CarGurus (NASDAQ:CARG) Price Target Raised to $27.00 at Needham & Company LLC

CarGurus (NASDAQ:CARG) had its price target upped by Needham & Company LLC from $25.00 to $27.00 in a research note issued to investors on Friday, Benzinga reports. Needham & Company LLC currently has a buy rating on the stock.

A number of other analysts also recently issued reports on the company. JPMorgan Chase & Co. raised their price target on CarGurus from $27.00 to $29.00 and gave the stock an overweight rating in a research report on Friday, May 10th. JMP Securities reaffirmed a market outperform rating and set a $30.00 price target on shares of CarGurus in a research note on Wednesday, July 10th. Royal Bank of Canada increased their price objective on shares of CarGurus from $26.00 to $27.00 and gave the stock an outperform rating in a research report on Friday, May 10th. Citigroup boosted their target price on CarGurus from $24.00 to $27.00 and gave the company a neutral rating in a research report on Wednesday, July 3rd. Finally, DA Davidson upped their target price on CarGurus from $22.00 to $25.50 and gave the company a neutral rating in a research note on Monday, May 13th. Three analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, CarGurus currently has an average rating of Moderate Buy and an average price target of $28.75.

CarGurus Stock Up 20.3 %

CARG stock traded up $4.54 during mid-day trading on Friday, hitting $26.94. The company had a trading volume of 2,005,431 shares, compared to its average volume of 904,858. The company has a market capitalization of $2.81 billion, a price-to-earnings ratio of 96.21, a P/E/G ratio of 1.40 and a beta of 1.57. The company has a 50-day moving average price of $25.10 and a 200 day moving average price of $23.82. CarGurus has a 12-month low of $16.70 and a 12-month high of $27.00.

CarGurus (NASDAQ:CARG) last posted its earnings results on Thursday, May 9th. The company reported $0.22 earnings per share for the quarter, beating analysts’ consensus estimates of $0.19 by $0.03. CarGurus had a net margin of 4.04% and a return on equity of 8.80%. The firm had revenue of $215.80 million during the quarter, compared to analyst estimates of $217.29 million. As a group, analysts expect that CarGurus will post 0.98 EPS for the current year.

Insider Buying and Selling

In other CarGurus news, COO Samuel Zales sold 17,668 shares of the company’s stock in a transaction on Thursday, May 16th. The stock was sold at an average price of $24.73, for a total value of $436,929.64. Following the completion of the sale, the chief operating officer now directly owns 548,845 shares in the company, valued at approximately $13,572,936.85. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other news, COO Samuel Zales sold 17,668 shares of the company’s stock in a transaction that occurred on Thursday, May 16th. The shares were sold at an average price of $24.73, for a total value of $436,929.64. Following the completion of the sale, the chief operating officer now owns 548,845 shares of the company’s stock, valued at approximately $13,572,936.85. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, General Counsel Javier Esquivel Zamora sold 6,680 shares of the stock in a transaction that occurred on Thursday, June 6th. The shares were sold at an average price of $25.00, for a total transaction of $167,000.00. Following the transaction, the general counsel now owns 102,130 shares in the company, valued at $2,553,250. The disclosure for this sale can be found here. Insiders have sold a total of 83,494 shares of company stock valued at $2,119,722 over the last quarter. 17.20% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the stock. Prevatt Capital Ltd purchased a new position in CarGurus in the fourth quarter valued at about $24,160,000. Pale Fire Capital SE bought a new position in shares of CarGurus during the 4th quarter worth approximately $1,800,000. Allspring Global Investments Holdings LLC lifted its position in CarGurus by 207.9% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 293,730 shares of the company’s stock valued at $7,097,000 after acquiring an additional 198,321 shares during the last quarter. UniSuper Management Pty Ltd purchased a new stake in CarGurus during the first quarter valued at approximately $483,000. Finally, Capstone Investment Advisors LLC purchased a new position in CarGurus in the first quarter worth $1,315,000. 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.