CarGurus (NASDAQ:CARG) Price Target Raised to $27.00

CarGurus (NASDAQ:CARG) had its price target upped by Citigroup from $24.00 to $27.00 in a research note issued to investors on Wednesday morning, Benzinga reports. Citigroup currently has a neutral rating on the stock.

A number of other research firms have also recently weighed in on CARG. Royal Bank of Canada upped their price target on shares of CarGurus from $26.00 to $27.00 and gave the stock an outperform rating in a research note on Friday, May 10th. Needham & Company LLC increased their target price on shares of CarGurus from $24.00 to $25.00 and gave the company a buy rating in a report on Friday, May 10th. DA Davidson boosted their price target on CarGurus from $22.00 to $25.50 and gave the stock a neutral rating in a research note on Monday, May 13th. JMP Securities raised CarGurus from a market perform rating to an outperform rating and set a $30.00 price objective for the company in a research note on Friday, June 7th. Finally, UBS Group boosted their target price on CarGurus from $26.00 to $27.00 and gave the stock a neutral rating in a research report on Friday, March 15th. Three analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat.com, CarGurus currently has a consensus rating of Moderate Buy and a consensus target price of $26.41.

CarGurus Stock Down 4.6 %

NASDAQ CARG opened at $24.33 on Wednesday. The stock has a market capitalization of $2.53 billion, a P/E ratio of 86.89, a P/E/G ratio of 1.52 and a beta of 1.57. CarGurus has a 52-week low of $16.70 and a 52-week high of $26.90. The firm has a 50-day moving average price of $24.32 and a 200 day moving average price of $23.56.

CarGurus (NASDAQ:CARG) last issued its earnings results on Thursday, May 9th. The company reported $0.22 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.19 by $0.03. CarGurus had a return on equity of 8.80% and a net margin of 4.04%. The business had revenue of $215.80 million during the quarter, compared to the consensus estimate of $217.29 million. On average, equities research analysts expect that CarGurus will post 0.98 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, CTO Matthew Todd Quinn sold 3,978 shares of the company’s stock in a transaction on Tuesday, July 2nd. The stock was sold at an average price of $24.91, for a total value of $99,091.98. Following the sale, the chief technology officer now directly owns 217,374 shares in the company, valued at $5,414,786.34. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, CTO Matthew Todd Quinn sold 3,978 shares of the company’s stock in a transaction that occurred on Tuesday, July 2nd. The shares were sold at an average price of $24.91, for a total transaction of $99,091.98. Following the transaction, the chief technology officer now owns 217,374 shares of the company’s stock, valued at $5,414,786.34. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, COO Samuel Zales sold 17,668 shares of the firm’s stock in a transaction that occurred on Thursday, May 16th. The stock was sold at an average price of $24.73, for a total transaction of $436,929.64. Following the sale, the chief operating officer now owns 548,845 shares in the company, valued at approximately $13,572,936.85. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 75,994 shares of company stock valued at $1,831,470. Corporate insiders own 17.20% of the company’s stock.

Hedge Funds Weigh In On CarGurus

Several institutional investors have recently added to or reduced their stakes in the business. GAMMA Investing LLC grew its holdings in CarGurus by 25.9% in the 2nd quarter. GAMMA Investing LLC now owns 2,066 shares of the company’s stock valued at $54,000 after buying an additional 425 shares during the period. SG Capital Management LLC purchased a new stake in CarGurus in the first quarter valued at approximately $4,222,000. Swedbank AB acquired a new position in CarGurus during the first quarter worth approximately $1,352,000. Price T Rowe Associates Inc. MD raised its stake in CarGurus by 4.9% during the first quarter. Price T Rowe Associates Inc. MD now owns 56,448 shares of the company’s stock worth $1,303,000 after purchasing an additional 2,655 shares during the period. Finally, Lazard Asset Management LLC boosted its holdings in shares of CarGurus by 2.2% in the 1st quarter. Lazard Asset Management LLC now owns 19,510 shares of the company’s stock valued at $450,000 after purchasing an additional 420 shares during the last quarter. 86.90% of the stock is currently owned by institutional investors and hedge funds.

About CarGurus

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.