Analysts Set CarGurus, Inc. (NASDAQ:CARG) Price Target at $29.25

CarGurus, Inc. (NASDAQ:CARG) has been given a consensus recommendation of “Moderate Buy” by the ten brokerages that are covering the stock, MarketBeat.com reports. Three research analysts have rated the stock with a hold recommendation and seven have issued a buy recommendation on the company. The average 1 year price objective among brokers that have issued a report on the stock in the last year is $29.25.

A number of research analysts recently commented on CARG shares. JMP Securities boosted their price target on CarGurus from $30.00 to $32.00 and gave the company a “market outperform” rating in a research note on Monday, August 12th. B. Riley boosted their price target on CarGurus from $28.00 to $30.00 and gave the company a “buy” rating in a research note on Friday, August 9th. Needham & Company LLC boosted their price target on CarGurus from $25.00 to $27.00 and gave the company a “buy” rating in a research note on Friday, August 9th. JPMorgan Chase & Co. boosted their price target on CarGurus from $29.00 to $32.00 and gave the company an “overweight” rating in a research note on Monday, August 12th. Finally, Citigroup boosted their price target on CarGurus from $24.00 to $27.00 and gave the company a “neutral” rating in a research note on Wednesday, July 3rd.

CarGurus Stock Performance

CARG opened at $27.23 on Monday. CarGurus has a fifty-two week low of $16.70 and a fifty-two week high of $29.40. The company has a market capitalization of $2.84 billion, a P/E ratio of 97.25, a P/E/G ratio of 1.41 and a beta of 1.56. The stock has a fifty day moving average of $26.24 and a 200-day moving average of $24.51.

CarGurus (NASDAQ:CARG) last posted its earnings results on Thursday, August 8th. The company reported $0.30 earnings per share for the quarter, topping analysts’ consensus estimates of $0.23 by $0.07. CarGurus had a positive return on equity of 11.06% and a negative net margin of 5.57%. The company had revenue of $218.69 million during the quarter, compared to the consensus estimate of $214.85 million. On average, equities research analysts predict that CarGurus will post 1.18 earnings per share for the current fiscal year.

Insider Activity

In other news, CMO Dafna Sarnoff sold 3,107 shares of the stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $28.42, for a total transaction of $88,300.94. Following the transaction, the chief marketing officer now directly owns 128,952 shares in the company, valued at approximately $3,664,815.84. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, 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 transaction, the chief marketing officer now directly owns 128,952 shares in the company, valued at approximately $3,664,815.84. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CTO Matthew Todd Quinn sold 3,978 shares of the firm’s stock in a transaction that occurred on Tuesday, July 2nd. The stock was sold at an average price of $24.91, for a total value of $99,091.98. Following the transaction, the chief technology officer now owns 217,374 shares in the company, valued at $5,414,786.34. The disclosure for this sale can be found here. In the last three months, insiders have sold 57,421 shares of company stock worth $1,567,354. 17.20% of the stock is currently owned by insiders.

Institutional Investors Weigh In On CarGurus

A number of large investors have recently made changes to their positions in CARG. Prevatt Capital Ltd purchased a new position in shares of CarGurus in the 4th quarter valued at approximately $24,160,000. Pale Fire Capital SE purchased a new position in shares of CarGurus in the 4th quarter valued at approximately $1,800,000. UniSuper Management Pty Ltd purchased a new position in shares of CarGurus in the 1st quarter valued at approximately $483,000. Capstone Investment Advisors LLC purchased a new position in shares of CarGurus in the 1st quarter valued at approximately $1,315,000. Finally, Jennison Associates LLC purchased a new position in shares of CarGurus in the 1st quarter valued at approximately $707,000. 86.90% of the stock is currently 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.