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

CarGurus (NASDAQ:CARG) had its price objective raised by equities researchers at JPMorgan Chase & Co. from $36.00 to $40.00 in a note issued to investors on Friday,Benzinga reports. The brokerage currently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s price objective suggests a potential upside of 14.78% from the stock’s current price.

A number of other brokerages have also weighed in on CARG. BTIG Research upped their price target on shares of CarGurus from $30.00 to $35.00 and gave the stock a “buy” rating in a research note on Tuesday, October 22nd. Jefferies Financial Group boosted their target price on shares of CarGurus from $35.00 to $38.00 and gave the stock a “buy” rating in a report on Tuesday, October 22nd. Oppenheimer boosted their target price on shares of CarGurus from $32.00 to $44.00 and gave the stock an “outperform” rating in a report on Friday. B. Riley boosted their target price on shares of CarGurus from $28.00 to $30.00 and gave the stock a “buy” rating in a report on Friday, August 9th. Finally, Royal Bank of Canada boosted their target price on shares of CarGurus from $27.00 to $30.00 and gave the stock an “outperform” rating in a report on Friday, August 9th. Three investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $33.50.

CarGurus Stock Up 4.5 %

Shares of CARG traded up $1.49 during midday trading on Friday, hitting $34.85. The company had a trading volume of 308,293 shares, compared to its average volume of 822,892. The company’s 50 day moving average price is $30.14 and its 200 day moving average price is $26.80. The stock has a market cap of $3.60 billion, a price-to-earnings ratio of -69.70, a PEG ratio of 1.74 and a beta of 1.55. CarGurus has a 52 week low of $18.59 and a 52 week high of $37.89.

CarGurus (NASDAQ:CARG) last posted its earnings results on Thursday, August 8th. The company reported $0.30 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.23 by $0.07. The firm had revenue of $218.69 million during the quarter, compared to analyst estimates of $214.85 million. CarGurus had a negative net margin of 5.57% and a positive return on equity of 11.06%. Equities analysts anticipate that CarGurus will post 1.16 EPS for the current fiscal year.

Insider Activity at CarGurus

In related news, CMO Dafna Sarnoff sold 3,107 shares of the business’s stock in a transaction that occurred 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 transaction, the chief marketing officer now owns 128,952 shares in the company, valued at approximately $3,664,815.84. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other CarGurus news, CMO Dafna Sarnoff sold 3,107 shares of CarGurus stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $28.42, for a total value of $88,300.94. Following the transaction, the chief marketing officer now owns 128,952 shares of the company’s stock, valued at approximately $3,664,815.84. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, COO Samuel Zales sold 25,168 shares of CarGurus stock in a transaction that occurred on Wednesday, October 16th. The shares were sold at an average price of $31.62, for a total transaction of $795,812.16. Following the completion of the transaction, the chief operating officer now directly owns 449,821 shares in the company, valued at approximately $14,223,340.02. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 61,065 shares of company stock worth $1,823,794. 17.20% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the stock. UniSuper Management Pty Ltd bought a new stake in shares of CarGurus in the first quarter worth $483,000. Swedbank AB acquired a new position in shares of CarGurus in the first quarter valued at $1,352,000. SG Capital Management LLC acquired a new position in shares of CarGurus in the first quarter valued at $4,222,000. LSV Asset Management grew its stake in shares of CarGurus by 533.3% in the first quarter. LSV Asset Management now owns 57,000 shares of the company’s stock valued at $1,316,000 after acquiring an additional 48,000 shares in the last quarter. Finally, Edgestream Partners L.P. acquired a new position in shares of CarGurus in the first quarter valued at about $3,978,000. Institutional investors own 86.90% of the company’s stock.

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.