Putnam Investments LLC Purchases 14,386 Shares of CarGurus, Inc. (NASDAQ:CARG)

Putnam Investments LLC boosted its position in shares of CarGurus, Inc. (NASDAQ:CARG – Get Rating) by 22.8% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 77,518 shares of the company’s stock after buying an additional 14,386 shares during the period. Putnam Investments LLC’s holdings in CarGurus were worth $1,098,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Quadrature Capital Ltd bought a new position in CarGurus during the third quarter valued at approximately $892,000. Ensign Peak Advisors Inc boosted its stake in CarGurus by 49.6% during the third quarter. Ensign Peak Advisors Inc now owns 29,260 shares of the company’s stock valued at $415,000 after buying an additional 9,700 shares during the last quarter. Federated Hermes Inc. boosted its stake in CarGurus by 141.9% during the third quarter. Federated Hermes Inc. now owns 1,589,532 shares of the company’s stock valued at $22,524,000 after buying an additional 932,402 shares during the last quarter. Bank of New York Mellon Corp boosted its stake in CarGurus by 8.5% during the third quarter. Bank of New York Mellon Corp now owns 391,883 shares of the company’s stock valued at $5,553,000 after buying an additional 30,763 shares during the last quarter. Finally, BlackRock Inc. lifted its stake in shares of CarGurus by 1.5% in the 3rd quarter. BlackRock Inc. now owns 6,664,958 shares of the company’s stock valued at $94,443,000 after purchasing an additional 95,846 shares during the last quarter. 89.37% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

CARG has been the subject of several analyst reports. Piper Sandler lowered CarGurus from a “neutral” rating to an “underweight” rating and set a $12.00 price objective for the company. in a research note on Thursday, February 16th. Oppenheimer raised their price objective on CarGurus from $16.00 to $21.00 and gave the company an “outperform” rating in a research note on Wednesday, March 1st. Needham & Company LLC reaffirmed a “buy” rating and issued a $20.00 price objective on shares of CarGurus in a research note on Wednesday, March 1st. DA Davidson raised their price objective on CarGurus from $11.50 to $18.00 and gave the company a “neutral” rating in a research note on Friday, March 3rd. Finally, Royal Bank of Canada raised their price target on CarGurus from $19.00 to $22.00 and gave the stock an “outperform” rating in a research note on Wednesday, March 1st. One research analyst has rated the stock with a sell rating, three have issued a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $20.82.

CarGurus Stock Up 1.4 %

CARG opened at $17.05 on Tuesday. The stock’s fifty day moving average is $16.70 and its two-hundred day moving average is $15.37. The company has a market capitalization of $1.96 billion, a P/E ratio of -60.89, a PEG ratio of 29.86 and a beta of 1.57. CarGurus, Inc. has a 52 week low of $9.14 and a 52 week high of $45.68.

CarGurus Company Profile

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Cargurus, Inc engages in the provision of online auto shopping. The firm offers proprietary technology, search algorithms and data analytics to analyze new and used car listings. It operates through the following segments: United States and International. The United States segment derives revenues from marketplace subscriptions, advertising services and other revenues from customers within the United States.