CarGurus (NASDAQ:CARG) Price Target Raised to $38.00

by · The Markets Daily

CarGurus (NASDAQ:CARG – Free Report) had its price target lifted by Jefferies Financial Group from $35.00 to $38.00 in a report issued on Tuesday, Benzinga reports. They currently have a buy rating on the stock.

CARG has been the topic of a number of other research reports. JMP Securities restated a “market outperform” rating and issued a $32.00 price objective on shares of CarGurus in a report on Monday, September 9th. BTIG Research upped their price objective on shares of CarGurus from $28.00 to $30.00 and gave the stock a “buy” rating in a report on Friday, August 9th. Oppenheimer upped their price objective on shares of CarGurus from $30.00 to $32.00 and gave the stock an “outperform” rating in a report on Friday, August 9th. B. Riley upped their price objective on shares of CarGurus from $28.00 to $30.00 and gave the stock a “buy” rating in a report on Friday, August 9th. Finally, Citigroup upped their price objective on shares of CarGurus from $24.00 to $27.00 and gave the stock a “neutral” rating in a report on Wednesday, July 3rd. Three investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat, CarGurus has an average rating of “Moderate Buy” and an average price target of $30.59.

Get Our Latest Research Report on CARG

CarGurus Price Performance

Shares of NASDAQ CARG opened at $31.53 on Tuesday. CarGurus has a 1 year low of $16.70 and a 1 year high of $32.36. The company’s 50-day moving average is $29.54 and its 200 day moving average is $26.20. The stock has a market capitalization of $3.29 billion, a P/E ratio of 112.61, a P/E/G ratio of 1.48 and a beta of 1.56.

CarGurus (NASDAQ:CARG – Get Free Report) last announced its quarterly earnings results on Thursday, August 8th. The company reported $0.30 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.23 by $0.07. CarGurus had a negative net margin of 5.57% and a positive return on equity of 11.06%. The company had revenue of $218.69 million for the quarter, compared to analysts’ expectations of $214.85 million. Research analysts anticipate that CarGurus will post 1.18 earnings per share for the current year.

Insider Transactions at CarGurus

In other news, COO Samuel Zales sold 25,168 shares of the company’s stock in a transaction that occurred on Friday, August 16th. The shares were sold at an average price of $28.34, for a total value of $713,261.12. Following the transaction, the chief operating officer now owns 480,583 shares in the company, valued at approximately $13,619,722.22. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. In related news, CMO Dafna Sarnoff sold 4,127 shares of the stock in a transaction that occurred on Tuesday, October 1st. The shares were sold at an average price of $29.94, for a total transaction of $123,562.38. Following the transaction, the chief marketing officer now owns 119,330 shares in the company, valued at $3,572,740.20. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, COO Samuel Zales sold 25,168 shares of the stock in a transaction that occurred on Friday, August 16th. The shares were sold at an average price of $28.34, for a total transaction of $713,261.12. Following the transaction, the chief operating officer now owns 480,583 shares in the company, valued at approximately $13,619,722.22. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 61,065 shares of company stock worth $1,823,794. Corporate insiders own 17.20% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. New York State Teachers Retirement System lifted its position in CarGurus by 2.3% during the third quarter. New York State Teachers Retirement System now owns 36,295 shares of the company’s stock valued at $1,090,000 after purchasing an additional 822 shares during the period. State of Alaska Department of Revenue raised its position in CarGurus by 8.2% in the third quarter. State of Alaska Department of Revenue now owns 49,874 shares of the company’s stock worth $1,497,000 after acquiring an additional 3,790 shares during the period. Louisiana State Employees Retirement System raised its position in CarGurus by 6.8% in the third quarter. Louisiana State Employees Retirement System now owns 42,200 shares of the company’s stock worth $1,267,000 after acquiring an additional 2,700 shares during the period. Assenagon Asset Management S.A. raised its position in CarGurus by 629.3% in the third quarter. Assenagon Asset Management S.A. now owns 372,379 shares of the company’s stock worth $11,183,000 after acquiring an additional 321,318 shares during the period. Finally, Hennion & Walsh Asset Management Inc. raised its position in CarGurus by 5.0% in the third quarter. Hennion & Walsh Asset Management Inc. now owns 12,157 shares of the company’s stock worth $365,000 after acquiring an additional 584 shares during the period. Institutional investors own 86.90% of the company’s stock.

CarGurus Company Profile

(Get Free Report)

CarGurus, Inc operates an online automotive platform for buying and selling vehicles in the United States and internationally. It operates through two segments, U.S. Marketplace and Digital Wholesale. The company provides an online automotive marketplace where customers can search for new and used car listings from its dealers and sell their car to dealers and other consumers; and paid listings subscriptions for enhanced access to its marketplace that connects dealers to a large audience of informed and engaged consumers.

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