CarGurus (NASDAQ:CARG) Hits New 52-Week High – Here’s What Happened

CarGurus, Inc. (NASDAQ:CARG) reached a new 52-week high during trading on Friday . The company traded as high as $37.94 and last traded at $37.94, with a volume of 445 shares. The stock had previously closed at $37.64.

Analyst Ratings Changes

A number of equities analysts have recently commented on CARG shares. JMP Securities raised their target price on shares of CarGurus from $41.00 to $46.00 and gave the stock a “market outperform” rating in a research report on Friday, November 22nd. Royal Bank of Canada lifted their target price on CarGurus from $30.00 to $42.00 and gave the company an “outperform” rating in a research report on Monday, November 11th. Citigroup raised CarGurus from a “hold” rating to a “strong-buy” rating in a research report on Monday, November 11th. Needham & Company LLC upped their price objective on shares of CarGurus from $27.00 to $39.00 and gave the stock a “buy” rating in a research note on Friday, November 8th. Finally, Oppenheimer raised their target price 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. 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 company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $37.86.

CarGurus Stock Performance

The stock has a 50-day simple moving average of $32.43 and a 200 day simple moving average of $28.18.

Insiders Place Their Bets

In related news, COO Samuel Zales sold 25,168 shares of the stock in a transaction on Monday, November 18th. The shares were sold at an average price of $35.43, for a total transaction of $891,702.24. Following the sale, the chief operating officer now directly owns 442,321 shares of the company’s stock, valued at approximately $15,671,433.03. This represents a 5.38 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CEO Jason Trevisan sold 10,000 shares of the company’s stock in a transaction dated Monday, November 18th. The stock was sold at an average price of $35.41, for a total transaction of $354,100.00. Following the completion of the transaction, the chief executive officer now owns 779,606 shares of the company’s stock, valued at approximately $27,605,848.46. This trade represents a 1.27 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 71,065 shares of company stock valued at $2,356,336. 17.20% of the stock is owned by insiders.

Hedge Funds Weigh In On CarGurus

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Loomis Sayles & Co. L P purchased a new position in CarGurus in the 3rd quarter valued at about $21,052,000. Marshall Wace LLP increased its position in shares of CarGurus by 3,512.4% during the second quarter. Marshall Wace LLP now owns 480,339 shares of the company’s stock worth $12,585,000 after purchasing an additional 467,042 shares in the last quarter. Assenagon Asset Management S.A. raised its stake in CarGurus by 629.3% in the 3rd quarter. Assenagon Asset Management S.A. now owns 372,379 shares of the company’s stock valued at $11,183,000 after purchasing an additional 321,318 shares during the last quarter. Fort Washington Investment Advisors Inc. OH boosted its stake in CarGurus by 26.5% during the 2nd quarter. Fort Washington Investment Advisors Inc. OH now owns 1,090,335 shares of the company’s stock worth $28,567,000 after purchasing an additional 228,380 shares during the last quarter. Finally, SG Capital Management LLC purchased a new stake in shares of CarGurus during the first quarter worth $4,222,000. 86.90% of the stock is owned by hedge funds and other institutional investors.

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.