Franklin Resources Inc. Purchases 2,051 Shares of CarGurus, Inc. (NASDAQ:CARG)

Franklin Resources Inc. raised its position in shares of CarGurus, Inc. (NASDAQ:CARG) by 0.8% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 261,890 shares of the company’s stock after acquiring an additional 2,051 shares during the period. Franklin Resources Inc. owned approximately 0.25% of CarGurus worth $8,150,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Point72 Hong Kong Ltd bought a new position in CarGurus during the third quarter valued at $28,000. Signaturefd LLC lifted its holdings in shares of CarGurus by 81.3% in the 3rd quarter. Signaturefd LLC now owns 959 shares of the company’s stock valued at $29,000 after acquiring an additional 430 shares during the last quarter. Kathleen S. Wright Associates Inc. purchased a new position in CarGurus in the third quarter worth about $30,000. Nisa Investment Advisors LLC increased its stake in CarGurus by 43.5% during the second quarter. Nisa Investment Advisors LLC now owns 1,579 shares of the company’s stock worth $41,000 after acquiring an additional 479 shares during the last quarter. Finally, Quarry LP increased its stake in CarGurus by 155.8% during the third quarter. Quarry LP now owns 1,499 shares of the company’s stock worth $45,000 after acquiring an additional 913 shares during the last quarter. 86.90% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on the company. B. Riley lifted their target price on CarGurus from $30.00 to $40.00 and gave the stock a “buy” rating in a report on Monday, November 11th. Needham & Company LLC upped their price target on shares of CarGurus from $27.00 to $39.00 and gave the company a “buy” rating in a report on Friday, November 8th. BTIG Research raised their price objective 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. 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. Finally, JPMorgan Chase & Co. lifted their target price on CarGurus from $36.00 to $40.00 and gave the stock an “overweight” rating in a research report on Friday, November 8th. Two analysts have rated the stock with a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $37.86.

CarGurus Stock Performance

Shares of CARG opened at $36.03 on Monday. The stock has a market capitalization of $3.74 billion, a PE ratio of -78.32, a PEG ratio of 2.00 and a beta of 1.57. The company has a 50 day moving average price of $34.94 and a 200-day moving average price of $29.79. CarGurus, Inc. has a fifty-two week low of $21.18 and a fifty-two week high of $39.10.

Insiders Place Their Bets

In other CarGurus news, COO Samuel Zales sold 7,500 shares of CarGurus stock in a transaction dated Monday, December 16th. The stock was sold at an average price of $37.70, for a total value of $282,750.00. Following the transaction, the chief operating officer now owns 434,821 shares in the company, valued at $16,392,751.70. The trade was a 1.70 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CTO Matthew Todd Quinn sold 3,495 shares of the stock in a transaction dated Wednesday, October 2nd. The shares were sold at an average price of $29.43, for a total transaction of $102,857.85. Following the sale, the chief technology officer now directly owns 205,696 shares of the company’s stock, valued at approximately $6,053,633.28. The trade was a 1.67 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 75,458 shares of company stock worth $2,550,785 over the last 90 days. Company insiders own 17.20% of the company’s stock.

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.