CarGurus (NASDAQ:CARG) Price Target Raised to $40.00

CarGurus (NASDAQ:CARG) had its price objective upped by equities research analysts at JPMorgan Chase & Co. from $36.00 to $40.00 in a report issued on Friday,Benzinga reports. The brokerage presently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s target price points to a potential upside of 14.78% from the company’s current price.

CARG has been the subject of several other research reports. DA Davidson raised their price target on shares of CarGurus from $26.50 to $38.50 and gave the stock a “neutral” rating in a report on Friday. JMP Securities restated a “market outperform” rating and set a $32.00 price target on shares of CarGurus in a report on Monday, September 9th. B. Riley raised their price target on shares of CarGurus from $28.00 to $30.00 and gave the stock a “buy” rating in a report on Friday, August 9th. Royal Bank of Canada raised their price target on shares of CarGurus from $27.00 to $30.00 and gave the stock an “outperform” rating in a report on Friday, August 9th. Finally, BTIG Research raised their price target on shares of CarGurus from $30.00 to $35.00 and gave the stock a “buy” rating in a report on Tuesday, October 22nd. Three equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $33.50.

CarGurus Stock Performance

Shares of CARG traded up $1.49 during mid-day trading on Friday, reaching $34.85. The company had a trading volume of 308,293 shares, compared to its average volume of 822,892. The company’s 50 day simple moving average is $30.14 and its 200 day simple moving average is $26.80. CarGurus has a 1-year low of $18.59 and a 1-year high of $37.89. The company has a market capitalization of $3.60 billion, a price-to-earnings ratio of -69.70, a P/E/G ratio of 1.74 and a beta of 1.55.

CarGurus (NASDAQ:CARG) last posted its earnings results on Thursday, August 8th. The company reported $0.30 EPS for the quarter, topping 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 business had revenue of $218.69 million for the quarter, compared to the consensus estimate of $214.85 million. As a group, equities analysts forecast that CarGurus will post 1.16 earnings per share for the current fiscal year.

Insider Buying and Selling at CarGurus

In other CarGurus news, CMO Dafna Sarnoff sold 3,107 shares of the business’s stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $28.42, for a total transaction of $88,300.94. Following the completion of the sale, the chief marketing officer now owns 128,952 shares in the company, valued at approximately $3,664,815.84. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other CarGurus news, CMO Dafna Sarnoff sold 3,107 shares of CarGurus stock in a transaction on Tuesday, September 3rd. The shares were 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 $3,664,815.84. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, COO Samuel Zales sold 25,168 shares of CarGurus stock in a transaction on Wednesday, October 16th. The stock was sold at an average price of $31.62, for a total transaction of $795,812.16. Following the transaction, the chief operating officer now directly owns 449,821 shares in the company, valued at $14,223,340.02. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 61,065 shares of company stock worth $1,823,794. 17.20% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On CarGurus

Hedge funds and other institutional investors have recently made changes to their positions in the stock. GAMMA Investing LLC boosted its stake in CarGurus by 19.0% in the third quarter. GAMMA Investing LLC now owns 2,459 shares of the company’s stock worth $74,000 after buying an additional 393 shares in the last quarter. Lazard Asset Management LLC raised its holdings in CarGurus by 2.2% in the first quarter. Lazard Asset Management LLC now owns 19,510 shares of the company’s stock worth $450,000 after purchasing an additional 420 shares in the last quarter. Signaturefd LLC raised its holdings in CarGurus by 81.3% in the third quarter. Signaturefd LLC now owns 959 shares of the company’s stock worth $29,000 after purchasing an additional 430 shares in the last quarter. Raymond James Trust N.A. raised its holdings in CarGurus by 1.9% in the second quarter. Raymond James Trust N.A. now owns 24,566 shares of the company’s stock worth $644,000 after purchasing an additional 450 shares in the last quarter. Finally, Nisa Investment Advisors LLC increased its holdings in shares of CarGurus by 43.5% during the second quarter. Nisa Investment Advisors LLC now owns 1,579 shares of the company’s stock valued at $41,000 after acquiring an additional 479 shares in the last quarter. 86.90% of the stock is owned by hedge funds and other institutional investors.

CarGurus Company Profile

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.