CarGurus (NASDAQ:CARG) Price Target Raised to $44.00

by · The Cerbat Gem

CarGurus (NASDAQ:CARG – Free Report) had its price target boosted by Oppenheimer from $32.00 to $44.00 in a research report report published on Friday,Benzinga reports. They currently have an outperform rating on the stock.

A number of other brokerages have also recently commented on CARG. JMP Securities reiterated a “market outperform” rating and set a $32.00 target price on shares of CarGurus in a report on Monday, September 9th. JPMorgan Chase & Co. boosted their target price on shares of CarGurus from $29.00 to $32.00 and gave the company an “overweight” rating in a research note on Monday, August 12th. Jefferies Financial Group raised their price target on shares of CarGurus from $35.00 to $38.00 and gave the stock a “buy” rating in a research note on Tuesday, October 22nd. DA Davidson boosted their price objective on shares of CarGurus from $26.50 to $38.50 and gave the company a “neutral” rating in a research report on Friday. Finally, Royal Bank of Canada upped their price objective on shares of CarGurus from $27.00 to $30.00 and gave the company an “outperform” rating in a research note on Friday, August 9th. Three investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, CarGurus currently has an average rating of “Moderate Buy” and an average price target of $34.59.

View Our Latest Report on CarGurus

CarGurus Stock Up 4.3 %

NASDAQ:CARG opened at $34.81 on Friday. CarGurus has a 52-week low of $18.59 and a 52-week high of $37.89. The stock has a fifty day simple moving average of $30.25 and a 200-day simple moving average of $26.94. The company has a market capitalization of $3.60 billion, a PE ratio of -75.67, a price-to-earnings-growth ratio of 1.83 and a beta of 1.55.

CarGurus (NASDAQ:CARG – Get Free Report) last announced its earnings results on Thursday, August 8th. The company reported $0.30 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.23 by $0.07. The company had revenue of $218.69 million during the quarter, compared to analysts’ expectations of $214.85 million. CarGurus had a negative net margin of 5.57% and a positive return on equity of 11.06%. As a group, equities analysts anticipate that CarGurus will post 1.16 earnings per share for the current year.

Insider Activity

In related news, CTO Matthew Todd Quinn sold 3,495 shares of the firm’s stock in a transaction that occurred on Wednesday, October 2nd. The shares were sold at an average price of $29.43, for a total value of $102,857.85. Following the transaction, the chief technology officer now owns 205,696 shares in the company, valued at approximately $6,053,633.28. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In related news, CMO Dafna Sarnoff sold 3,107 shares of the business’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $28.42, for a total transaction of $88,300.94. Following the transaction, the chief marketing officer now directly owns 128,952 shares of the company’s stock, valued at approximately $3,664,815.84. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CTO Matthew Todd Quinn sold 3,495 shares of CarGurus stock in a transaction that occurred on Wednesday, October 2nd. The shares were sold at an average price of $29.43, for a total transaction of $102,857.85. Following the sale, the chief technology officer now owns 205,696 shares in the company, valued at $6,053,633.28. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 61,065 shares of company stock valued at $1,823,794 in the last three months. Corporate insiders own 17.20% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in CARG. Marshall Wace LLP grew its stake in shares of CarGurus by 3,512.4% during the second quarter. Marshall Wace LLP now owns 480,339 shares of the company’s stock valued at $12,585,000 after acquiring an additional 467,042 shares in the last quarter. Assenagon Asset Management S.A. raised its position in shares of CarGurus by 629.3% in the 3rd quarter. Assenagon Asset Management S.A. now owns 372,379 shares of the company’s stock valued at $11,183,000 after purchasing an additional 321,318 shares in the last quarter. Fort Washington Investment Advisors Inc. OH boosted its stake in shares of CarGurus by 26.5% during the 2nd quarter. Fort Washington Investment Advisors Inc. OH now owns 1,090,335 shares of the company’s stock valued at $28,567,000 after buying an additional 228,380 shares during the last quarter. SG Capital Management LLC acquired a new stake in shares of CarGurus during the first quarter worth approximately $4,222,000. Finally, Edgestream Partners L.P. bought a new stake in shares of CarGurus in the first quarter worth $3,978,000. 86.90% of the stock is currently owned by hedge funds and other institutional investors.

About CarGurus

(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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