JPMorgan Chase & Co. Forecasts Strong Price Appreciation for CarGurus (NASDAQ:CARG) Stock

CarGurus (NASDAQ:CARG) had its price target lifted by JPMorgan Chase & Co. from $36.00 to $40.00 in a report issued on Friday,Benzinga reports. They currently have an overweight rating on the stock.

Other analysts also recently issued reports about the stock. Needham & Company LLC boosted their price target on shares of CarGurus from $25.00 to $27.00 and gave the stock a “buy” rating in a research report on Friday, August 9th. Oppenheimer boosted their target price on CarGurus from $32.00 to $44.00 and gave the stock an “outperform” rating in a report on Friday. Jefferies Financial Group increased their price target on CarGurus from $35.00 to $38.00 and gave the company a “buy” rating in a research note on Tuesday, October 22nd. Royal Bank of Canada boosted their price objective on CarGurus from $27.00 to $30.00 and gave the stock an “outperform” rating in a research note on Friday, August 9th. Finally, DA Davidson lifted their target price on CarGurus from $26.50 to $38.50 and gave the stock a “neutral” rating in a report on Friday. Three analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat.com, CarGurus has a consensus rating of “Moderate Buy” and a consensus target price of $37.41.

CarGurus Stock Performance

Shares of CARG opened at $36.51 on Friday. CarGurus has a one year low of $18.83 and a one year high of $37.89. The stock’s fifty day moving average is $30.40 and its 200-day moving average is $27.03. The firm has a market capitalization of $3.77 billion, a price-to-earnings ratio of -79.37, a price-to-earnings-growth ratio of 1.94 and a beta of 1.55.

Insider Activity

In related news, COO Samuel Zales sold 25,168 shares of the stock in a transaction dated Wednesday, October 16th. The stock was sold at an average price of $31.62, for a total value of $795,812.16. Following the completion of the sale, the chief operating officer now directly owns 449,821 shares of the company’s stock, valued at approximately $14,223,340.02. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other CarGurus news, CTO Matthew Todd Quinn sold 3,495 shares of CarGurus stock in a transaction 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 completion of the sale, the chief technology officer now owns 205,696 shares of the company’s stock, valued at $6,053,633.28. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, COO Samuel Zales sold 25,168 shares of the company’s 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 completion of the transaction, the chief operating officer now directly owns 449,821 shares in the company, valued at $14,223,340.02. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 61,065 shares of company stock worth $1,823,794 over the last quarter. Corporate insiders own 17.20% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. increased its stake in shares of CarGurus by 1.1% during the 1st quarter. Vanguard Group Inc. now owns 10,198,538 shares of the company’s stock worth $235,382,000 after purchasing an additional 107,244 shares during the last quarter. Thrivent Financial for Lutherans increased its position in CarGurus by 6.5% during the second quarter. Thrivent Financial for Lutherans now owns 1,461,119 shares of the company’s stock worth $38,282,000 after buying an additional 89,346 shares during the last quarter. Select Equity Group L.P. raised its holdings in CarGurus by 2.8% during the second quarter. Select Equity Group L.P. now owns 1,145,692 shares of the company’s stock valued at $30,017,000 after buying an additional 31,431 shares in the last quarter. Fort Washington Investment Advisors Inc. OH lifted its position in shares of CarGurus by 26.5% in the second quarter. Fort Washington Investment Advisors Inc. OH now owns 1,090,335 shares of the company’s stock worth $28,567,000 after buying an additional 228,380 shares during the last quarter. Finally, Raymond James & Associates boosted its stake in shares of CarGurus by 2.2% during the 2nd quarter. Raymond James & Associates now owns 534,939 shares of the company’s stock worth $14,015,000 after acquiring an additional 11,584 shares in the last quarter. Hedge funds and other institutional investors own 86.90% of the company’s stock.

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.