Citigroup Issues Positive Forecast for CarGurus (NASDAQ:CARG) Stock Price

CarGurus (NASDAQ:CARG) had its price objective lifted by equities researchers at Citigroup from $39.00 to $41.00 in a report released on Monday, Benzinga reports. The firm presently has a “neutral” rating on the stock. Citigroup‘s target price would indicate a potential upside of 20.43% from the company’s previous close.

Other research analysts also recently issued research reports about the company. Oppenheimer upped their price objective on CarGurus from $38.00 to $44.00 and gave the company an “outperform” rating in a research note on Wednesday, August 12th. Weiss Ratings downgraded shares of CarGurus from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Friday, October 23rd. Needham & Company LLC boosted their target price on shares of CarGurus from $43.00 to $44.00 and gave the stock a “buy” rating in a report on Friday, August 7th. JPMorgan Chase & Co. decreased their price target on shares of CarGurus from $42.00 to $37.00 and set a “neutral” rating for the company in a research report on Friday. Finally, UBS Group dropped their price target on shares of CarGurus from $40.00 to $35.00 and set a “neutral” rating for the company in a research note on Wednesday, October 7th. One analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and six have assigned a Hold rating to the company’s stock. According to MarketBeat.com, CarGurus presently has a consensus rating of “Moderate Buy” and an average price target of $40.25.

CarGurus Stock Up 0.9%

Shares of NASDAQ:CARG traded up $0.31 during trading on Monday, hitting $34.05. 535,277 shares of the company were exchanged, compared to its average volume of 1,279,546. The business’s 50 day moving average is $32.17 and its 200-day moving average is $32.85. The company has a market capitalization of $3.03 billion, a P/E ratio of 17.18, a price-to-earnings-growth ratio of 1.20 and a beta of 1.22. CarGurus has a 1-year low of $26.39 and a 1-year high of $41.22.

CarGurus (NASDAQ:CARG) last released its quarterly earnings data on Thursday, November 5th. The company reported $0.70 earnings per share for the quarter, beating the consensus estimate of $0.66 by $0.04. CarGurus had a return on equity of 68.43% and a net margin of 18.51%. The company had revenue of $258.37 million for the quarter, compared to the consensus estimate of $256.46 million. During the same quarter last year, the business posted $0.57 EPS. CarGurus’s revenue for the quarter was up 8.2% on a year-over-year basis. As a group, sell-side analysts anticipate that CarGurus will post 2.17 earnings per share for the current year.

Insider Buying and Selling at CarGurus

In related news, CMO Dafna Sarnoff sold 7,234 shares of the firm’s stock in a transaction that occurred on Friday, October 2nd. The stock was sold at an average price of $29.62, for a total transaction of $214,271.08. Following the completion of the sale, the chief marketing officer owned 94,884 shares of the company’s stock, valued at $2,810,464.08. This trade represents a 7.08% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Greg M. Schwartz sold 10,000 shares of the firm’s stock in a transaction that occurred on Wednesday, August 12th. The stock was sold at an average price of $36.07, for a total transaction of $360,700.00. Following the sale, the director directly owned 8,716 shares of the company’s stock, valued at approximately $314,386.12. This trade represents a 53.43% decrease in their position. The SEC filing for this sale provides additional information. In the last ninety days, insiders have sold 82,846 shares of company stock valued at $2,803,095. 18.19% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On CarGurus

Large investors have recently bought and sold shares of the stock. Russell Investments Group Ltd. raised its stake in CarGurus by 14.9% during the 3rd quarter. Russell Investments Group Ltd. now owns 277,349 shares of the company’s stock worth $8,642,000 after buying an additional 35,876 shares during the period. Eurizon Capital SGR S.p.A. bought a new position in CarGurus in the third quarter worth approximately $25,000. Gagnon Securities LLC grew its stake in CarGurus by 0.4% in the third quarter. Gagnon Securities LLC now owns 368,573 shares of the company’s stock valued at $11,485,000 after acquiring an additional 1,500 shares during the period. Maryland State Retirement & Pension System grew its stake in CarGurus by 53.6% in the third quarter. Maryland State Retirement & Pension System now owns 16,892 shares of the company’s stock valued at $526,000 after acquiring an additional 5,896 shares during the period. Finally, Ritholtz Wealth Management grew its stake in CarGurus by 8.5% in the third quarter. Ritholtz Wealth Management now owns 12,827 shares of the company’s stock valued at $400,000 after acquiring an additional 1,003 shares during the period. 86.90% of the stock is currently owned by institutional investors and hedge funds.

CarGurus Company Profile

CarGurus, Inc operates an online automotive marketplace that helps consumers research and compare vehicles and connect with dealerships. Its website and mobile apps feature new and used vehicle listings, search tools, vehicle information and pricing insights designed to help shoppers evaluate available cars.

The company also provides dealerships with products and services to market inventory and engage with potential buyers through its platform. CarGurus was founded in 2006 by Langley Steinert, who previously co-founded TripAdvisor, and is headquartered in Cambridge, Massachusetts.

CarGurus serves customers and dealerships in the United States, Canada and the United Kingdom.