. This represents a 1.67 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CMO Dafna Sarnoff sold 4,127 shares of the stock in a transaction that occurred on Tuesday, October 1st. The shares were sold at an average price of $29.94, for a total transaction of $123,562.38. Following the completion of the transaction, the chief marketing officer now owns 119,330 shares of the company’s stock, valued at $3,572,740.20. This trade represents a 3.34 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 67,958 shares of company stock valued at $2,268,035 in the last ninety days. Company insiders own 17.20% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts recently weighed in on CARG shares. Oppenheimer lifted 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. Needham & Company LLC lifted their price target on CarGurus from $27.00 to $39.00 and gave the company a “buy” rating in a research report on Friday, November 8th. Royal Bank of Canada lifted their price target on CarGurus from $30.00 to $42.00 and gave the company an “outperform” rating in a research report on Monday, November 11th. Jefferies Financial Group lifted 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. Finally, B. Riley lifted their price target on CarGurus from $30.00 to $40.00 and gave the company a “buy” rating in a research report on Monday, November 11th. Two 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 stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $37.86.

CarGurus 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.