Insider Selling: CarGurus, Inc. (NASDAQ:CARG) CEO Sells 4,580 Shares of Stock

CarGurus, Inc. (NASDAQ:CARG) CEO Zachary Emerson Hallowell sold 4,580 shares of the business’s stock in a transaction dated Friday, January 3rd. The stock was sold at an average price of $35.78, for a total transaction of $163,872.40. Following the sale, the chief executive officer now directly owns 120,051 shares of the company’s stock, valued at $4,295,424.78. This represents a 3.67 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link.

CarGurus Stock Performance

Shares of CARG traded up $1.13 during midday trading on Monday, hitting $36.95. 589,727 shares of the stock were exchanged, compared to its average volume of 605,499. The stock has a fifty day simple moving average of $35.90 and a 200 day simple moving average of $30.50. CarGurus, Inc. has a 52-week low of $21.18 and a 52-week high of $39.10. The firm has a market cap of $3.83 billion, a P/E ratio of -80.32, a P/E/G ratio of 2.00 and a beta of 1.58.

Wall Street Analysts Forecast Growth

CARG has been the subject of several research reports. Needham & Company LLC boosted their price objective on CarGurus from $27.00 to $39.00 and gave the stock a “buy” rating in a research note on Friday, November 8th. JPMorgan Chase & Co. upped their target price on shares of CarGurus from $36.00 to $40.00 and gave the stock an “overweight” rating in a report on Friday, November 8th. BTIG Research raised their price target on shares of CarGurus from $30.00 to $35.00 and gave the stock a “buy” rating in a research note on Tuesday, October 22nd. JMP Securities reaffirmed a “market outperform” rating and set a $46.00 price objective on shares of CarGurus in a research note on Monday, December 16th. Finally, Jefferies Financial Group raised their target price on shares of CarGurus from $35.00 to $38.00 and gave the stock a “buy” rating in a research note on Tuesday, October 22nd. Two research 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, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $37.86.

Institutional Investors Weigh In On CarGurus

A number of hedge funds have recently bought and sold shares of CARG. Point72 Hong Kong Ltd acquired a new position in shares of CarGurus during the third quarter worth about $28,000. Signaturefd LLC increased its stake in CarGurus by 81.3% in the third quarter. Signaturefd LLC now owns 959 shares of the company’s stock valued at $29,000 after purchasing an additional 430 shares during the last quarter. Kathleen S. Wright Associates Inc. acquired a new stake in CarGurus during the third quarter worth approximately $30,000. Quarry LP boosted its holdings in shares of CarGurus by 155.8% in the third quarter. Quarry LP now owns 1,499 shares of the company’s stock valued at $45,000 after acquiring an additional 913 shares during the period. Finally, GAMMA Investing LLC grew its position in shares of CarGurus by 19.0% during the third quarter. GAMMA Investing LLC now owns 2,459 shares of the company’s stock worth $74,000 after acquiring an additional 393 shares during the last quarter. Institutional investors and hedge funds own 86.90% of the company’s stock.

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.