Barclays Increases Investment in CarGurus, Inc.

Barclays PLC has significantly increased its investment in CarGurus, Inc. (NASDAQ:CARG – Free Report) by an impressive 252.2% during the third quarter of the year, as reported by HoldingsChannel.com. After acquiring an additional 121,341 shares during this period, Barclays now holds a total of 169,461 shares of CarGurus. At the conclusion of the most recent reporting period, the value of Barclays' investment in CarGurus totaled approximately $5,089,000.

In addition to Barclays, several other large investors have made adjustments to their stakes in CarGurus. For instance, Loomis Sayles & Co. L P has acquired a new position in CarGurus worth around $21,052,000 during the third quarter. Meanwhile, Marshall Wace LLP expanded its holdings in the company by an astounding 3,512.4% in the second quarter, now owning 480,339 shares valued at $12,585,000 after acquiring 467,042 additional shares during that time. Furthermore, Assenagon Asset Management S.A. boosted its stake in CarGurus by 629.3% in the third quarter, leading to ownership of 372,379 shares valued at $11,183,000.

Also notable is Fort Washington Investment Advisors Inc. OH, which increased its holdings by 26.5% during the second quarter, currently owning 1,090,335 shares worth $28,567,000 after purchasing an additional 228,380 shares. Allen Investment Management LLC has similarly increased its position in CarGurus by 187.2% during the second quarter, now controlling 257,827 shares valued at $6,755,000 after acquiring 168,051 shares last quarter. It is noteworthy that institutions hold approximately 86.90% of CarGurus' stock, indicating a high degree of institutional interest in the company.

Analysts Project Growth for CarGurus

CarGurus has been the focus of several analyst reports. Notably, Needham & Company LLC raised its price target on CarGurus shares from $27.00 to $39.00 and maintained a “buy” rating. Similarly, JPMorgan Chase & Co. increased its target price from $36.00 to $40.00 while also assigning an “overweight” rating. Citigroup upgraded CarGurus from a “hold” to a “strong-buy” rating. In addition, Royal Bank of Canada raised its price target from $30.00 to $42.00 and echoed an “outperform” rating for the stock. JMP Securities reaffirmed a “market outperform” rating and set a price objective of $46.00 for CarGurus shares. Currently, two analysts have rated the stock as a hold, while eight have attributed a buy rating, and one issued a strong buy rating, reflecting a generally positive outlook. According to MarketBeat.com, the average rating for the stock is a “Moderate Buy,” with a consensus target price of $37.86.

CarGurus Stock Performance

On Friday, CarGurus shares opened at $36.03. The company has a market capitalization of $3.74 billion, a PE ratio of -78.32, a P/E/G ratio of 2.00, and a beta of 1.57. The stock has seen a fifty-two week low of $21.18 and a high of $39.10. Its fifty-day moving average stands at $34.94, whereas the two-hundred-day moving average is at $29.71.

Recent Insider Transactions

In other news, COO Samuel Zales sold 7,500 shares on December 16th at an average price of $37.70, totaling $282,750. Following this transaction, Zales now owns 434,821 shares valued at approximately $16,392,751.70, marking a 1.70% reduction in his ownership. CEO Jason Trevisan also sold 10,000 shares on November 18th for $354,100 at an average price of $35.41. Trevisan's remaining holdings amount to 779,606 shares worth approximately $27,605,848.46, indicating a 1.27% decrease in his position. Over the last ninety days, insiders have sold off 75,458 shares totaling $2,550,785, and company insiders currently own 17.20% of the stock.

Overview of CarGurus

CarGurus, Inc. operates a leading online platform for buying and selling vehicles, both in the United States and internationally. The business is divided into two segments: the U.S. Marketplace and Digital Wholesale. It offers an online marketplace where customers can browse listings for new and used cars from dealers, as well as sell their cars to dealers and other consumers. Additionally, CarGurus provides paid listings subscriptions for dealers, enhancing their visibility and access to a broad audience of engaged and informed consumers.

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