Nordea Investment Management AB Grows Position in CarGurus, Inc. (NASDAQ:CARG)

Nordea Investment Management AB grew its stake in CarGurus, Inc. (NASDAQ:CARG) by 4.3% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 313,474 shares of the company’s stock after buying an additional 12,899 shares during the period. Nordea Investment Management AB owned 0.30% of CarGurus worth $11,711,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in CARG. Natixis Advisors LLC purchased a new position in CarGurus in the 2nd quarter worth $415,000. Los Angeles Capital Management LLC lifted its holdings in shares of CarGurus by 28.1% during the second quarter. Los Angeles Capital Management LLC now owns 42,413 shares of the company’s stock worth $1,111,000 after purchasing an additional 9,309 shares during the period. Acadian Asset Management LLC purchased a new stake in CarGurus in the second quarter valued at approximately $532,000. LSV Asset Management increased its holdings in CarGurus by 4.7% in the 2nd quarter. LSV Asset Management now owns 59,700 shares of the company’s stock worth $1,564,000 after buying an additional 2,700 shares during the period. Finally, Ashton Thomas Private Wealth LLC purchased a new position in CarGurus during the 2nd quarter worth approximately $174,000. 86.90% of the stock is currently owned by institutional investors and hedge funds.

CarGurus Trading Up 1.0 %

Shares of CARG opened at $37.11 on Thursday. The firm has a market cap of $3.85 billion, a P/E ratio of -80.67, a PEG ratio of 2.00 and a beta of 1.58. The stock’s 50 day moving average is $36.12 and its two-hundred day moving average is $30.71. CarGurus, Inc. has a 12 month low of $21.18 and a 12 month high of $39.10.

Wall Street Analysts Forecast Growth

CARG has been the topic of a number of research reports. Royal Bank of Canada increased their price objective on shares of CarGurus from $30.00 to $42.00 and gave the stock an “outperform” rating in a research note on Monday, November 11th. B. Riley lifted their price objective on CarGurus from $30.00 to $40.00 and gave the company a “buy” rating in a research note on Monday, November 11th. DA Davidson upped their target price on CarGurus from $26.50 to $38.50 and gave the stock a “neutral” rating in a research note on Friday, November 8th. BTIG Research raised their target price on CarGurus from $30.00 to $35.00 and gave the stock a “buy” rating in a report on Tuesday, October 22nd. Finally, Oppenheimer boosted their price target on CarGurus from $32.00 to $44.00 and gave the company an “outperform” rating in a report on Friday, November 8th. Two equities research 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’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $37.86.

Insider Activity at CarGurus

In related news, CMO Dafna Sarnoff sold 10,570 shares of the company’s stock in a transaction dated Friday, January 3rd. The shares were sold at an average price of $35.78, for a total transaction of $378,194.60. Following the completion of the transaction, the chief marketing officer now owns 95,261 shares in the company, valued at $3,408,438.58. This represents a 9.99 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Zachary Emerson Hallowell sold 4,580 shares of CarGurus stock in a transaction dated Friday, January 3rd. The stock was sold at an average price of $35.78, for a total value of $163,872.40. Following the completion of the sale, the chief executive officer now owns 120,051 shares in the company, valued at approximately $4,295,424.78. The trade was a 3.67 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 97,521 shares of company stock valued at $3,394,774. 17.20% of the stock is owned by company insiders.

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.