Principal Financial Group Inc. Has $12.05 Million Stock Position in CarGurus, Inc. (NASDAQ:CARG)

Principal Financial Group Inc. increased its holdings in shares of CarGurus, Inc. (NASDAQ:CARG) by 880.2% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 532,286 shares of the company’s stock after acquiring an additional 477,984 shares during the quarter. Principal Financial Group Inc. owned about 0.47% of CarGurus worth $12,046,000 as of its most recent SEC filing.

Other institutional investors have also made changes to their positions in the company. First Horizon Advisors Inc. increased its holdings in shares of CarGurus by 56.8% during the 1st quarter. First Horizon Advisors Inc. now owns 1,741 shares of the company’s stock worth $33,000 after acquiring an additional 631 shares during the last quarter. Nisa Investment Advisors LLC increased its holdings in shares of CarGurus by 943.6% during the 1st quarter. Nisa Investment Advisors LLC now owns 2,035 shares of the company’s stock worth $38,000 after acquiring an additional 1,840 shares during the last quarter. Quarry LP increased its holdings in shares of CarGurus by 32.5% during the 1st quarter. Quarry LP now owns 2,269 shares of the company’s stock worth $42,000 after acquiring an additional 556 shares during the last quarter. Penserra Capital Management LLC acquired a new position in shares of CarGurus during the 1st quarter worth approximately $117,000. Finally, Sawtooth Solutions LLC acquired a new position in shares of CarGurus during the 1st quarter worth approximately $226,000. 86.90% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on CARG shares. JPMorgan Chase & Co. decreased their target price on CarGurus from $29.00 to $27.00 and set an “overweight” rating on the stock in a report on Monday, August 14th. Needham & Company LLC restated a “buy” rating and issued a $22.00 price target on shares of CarGurus in a research note on Wednesday, November 8th. UBS Group began coverage on CarGurus in a research note on Friday, September 15th. They issued a “neutral” rating and a $21.00 price target for the company. DA Davidson boosted their price target on CarGurus from $20.00 to $21.00 and gave the company a “neutral” rating in a research note on Friday, August 11th. Finally, Jefferies Financial Group boosted their price target on CarGurus from $24.00 to $27.00 and gave the company a “buy” rating in a research note on Tuesday, July 25th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and seven have assigned a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $23.08.

CarGurus Stock Performance

NASDAQ:CARG opened at $20.63 on Friday. The stock has a fifty day moving average price of $18.00 and a 200-day moving average price of $19.40. The company has a market cap of $2.32 billion, a price-to-earnings ratio of 34.97, a PEG ratio of 1.89 and a beta of 1.57. CarGurus, Inc. has a fifty-two week low of $11.81 and a fifty-two week high of $24.22.

CarGurus Company Profile

CarGurus, Inc operates an online automotive marketplace connecting buyers and sellers of new and used cars in the United States and internationally. It operates through two segments, U.S. Marketplace and Digital Wholesale 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 to dealers and other consumers.