CarGurus, Inc. (NASDAQ:CARG) Receives $29.35 Consensus PT from Analysts

CarGurus, Inc. (NASDAQ:CARG) has been assigned an average recommendation of “Moderate Buy” from the ten ratings firms that are currently covering the company, Marketbeat.com reports. Three analysts have rated the stock with a hold rating and seven have issued a buy rating on the company. The average 1 year price objective among brokers that have issued ratings on the stock in the last year is $29.35.

Several equities analysts have recently issued reports on the company. Needham & Company LLC boosted their price objective on CarGurus from $25.00 to $27.00 and gave the company a “buy” rating in a report on Friday, August 9th. Royal Bank of Canada boosted their price target on CarGurus from $27.00 to $30.00 and gave the company an “outperform” rating in a report on Friday, August 9th. BTIG Research raised their price objective on shares of CarGurus from $28.00 to $30.00 and gave the stock a “buy” rating in a research note on Friday, August 9th. JMP Securities reiterated a “market outperform” rating and issued a $32.00 target price on shares of CarGurus in a research note on Monday, September 9th. Finally, Oppenheimer raised their price target on shares of CarGurus from $30.00 to $32.00 and gave the company an “outperform” rating in a research report on Friday, August 9th.

CarGurus Stock Up 1.1 %

Shares of NASDAQ:CARG opened at $29.69 on Friday. CarGurus has a 52-week low of $16.70 and a 52-week high of $30.99. The stock has a market cap of $3.09 billion, a price-to-earnings ratio of 106.04, a PEG ratio of 1.45 and a beta of 1.56. The business has a 50-day moving average price of $27.36 and a 200-day moving average price of $25.16.

CarGurus (NASDAQ:CARG) last posted its quarterly 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 analyst estimates 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 1.18 EPS for the current fiscal year.

Insider Transactions at CarGurus

In related news, CMO Dafna Sarnoff sold 3,107 shares of the firm’s stock in a transaction dated 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 directly owns 128,952 shares in the company, valued at $3,664,815.84. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. In other news, CMO Dafna Sarnoff sold 3,107 shares of the stock in a transaction 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 completion of the transaction, the chief marketing officer now directly owns 128,952 shares in the company, valued at approximately $3,664,815.84. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CTO Matthew Todd Quinn sold 3,978 shares of the business’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 completion of the sale, the chief technology officer now directly owns 217,374 shares in the company, valued at $5,414,786.34. The disclosure for this sale can be found here. Insiders have sold a total of 57,421 shares of company stock worth $1,567,354 in the last quarter. Company insiders own 17.20% of the company’s stock.

Institutional Investors Weigh In On CarGurus

Several institutional investors and hedge funds have recently modified their holdings of CARG. Norges Bank purchased a new stake in CarGurus during the 4th quarter worth approximately $17,042,000. Allianz Asset Management GmbH boosted its holdings in CarGurus by 68.4% in the fourth quarter. Allianz Asset Management GmbH now owns 160,000 shares of the company’s stock valued at $3,866,000 after purchasing an additional 65,000 shares during the period. TFO Wealth Partners LLC grew its stake in CarGurus by 54,837.5% during the 4th quarter. TFO Wealth Partners LLC now owns 8,790 shares of the company’s stock worth $212,000 after purchasing an additional 8,774 shares in the last quarter. Prevatt Capital Ltd purchased a new stake in CarGurus during the 4th quarter worth about $24,160,000. Finally, Premier Fund Managers Ltd acquired a new stake in CarGurus in the 4th quarter valued at about $299,000. Hedge funds and other institutional investors own 86.90% of the company’s stock.

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.