JMP Securities Forecasts Strong Price Appreciation for CarGurus (NASDAQ:CARG) Stock

CarGurus (NASDAQ:CARG) had its price objective boosted by JMP Securities from $41.00 to $46.00 in a research note published on Friday,Benzinga reports. The firm currently has a market outperform rating on the stock.

Other equities research analysts have also issued research reports about the company. Needham & Company LLC boosted their price objective on CarGurus from $27.00 to $39.00 and gave the stock a “buy” rating in a research report on Friday, November 8th. BTIG Research upped their price objective on CarGurus from $30.00 to $35.00 and gave the company a “buy” rating in a research note on Tuesday, October 22nd. Jefferies Financial Group lifted their target price on shares of CarGurus from $35.00 to $38.00 and gave the stock a “buy” rating in a research report on Tuesday, October 22nd. B. Riley boosted their target price on shares of CarGurus from $30.00 to $40.00 and gave the stock a “buy” rating in a report on Monday, November 11th. Finally, Oppenheimer raised their price target on shares of CarGurus from $32.00 to $44.00 and gave the company an “outperform” rating in a research note on Friday, November 8th. Two investment analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, CarGurus has a consensus rating of “Moderate Buy” and a consensus price target of $37.86.

CarGurus Price Performance

Shares of CarGurus stock opened at $35.83 on Friday. The company’s 50 day moving average price is $31.86 and its two-hundred day moving average price is $27.87. The firm has a market capitalization of $3.72 billion, a P/E ratio of -77.89, a P/E/G ratio of 1.88 and a beta of 1.55. CarGurus has a fifty-two week low of $21.02 and a fifty-two week high of $37.94.

Insider Buying and Selling

In other news, CMO Dafna Sarnoff sold 3,107 shares of the firm’s stock in a transaction that occurred 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 of the company’s stock, valued at $3,664,815.84. This trade represents a 2.35 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Also, 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 represents a 1.67 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 71,065 shares of company stock valued at $2,356,336 over the last quarter. Insiders own 17.20% of the company’s stock.

Hedge Funds Weigh In On CarGurus

A number of institutional investors and hedge funds have recently made changes to their positions in CARG. UniSuper Management Pty Ltd acquired a new stake in CarGurus in the 1st quarter valued at $483,000. Swedbank AB acquired a new position in shares of CarGurus during the first quarter valued at about $1,352,000. Los Angeles Capital Management LLC increased its position in shares of CarGurus by 51.9% during the third quarter. Los Angeles Capital Management LLC now owns 64,417 shares of the company’s stock worth $1,934,000 after acquiring an additional 22,004 shares in the last quarter. Alpha DNA Investment Management LLC acquired a new stake in shares of CarGurus in the 3rd quarter worth about $503,000. Finally, SG Capital Management LLC bought a new position in CarGurus in the 1st quarter valued at about $4,222,000. 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.