diff --git a/lib/spack/spack/build_systems/cargo.py b/lib/spack/spack/build_systems/cargo.py
index 7a549bd56a0..2e5c6e4ffc0 100644
--- a/lib/spack/spack/build_systems/cargo.py
+++ b/lib/spack/spack/build_systems/cargo.py
@@ -71,13 +71,16 @@ def build_directory(self):
     @property
     def build_args(self):
         """Arguments for ``cargo build``."""
-        return []
+        return ["-j", str(self.pkg.module.make_jobs)]
 
     @property
     def check_args(self):
         """Argument for ``cargo test`` during check phase"""
         return []
 
+    def setup_build_environment(self, env):
+        env.set("CARGO_HOME", self.stage.path)
+
     def build(self, pkg, spec, prefix):
         """Runs ``cargo install`` in the source directory"""
         with fs.working_dir(self.build_directory):
diff --git a/var/spack/repos/builtin/packages/py-py-spy/package.py b/var/spack/repos/builtin/packages/py-py-spy/package.py
index 438c8d44e68..aa194efa37b 100644
--- a/var/spack/repos/builtin/packages/py-py-spy/package.py
+++ b/var/spack/repos/builtin/packages/py-py-spy/package.py
@@ -5,26 +5,20 @@
 from spack.package import *
 
 
-class PyPySpy(Package):
+class PyPySpy(CargoPackage):
     """A Sampling Profiler for Python."""
 
     homepage = "https://github.com/benfred/py-spy"
     url = "https://github.com/benfred/py-spy/archive/v0.3.8.tar.gz"
 
-    license("MIT")
+    license("MIT", checked_by="lgarrison")
 
+    version("0.4.0", sha256="13a5c4b949947425670eedac05b6dd27edbc736b75f1587899efca1a7ef79ac3")
     version("0.3.8", sha256="9dbfd0ea79ef31a2966891e86cf6238ed3831938cf562e71848e07b7009cf57d")
     version("0.3.3", sha256="41454d3d9132da45c72f7574faaff65f40c757720293a277ffa5ec5a4b44f902")
 
-    depends_on("c", type="build")  # generated
-
     # TODO: uses cargo to download and build dozens of dependencies.
     # Need to figure out how to manage these with Spack once we have a
     # CargoPackage base class.
-    depends_on("rust", type="build")
     depends_on("unwind")
     depends_on("libunwind components=ptrace", when="^[virtuals=unwind] libunwind")
-
-    def install(self, spec, prefix):
-        cargo = which("cargo")
-        cargo("install", "--root", prefix, "--path", ".")
diff --git a/var/spack/repos/builtin/packages/rust/package.py b/var/spack/repos/builtin/packages/rust/package.py
index 8f2246550a5..75458e71ad2 100644
--- a/var/spack/repos/builtin/packages/rust/package.py
+++ b/var/spack/repos/builtin/packages/rust/package.py
@@ -206,10 +206,10 @@ def configure(self, spec, prefix):
         configure(*flags)
 
     def build(self, spec, prefix):
-        python("./x.py", "build")
+        python("./x.py", "build", "-j", str(make_jobs))
 
     def install(self, spec, prefix):
-        python("./x.py", "install")
+        python("./x.py", "install", "-j", str(make_jobs))
 
     # known issue: https://github.com/rust-lang/rust/issues/132604
     unresolved_libraries = ["libz.so.*"]