Marshall Wace LLP acquired a new stake in CarGurus Inc (NASDAQ:CARG) in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 83,438 shares of the company’s stock, valued at approximately $2,899,000.

Several other large investors have also made changes to their positions in CARG. Cubist Systematic Strategies LLC bought a new position in shares of CarGurus during the second quarter valued at approximately $205,000. Point72 Asset Management L.P. bought a new position in shares of CarGurus during the second quarter valued at approximately $1,688,000. Bank of America Corp DE grew its holdings in shares of CarGurus by 877.9% during the second quarter. Bank of America Corp DE now owns 681,579 shares of the company’s stock valued at $23,678,000 after purchasing an additional 611,878 shares during the last quarter. Voya Investment Management LLC bought a new position in shares of CarGurus during the second quarter valued at approximately $644,000. Finally, Raymond James & Associates grew its holdings in shares of CarGurus by 500.9% during the second quarter. Raymond James & Associates now owns 46,279 shares of the company’s stock valued at $1,608,000 after purchasing an additional 38,578 shares during the last quarter. 63.29% of the stock is owned by institutional investors and hedge funds.

In related news, insider Oliver Ian Chrzan sold 30,000 shares of the stock in a transaction that occurred on Friday, September 14th. The stock was sold at an average price of $51.84, for a total value of $1,555,200.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Langley Steinert sold 117,406 shares of the stock in a transaction that occurred on Tuesday, July 3rd. The stock was sold at an average price of $35.28, for a total value of $4,142,083.68. The disclosure for this sale can be found here. Insiders sold a total of 3,687,761 shares of company stock valued at $174,617,502 over the last three months. Corporate insiders own 51.03% of the company’s stock.

Several research firms have recently commented on CARG. ValuEngine raised CarGurus from a “hold” rating to a “buy” rating in a report on Tuesday, August 28th. Zacks Investment Research lowered CarGurus from a “buy” rating to a “hold” rating in a report on Monday, August 13th. Benchmark upped their target price on CarGurus from $44.00 to $50.00 and gave the company a “buy” rating in a report on Wednesday, August 8th. DA Davidson set a $53.00 target price on CarGurus and gave the company a “buy” rating in a report on Wednesday, August 8th. Finally, Royal Bank of Canada raised CarGurus from a “sector perform” rating to an “outperform” rating and set a $33.00 target price for the company in a report on Wednesday, August 8th. Three analysts have rated the stock with a hold rating, six have given a buy rating and one has assigned a strong buy rating to the stock. The company currently has an average rating of “Buy” and an average price target of $44.17.

Shares of CARG stock opened at $52.54 on Wednesday. CarGurus Inc has a 12-month low of $25.85 and a 12-month high of $56.17. The company has a market capitalization of $5.77 billion and a P/E ratio of 437.83.

CarGurus (NASDAQ:CARG) last issued its quarterly earnings data on Tuesday, August 7th. The company reported $0.06 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.02 by $0.04. CarGurus had a return on equity of 12.60% and a net margin of 10.34%. The business had revenue of $110.33 million during the quarter, compared to analyst estimates of $103.84 million. analysts anticipate that CarGurus Inc will post 0.1 earnings per share for the current fiscal year.

CarGurus Company Profile

CarGurus, Inc operates an online automotive marketplace connecting buyers and sellers of new and used cars worldwide. The company's marketplace enables users with third-party validation on pricing, dealer reputation, and other information. As of June 30, 2017, it had an active dealer network of approximately 40,000 dealers; and approximately 5.4 million car listings.

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Institutional Ownership by Quarter for CarGurus (NASDAQ:CARG)

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