Principal Financial Group Inc. Buys 6,186 Shares of CarGurus, Inc. (NASDAQ:CARG)

Principal Financial Group Inc. grew its stake in shares of CarGurus, Inc. (NASDAQ:CARG) by 1.4% during the third quarter, Holdings Channel.com reports. The institutional investor owned 450,015 shares of the company’s stock after acquiring an additional 6,186 shares during the quarter. Principal Financial Group Inc.’s holdings in CarGurus were worth $13,514,000 at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of CARG. Swiss National Bank raised its position in shares of CarGurus by 4.7% in the 1st quarter. Swiss National Bank now owns 171,000 shares of the company’s stock valued at $3,947,000 after acquiring an additional 7,700 shares during the period. ProShare Advisors LLC raised its holdings in CarGurus by 5.6% in the first quarter. ProShare Advisors LLC now owns 19,116 shares of the company’s stock worth $441,000 after purchasing an additional 1,018 shares during the period. Mitsubishi UFJ Trust & Banking Corp raised its holdings in CarGurus by 23.4% in the first quarter. Mitsubishi UFJ Trust & Banking Corp now owns 25,778 shares of the company’s stock worth $595,000 after purchasing an additional 4,885 shares during the period. Vanguard Group Inc. boosted its position in shares of CarGurus by 1.1% during the first quarter. Vanguard Group Inc. now owns 10,198,538 shares of the company’s stock worth $235,382,000 after purchasing an additional 107,244 shares in the last quarter. Finally, Edgestream Partners L.P. acquired a new position in shares of CarGurus in the 1st quarter valued at $3,978,000. 86.90% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several analysts recently commented on CARG shares. JMP Securities raised their price objective on CarGurus from $32.00 to $41.00 and gave the stock a “market outperform” rating in a research note on Monday, November 11th. DA Davidson increased their price target on CarGurus from $26.50 to $38.50 and gave the stock a “neutral” rating in a report on Friday, November 8th. Needham & Company LLC lifted their price objective on CarGurus from $27.00 to $39.00 and gave the company a “buy” rating in a report on Friday, November 8th. Oppenheimer boosted their price objective on CarGurus from $32.00 to $44.00 and gave the company an “outperform” rating in a research report on Friday, November 8th. Finally, BTIG Research raised their target price on shares of CarGurus from $30.00 to $35.00 and gave the stock a “buy” rating in a report on Tuesday, October 22nd. Two equities research analysts have rated the stock with a hold rating, eight have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $37.41.

Insider Transactions at CarGurus

In other CarGurus news, COO Samuel Zales sold 25,168 shares of the business’s stock in a transaction that occurred on Wednesday, October 16th. The stock was sold at an average price of $31.62, for a total transaction of $795,812.16. Following the transaction, the chief operating officer now owns 449,821 shares of the company’s stock, valued at $14,223,340.02. The trade was a 5.30 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CMO Dafna Sarnoff sold 3,107 shares of the company’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $28.42, for a total value of $88,300.94. Following the sale, the chief marketing officer now owns 128,952 shares in the company, valued at approximately $3,664,815.84. This represents a 2.35 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 35,897 shares of company stock valued at $1,110,533 over the last 90 days. 17.20% of the stock is owned by corporate insiders.

CarGurus Stock Down 0.7 %

NASDAQ:CARG opened at $35.64 on Friday. The company has a market cap of $3.68 billion, a P/E ratio of -77.48, a price-to-earnings-growth ratio of 2.03 and a beta of 1.55. CarGurus, Inc. has a twelve month low of $18.90 and a twelve month high of $37.94. The business has a 50 day moving average price of $31.09 and a two-hundred day moving average price of $27.38.

CarGurus 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.