Lazard Asset Management LLC Purchases 1,892 Shares of CarGurus, Inc. (NASDAQ:CARG)

Lazard Asset Management LLC lifted its position in shares of CarGurus, Inc. (NASDAQ:CARGGet Rating) by 45.2% in the 2nd quarter, according to its most recent 13F filing with the SEC. The firm owned 6,081 shares of the company’s stock after acquiring an additional 1,892 shares during the quarter. Lazard Asset Management LLC’s holdings in CarGurus were worth $130,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Wellington Management Group LLP grew its stake in shares of CarGurus by 30.4% during the 1st quarter. Wellington Management Group LLP now owns 14,128,717 shares of the company’s stock worth $599,905,000 after acquiring an additional 3,294,532 shares during the period. Eaton Vance Management grew its stake in shares of CarGurus by 9.0% during the 1st quarter. Eaton Vance Management now owns 2,425,550 shares of the company’s stock worth $102,989,000 after acquiring an additional 199,425 shares during the period. State Street Corp grew its stake in shares of CarGurus by 2.4% during the 1st quarter. State Street Corp now owns 1,935,810 shares of the company’s stock worth $82,194,000 after acquiring an additional 44,451 shares during the period. Dimensional Fund Advisors LP grew its stake in shares of CarGurus by 4.1% during the 1st quarter. Dimensional Fund Advisors LP now owns 1,283,542 shares of the company’s stock worth $54,502,000 after acquiring an additional 50,774 shares during the period. Finally, Lord Abbett & CO. LLC bought a new position in shares of CarGurus during the 1st quarter worth $53,756,000. Institutional investors own 86.18% of the company’s stock.

CarGurus Price Performance

CARG opened at $13.31 on Tuesday. The stock’s 50 day simple moving average is $14.43 and its 200 day simple moving average is $19.76. CarGurus, Inc. has a 1 year low of $9.14 and a 1 year high of $50.03. The firm has a market cap of $1.58 billion, a price-to-earnings ratio of -11.47, a PEG ratio of 2.33 and a beta of 1.63.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on CARG. Royal Bank of Canada dropped their price objective on CarGurus from $35.00 to $19.00 and set an “outperform” rating on the stock in a report on Wednesday, November 9th. Jefferies Financial Group lowered their price target on CarGurus from $32.00 to $20.00 and set a “buy” rating on the stock in a report on Thursday, October 6th. Benchmark lowered their price target on CarGurus to $37.00 in a report on Monday, August 15th. BTIG Research lowered their price target on CarGurus to $19.00 in a report on Tuesday, November 15th. Finally, Needham & Company LLC lowered their price target on CarGurus from $21.00 to $16.00 and set a “buy” rating on the stock in a report on Wednesday, November 9th. Three equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $23.59.

About CarGurus

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CarGurus, Inc operates an online automotive marketplace connecting buyers and sellers of new and used cars in the United States and internationally. The company provides consumers an online automotive marketplace where they can search for new and used car listings from its dealers, as well as sell their car in the United States marketplace.

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Institutional Ownership by Quarter for CarGurus (NASDAQ:CARG)

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