Convergence Investment Partners LLC Makes New Investment in CarGurus, Inc. (NASDAQ:CARG)

Convergence Investment Partners LLC acquired a new position in CarGurus, Inc. (NASDAQ:CARG) in the fourth quarter, according to the company in its most recent filing with the SEC. The firm acquired 56,502 shares of the company’s stock, valued at approximately $2,065,000. Convergence Investment Partners LLC owned 0.05% of CarGurus at the end of the most recent quarter.

A number of other hedge funds also recently modified their holdings of CARG. SG Americas Securities LLC bought a new position in shares of CarGurus during the 3rd quarter worth approximately $211,000. Creative Planning lifted its position in shares of CarGurus by 152.3% during the 3rd quarter. Creative Planning now owns 25,391 shares of the company’s stock worth $762,000 after buying an additional 15,328 shares during the period. Blue Trust Inc. lifted its position in shares of CarGurus by 153.8% during the 3rd quarter. Blue Trust Inc. now owns 10,881 shares of the company’s stock worth $327,000 after buying an additional 6,593 shares during the period. Signaturefd LLC lifted its position in shares of CarGurus by 81.3% during the 3rd quarter. Signaturefd LLC now owns 959 shares of the company’s stock worth $29,000 after buying an additional 430 shares during the period. Finally, Hennion & Walsh Asset Management Inc. lifted its position in shares of CarGurus by 5.0% during the 3rd quarter. Hennion & Walsh Asset Management Inc. now owns 12,157 shares of the company’s stock worth $365,000 after buying an additional 584 shares during the period. Institutional investors own 86.90% of the company’s stock.

Insider Activity

In related news, CMO Dafna Sarnoff sold 10,570 shares of CarGurus stock in a transaction on Friday, January 3rd. The stock was sold at an average price of $35.78, for a total transaction of $378,194.60. Following the completion of the sale, the chief marketing officer now directly owns 95,261 shares of the company’s stock, valued at $3,408,438.58. The trade was a 9.99 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, COO Samuel Zales sold 20,000 shares of CarGurus stock in a transaction on Monday, February 3rd. The stock was sold at an average price of $38.36, for a total value of $767,200.00. Following the sale, the chief operating officer now directly owns 400,025 shares of the company’s stock, valued at approximately $15,344,959. This trade represents a 4.76 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 59,388 shares of company stock valued at $2,204,338. Company insiders own 17.20% of the company’s stock.

CarGurus Stock Performance

NASDAQ CARG opened at $39.97 on Wednesday. The stock has a fifty day moving average of $37.90 and a 200-day moving average of $33.43. The stock has a market capitalization of $4.14 billion, a P/E ratio of -86.88, a price-to-earnings-growth ratio of 1.79 and a beta of 1.59. CarGurus, Inc. has a 52 week low of $21.18 and a 52 week high of $41.33.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on the company. Oppenheimer raised their target price on CarGurus from $32.00 to $44.00 and gave the stock an “outperform” rating in a research report on Friday, November 8th. DA Davidson lifted their price objective on CarGurus from $26.50 to $38.50 and gave the company a “neutral” rating in a research report on Friday, November 8th. JPMorgan Chase & Co. lifted their price objective on CarGurus from $36.00 to $40.00 and gave the company an “overweight” rating in a research report on Friday, November 8th. Needham & Company LLC lifted their price objective on CarGurus from $39.00 to $45.00 and gave the company a “buy” rating in a research report on Thursday, January 16th. Finally, Jefferies Financial Group lifted their price objective on CarGurus from $35.00 to $38.00 and gave the company a “buy” rating in a research report on Tuesday, October 22nd. Two investment analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, CarGurus currently has a consensus rating of “Moderate Buy” and a consensus target price of $38.41.

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.