JMP Securities Reiterates “Market Outperform” Rating for CarGurus (NASDAQ:CARG)

JMP Securities reaffirmed their market outperform rating on shares of CarGurus (NASDAQ:CARG) in a report issued on Monday morning,Benzinga reports. JMP Securities currently has a $46.00 target price on the stock.

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

CarGurus Stock Performance

NASDAQ:CARG opened at $38.68 on Monday. CarGurus has a 52 week low of $21.18 and a 52 week high of $39.10. The firm’s fifty day moving average is $34.47 and its 200-day moving average is $29.45. The firm has a market cap of $4.01 billion, a P/E ratio of -84.09, a P/E/G ratio of 2.00 and a beta of 1.57.

Insiders Place Their Bets

In other news, COO Samuel Zales sold 25,168 shares of CarGurus stock in a transaction on Monday, November 18th. The stock was sold at an average price of $35.43, for a total transaction of $891,702.24. Following the sale, the chief operating officer now directly owns 442,321 shares in the company, valued at $15,671,433.03. The trade was a 5.38 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CTO Matthew Todd Quinn sold 3,495 shares of the firm’s stock in a transaction dated Wednesday, October 2nd. The stock was sold at an average price of $29.43, for a total transaction of $102,857.85. Following 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 1.67 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 67,958 shares of company stock valued at $2,268,035. Corporate insiders own 17.20% of the company’s stock.

Hedge Funds Weigh In On CarGurus

Several institutional investors have recently bought and sold shares of CARG. Point72 Hong Kong Ltd bought a new stake in shares of CarGurus in the third quarter valued at $28,000. Signaturefd LLC raised its stake in CarGurus by 81.3% in the 3rd quarter. Signaturefd LLC now owns 959 shares of the company’s stock valued at $29,000 after acquiring an additional 430 shares during the period. Kathleen S. Wright Associates Inc. purchased a new stake in CarGurus during the third quarter valued at about $30,000. CWM LLC lifted its holdings in CarGurus by 54.1% during the second quarter. CWM LLC now owns 1,381 shares of the company’s stock valued at $36,000 after purchasing an additional 485 shares during the last quarter. Finally, Nisa Investment Advisors LLC boosted its position in CarGurus by 43.5% during the second quarter. Nisa Investment Advisors LLC now owns 1,579 shares of the company’s stock worth $41,000 after purchasing an additional 479 shares during the period. 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.