Wed Sep 25 08:14:45 UTC 2024: ## CarGurus Sees Mixed Activity From Institutional Investors: American Century Sells, Others Buy

**BOSTON, MA – September 25, 2024** – The automotive marketplace platform CarGurus (NASDAQ:CARG) has been attracting attention from institutional investors, with a mix of selling and buying activity in recent months. American Century Companies Inc. reduced its stake in CarGurus by 25.6% during the second quarter, selling 70,397 shares. However, other investors, including Dimensional Fund Advisors LP, Norges Bank, and Allianz Asset Management GmbH, increased their positions in the company during the fourth quarter.

“Institutional investors and hedge funds currently own 86.90% of CarGurus’ stock,” said a MarketBeat spokesperson. “While American Century’s decision to reduce its stake may be cause for some concern, the continued interest from other prominent investors signals ongoing confidence in the company’s prospects.”

CarGurus has also been receiving positive attention from analysts. Citigroup, BTIG Research, JPMorgan Chase & Co., JMP Securities, and Oppenheimer have all recently increased their price targets for the stock, with several analysts assigning a “buy” rating.

The company’s stock opened at $30.03 on Wednesday, with a market cap of $3.13 billion. CarGurus reported strong earnings results for the second quarter, beating analysts’ expectations for both earnings per share and revenue.

“CarGurus’ impressive earnings results and positive analyst sentiment suggest a strong trajectory for the company,” concluded the MarketBeat spokesperson. “While the recent institutional investor activity is mixed, the overall outlook for CarGurus remains positive.”

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