CarGurus (NASDAQ:CARG) Price Target Raised to $40.00

CarGurus (NASDAQ:CARG) had its price target hoisted by B. Riley from $30.00 to $40.00 in a research report issued to clients and investors on Monday,Benzinga reports. The firm currently has a “buy” rating on the stock. B. Riley’s price objective would suggest a potential upside of 6.67% from the company’s current price.

Other analysts also recently issued research reports about the stock. Jefferies Financial Group boosted their price objective on shares of CarGurus from $35.00 to $38.00 and gave the stock a “buy” rating in a report on Tuesday, October 22nd. BTIG Research upped 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. JPMorgan Chase & Co. lifted their price objective on CarGurus from $36.00 to $40.00 and gave the stock an “overweight” rating in a report on Friday, November 8th. Oppenheimer upped their target price on CarGurus from $32.00 to $44.00 and gave the company an “outperform” rating in a report on Friday, November 8th. Finally, Needham & Company LLC boosted 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. Three equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat.com, CarGurus has an average rating of “Moderate Buy” and a consensus price target of $37.41.

CarGurus Trading Up 2.7 %

NASDAQ CARG opened at $37.50 on Monday. The stock has a market capitalization of $3.88 billion, a price-to-earnings ratio of -81.52, a PEG ratio of 1.94 and a beta of 1.55. The business’s 50 day moving average is $30.59 and its two-hundred day moving average is $27.13. CarGurus has a 12-month low of $18.83 and a 12-month high of $37.94.

Insider Buying and Selling at CarGurus

In related news, CMO Dafna Sarnoff sold 3,107 shares of the firm’s stock in a transaction on 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 of the company’s stock, valued at approximately $3,664,815.84. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other news, COO Samuel Zales sold 25,168 shares of the stock in a transaction that occurred on Friday, August 16th. The stock was sold at an average price of $28.34, for a total transaction of $713,261.12. Following the completion of the transaction, the chief operating officer now directly owns 480,583 shares in the company, valued at approximately $13,619,722.22. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CMO Dafna Sarnoff sold 3,107 shares of the firm’s stock in a transaction that occurred 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 sale, the chief marketing officer now directly owns 128,952 shares of the company’s stock, valued at $3,664,815.84. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 61,065 shares of company stock valued at $1,823,794 over the last 90 days. 17.20% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. Alpha DNA Investment Management LLC bought a new stake in CarGurus in the third quarter valued at about $503,000. Algert Global LLC raised its position in shares of CarGurus by 914.0% during the 3rd quarter. Algert Global LLC now owns 86,430 shares of the company’s stock valued at $2,595,000 after acquiring an additional 77,906 shares in the last quarter. Citigroup Inc. lifted its stake in CarGurus by 31.0% during the third quarter. Citigroup Inc. now owns 165,918 shares of the company’s stock worth $4,983,000 after purchasing an additional 39,240 shares during the last quarter. Raymond James Trust N.A. boosted its holdings in CarGurus by 19.4% in the third quarter. Raymond James Trust N.A. now owns 29,329 shares of the company’s stock worth $881,000 after purchasing an additional 4,763 shares during the period. Finally, Charles Schwab Investment Management Inc. raised its holdings in shares of CarGurus by 9.4% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,043,217 shares of the company’s stock worth $31,328,000 after purchasing an additional 89,815 shares during the period. 86.90% of the stock is owned by institutional investors and hedge funds.

CarGurus Company Profile

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.