CarGurus, Inc. (NASDAQ:CARG) Receives $37.41 Average Price Target from Analysts

CarGurus, Inc. (NASDAQ:CARG) has been assigned an average recommendation of “Moderate Buy” from the eleven research firms that are presently covering the company, MarketBeat Ratings reports. Two analysts have rated the stock with a hold recommendation, eight have issued a buy recommendation and one has issued a strong buy recommendation on the company. The average 12-month price target among brokerages that have covered the stock in the last year is $37.41.

A number of equities analysts have recently weighed in on CARG shares. JMP Securities lifted their price target on shares of CarGurus from $32.00 to $41.00 and gave the stock a “market outperform” rating in a research report on Monday, November 11th. Jefferies Financial Group lifted their target price on CarGurus from $35.00 to $38.00 and gave the stock a “buy” rating in a report on Tuesday, October 22nd. BTIG Research increased their price target on CarGurus from $30.00 to $35.00 and gave the stock a “buy” rating in a report on Tuesday, October 22nd. Citigroup upgraded CarGurus from a “hold” rating to a “strong-buy” rating in a report on Monday, November 11th. Finally, JPMorgan Chase & Co. increased their target price on CarGurus from $36.00 to $40.00 and gave the stock an “overweight” rating in a research note on Friday, November 8th.

CarGurus Price Performance

Shares of NASDAQ:CARG opened at $35.40 on Friday. The company has a market capitalization of $3.67 billion, a price-to-earnings ratio of -76.87, a P/E/G ratio of 1.98 and a beta of 1.55. The firm’s 50 day simple moving average is $31.09 and its 200 day simple moving average is $27.42. CarGurus has a fifty-two week low of $20.02 and a fifty-two week high of $37.94.

Insider Activity at CarGurus

In related news, COO Samuel Zales sold 25,168 shares of the stock in a transaction that occurred 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 of the company’s stock, valued at approximately $14,223,340.02. This represents a 5.30 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CTO Matthew Todd Quinn sold 3,495 shares of the firm’s stock in a transaction that occurred on Wednesday, October 2nd. The shares were sold at an average price of $29.43, for a total value of $102,857.85. Following the completion of the transaction, the chief technology officer now owns 205,696 shares of the company’s stock, valued at approximately $6,053,633.28. This represents a 1.67 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 35,897 shares of company stock valued at $1,110,533. Corporate insiders own 17.20% of the company’s stock.

Institutional Trading of CarGurus

Several institutional investors and hedge funds have recently added to or reduced their stakes in CARG. Geode Capital Management LLC raised its holdings in shares of CarGurus by 3.8% in the 3rd quarter. Geode Capital Management LLC now owns 2,055,145 shares of the company’s stock valued at $61,728,000 after purchasing an additional 74,730 shares during the period. Barclays PLC increased its position in CarGurus by 252.2% during the third quarter. Barclays PLC now owns 169,461 shares of the company’s stock worth $5,089,000 after buying an additional 121,341 shares during the last quarter. Zacks Investment Management bought a new stake in CarGurus in the third quarter valued at approximately $958,000. State Street Corp lifted its position in shares of CarGurus by 4.8% in the third quarter. State Street Corp now owns 3,298,894 shares of the company’s stock valued at $99,066,000 after buying an additional 151,862 shares during the last quarter. Finally, Quarry LP boosted its stake in shares of CarGurus by 155.8% during the 3rd quarter. Quarry LP now owns 1,499 shares of the company’s stock worth $45,000 after acquiring an additional 913 shares during the period. 86.90% of the stock is owned by institutional investors.

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.