CarGurus (NASDAQ:CARG) Price Target Raised to $35.00

CarGurus (NASDAQ:CARG) had its price objective upped by BTIG Research from $30.00 to $35.00 in a research report released on Tuesday, Benzinga reports. BTIG Research currently has a buy rating on the stock.

A number of other brokerages have also weighed in on CARG. Oppenheimer lifted their price target on shares of CarGurus from $30.00 to $32.00 and gave the company an “outperform” rating in a research note on Friday, August 9th. Needham & Company LLC lifted their price target on shares of CarGurus from $25.00 to $27.00 and gave the company a “buy” rating in a research note on Friday, August 9th. DA Davidson reiterated a “neutral” rating and issued a $26.50 price objective on shares of CarGurus in a report on Tuesday, September 10th. Jefferies Financial Group lifted their price objective on shares of CarGurus from $35.00 to $38.00 and gave the company a “buy” rating in a report on Tuesday. Finally, Royal Bank of Canada lifted their price objective on shares of CarGurus from $27.00 to $30.00 and gave the company an “outperform” rating in a report on Friday, August 9th. Three research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. According to MarketBeat, CarGurus currently has a consensus rating of “Moderate Buy” and an average target price of $30.59.

CarGurus Stock Performance

Shares of CARG opened at $32.15 on Tuesday. CarGurus has a twelve month low of $16.70 and a twelve month high of $32.36. The firm’s 50 day moving average price is $29.47 and its two-hundred day moving average price is $26.15. The firm has a market cap of $3.35 billion, a P/E ratio of 114.82, a PEG ratio of 1.48 and a beta of 1.56.

CarGurus (NASDAQ:CARG) last announced its quarterly earnings results on Thursday, August 8th. The company reported $0.30 earnings per share for the quarter, beating analysts’ consensus estimates 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 firm had revenue of $218.69 million for the quarter, compared to analyst estimates of $214.85 million. On average, sell-side analysts anticipate that CarGurus will post 1.18 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, COO Samuel Zales sold 25,168 shares of the business’s stock in a transaction on Friday, August 16th. The shares were sold at an average price of $28.34, for a total transaction of $713,261.12. Following the transaction, the chief operating officer now directly owns 480,583 shares in the company, valued at approximately $13,619,722.22. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other CarGurus news, COO Samuel Zales sold 25,168 shares of the company’s stock in a transaction on Friday, August 16th. The shares were sold at an average price of $28.34, for a total value of $713,261.12. Following the transaction, the chief operating officer now directly owns 480,583 shares in the company, valued at $13,619,722.22. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CTO Matthew Todd Quinn sold 3,495 shares of the company’s 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 transaction, the chief technology officer now owns 205,696 shares in the company, valued at approximately $6,053,633.28. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 61,065 shares of company stock worth $1,823,794. Insiders own 17.20% of the company’s stock.

Hedge Funds Weigh In On CarGurus

Several institutional investors and hedge funds have recently modified their holdings of the stock. GAMMA Investing LLC increased its holdings in shares of CarGurus by 19.0% in the third quarter. GAMMA Investing LLC now owns 2,459 shares of the company’s stock valued at $74,000 after purchasing an additional 393 shares during the last quarter. Lazard Asset Management LLC increased its holdings in shares of CarGurus by 2.2% in the first 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. Signaturefd LLC increased its holdings in shares of CarGurus by 81.3% in the third quarter. Signaturefd LLC now owns 959 shares of the company’s stock valued at $29,000 after purchasing an additional 430 shares during the last quarter. Raymond James Trust N.A. boosted its position in shares of CarGurus by 1.9% in the second quarter. Raymond James Trust N.A. now owns 24,566 shares of the company’s stock valued at $644,000 after acquiring an additional 450 shares during the period. Finally, Nisa Investment Advisors LLC boosted its position in shares of CarGurus by 43.5% in 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 during the period. 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.