Glenmede Trust Co. NA Decreases Position in CarGurus, Inc. (NASDAQ:CARG)

Glenmede Trust Co. NA reduced its position in shares of CarGurus, Inc. (NASDAQ:CARG) by 1.2% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 780,007 shares of the company’s stock after selling 9,305 shares during the period. Glenmede Trust Co. NA’s holdings in CarGurus were worth $23,424,000 at the end of the most recent quarter.

A number of other hedge funds have also made changes to their positions in the company. Signaturefd LLC boosted its stake in shares of CarGurus by 81.3% in the third 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. purchased a new position in CarGurus in the 3rd quarter valued at $30,000. CWM LLC boosted its stake 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 purchasing an additional 485 shares during the last quarter. Nisa Investment Advisors LLC grew its holdings in shares of CarGurus by 43.5% during the second quarter. Nisa Investment Advisors LLC now owns 1,579 shares of the company’s stock worth $41,000 after buying an additional 479 shares in the last quarter. Finally, GAMMA Investing LLC raised its position in shares of CarGurus by 25.9% in the second quarter. GAMMA Investing LLC now owns 2,066 shares of the company’s stock valued at $54,000 after buying an additional 425 shares during the last quarter. Institutional investors and hedge funds own 86.90% of the company’s stock.

Insider Activity at CarGurus

In related news, COO Samuel Zales sold 25,168 shares of CarGurus stock in a transaction that occurred on Monday, November 18th. The shares were sold at an average price of $35.43, for a total value of $891,702.24. Following the completion of the transaction, the chief operating officer now owns 442,321 shares in the company, valued at $15,671,433.03. The trade was a 5.38 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Jason Trevisan sold 10,000 shares of the stock in a transaction that occurred on 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. This represents a 1.27 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 71,065 shares of company stock worth $2,356,336. Company insiders own 17.20% of the company’s stock.

CarGurus Stock Up 3.2 %

Shares of CARG stock opened at $37.64 on Thursday. The firm has a 50 day moving average of $32.13 and a two-hundred day moving average of $28.05. The stock has a market capitalization of $3.90 billion, a PE ratio of -81.82, a P/E/G ratio of 1.89 and a beta of 1.55. CarGurus, Inc. has a 52 week low of $21.02 and a 52 week high of $37.94.

Wall Street Analysts Forecast Growth

CARG has been the topic of a number of research reports. Citigroup raised shares of CarGurus from a “hold” rating to a “strong-buy” rating in a research note on Monday, November 11th. Royal Bank of Canada raised their price objective on shares of CarGurus from $30.00 to $42.00 and gave the stock an “outperform” rating in a research report on Monday, November 11th. Jefferies Financial Group increased their price target on shares of CarGurus from $35.00 to $38.00 and gave the company a “buy” rating in a research note on Tuesday, October 22nd. Oppenheimer lifted their price target on shares of CarGurus from $32.00 to $44.00 and gave the company an “outperform” rating in a research report on Friday, November 8th. Finally, JPMorgan Chase & Co. increased 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. Two analysts have rated the stock with a hold rating, eight have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, CarGurus has a consensus rating of “Moderate Buy” and a consensus target price of $37.86.

About CarGurus

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.