Dynamic Technology Lab Private Ltd Buys New Stake in CarGurus, Inc. (NASDAQ:CARG)

Dynamic Technology Lab Private Ltd purchased a new position in CarGurus, Inc. (NASDAQ:CARG) during the 3rd quarter, Holdings Channel reports. The institutional investor purchased 24,492 shares of the company’s stock, valued at approximately $735,000.

Other large investors have also made changes to their positions in the company. Alpha DNA Investment Management LLC purchased a new position in CarGurus during the 3rd quarter worth $503,000. Algert Global LLC boosted its holdings in CarGurus by 914.0% in the third quarter. Algert Global LLC now owns 86,430 shares of the company’s stock worth $2,595,000 after acquiring an additional 77,906 shares in the last quarter. Citigroup Inc. grew its stake in shares of CarGurus by 31.0% during the third quarter. Citigroup Inc. now owns 165,918 shares of the company’s stock worth $4,983,000 after acquiring an additional 39,240 shares during the last quarter. Raymond James Trust N.A. increased its holdings in shares of CarGurus by 19.4% during the third quarter. Raymond James Trust N.A. now owns 29,329 shares of the company’s stock valued at $881,000 after acquiring an additional 4,763 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. raised its position in shares of CarGurus by 9.4% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,043,217 shares of the company’s stock valued at $31,328,000 after purchasing an additional 89,815 shares during the last quarter. 86.90% of the stock is owned by institutional investors and hedge funds.

CarGurus Stock Up 3.2 %

NASDAQ:CARG opened at $37.64 on Friday. The stock has a market capitalization of $3.90 billion, a PE ratio of -81.82, a price-to-earnings-growth 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. The stock’s 50-day moving average price is $32.29 and its 200-day moving average price is $28.12.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on the stock. Needham & Company LLC boosted their target price on shares of CarGurus from $27.00 to $39.00 and gave the stock a “buy” rating in a research report on Friday, November 8th. JPMorgan Chase & Co. upped their target price on CarGurus from $36.00 to $40.00 and gave the company an “overweight” rating in a research report on Friday, November 8th. Oppenheimer lifted their price target on CarGurus from $32.00 to $44.00 and gave the stock an “outperform” rating in a research report on Friday, November 8th. Royal Bank of Canada increased their price objective on CarGurus from $30.00 to $42.00 and gave the company an “outperform” rating in a report on Monday, November 11th. Finally, Citigroup upgraded CarGurus from a “hold” rating to a “strong-buy” rating in a research report on Monday, November 11th. Two investment analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, CarGurus currently has an average rating of “Moderate Buy” and an average price target of $37.86.

Insider Transactions at CarGurus

In other news, CTO Matthew Todd Quinn sold 3,495 shares of CarGurus stock in a transaction that occurred on Wednesday, October 2nd. The stock was sold at an average price of $29.43, for a total value of $102,857.85. Following the sale, the chief technology officer now directly owns 205,696 shares of the company’s stock, valued at $6,053,633.28. The trade was a 1.67 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CMO Dafna Sarnoff sold 3,107 shares of the stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $28.42, for a total value of $88,300.94. Following the completion of the transaction, the chief marketing officer now directly owns 128,952 shares of the company’s stock, valued at approximately $3,664,815.84. This represents a 2.35 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 71,065 shares of company stock valued at $2,356,336 in the last three months. 17.20% of the stock is currently owned by company insiders.

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.