Analysts Set CarGurus, Inc. (NASDAQ:CARG) Target Price at $29.35

CarGurus, Inc. (NASDAQ:CARG) has been assigned a consensus recommendation of “Moderate Buy” from the ten ratings firms that are presently covering the company, Marketbeat Ratings reports. Three analysts have rated the stock with a hold recommendation and seven have given a buy recommendation to the company. The average twelve-month price target among analysts that have issued a report on the stock in the last year is $29.35.

A number of equities research analysts have issued reports on the company. JMP Securities reiterated a “market outperform” rating and issued a $32.00 target price on shares of CarGurus in a research note on Monday, September 9th. Citigroup boosted their target price on shares of CarGurus from $24.00 to $27.00 and gave the company a “neutral” rating in a research note on Wednesday, July 3rd. JPMorgan Chase & Co. raised their price target on shares of CarGurus from $29.00 to $32.00 and gave the company an “overweight” rating in a research note on Monday, August 12th. BTIG Research boosted their price objective on CarGurus from $28.00 to $30.00 and gave the stock a “buy” rating in a research report on Friday, August 9th. Finally, Needham & Company LLC increased their price objective on CarGurus from $25.00 to $27.00 and gave the stock a “buy” rating in a report on Friday, August 9th.

Insider Transactions at CarGurus

In related news, CMO Dafna Sarnoff sold 4,127 shares of the company’s stock in a transaction that occurred on Tuesday, October 1st. The shares were sold at an average price of $29.94, for a total value of $123,562.38. Following the completion of the sale, the chief marketing officer now owns 119,330 shares in the company, valued at approximately $3,572,740.20. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other CarGurus news, CMO Dafna Sarnoff sold 4,127 shares of the business’s stock in a transaction on Tuesday, October 1st. The shares were sold at an average price of $29.94, for a total transaction of $123,562.38. Following the sale, the chief marketing officer now directly owns 119,330 shares of the company’s stock, valued at approximately $3,572,740.20. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CTO Matthew Todd Quinn sold 3,495 shares of the firm’s stock in a transaction on Wednesday, October 2nd. The stock was sold at an average price of $29.43, for a total value of $102,857.85. Following the completion of the sale, the chief technology officer now directly owns 205,696 shares of the company’s stock, valued at approximately $6,053,633.28. The disclosure for this sale can be found here. Insiders have sold a total of 61,065 shares of company stock valued at $1,694,683 over the last ninety days. Corporate insiders own 17.20% of the company’s stock.

Hedge Funds Weigh In On CarGurus

Institutional investors and hedge funds have recently bought and sold shares of the business. SG Americas Securities LLC acquired a new stake in shares of CarGurus during the third quarter worth approximately $211,000. Central Pacific Bank Trust Division lifted its position in CarGurus by 5.3% in the 3rd quarter. Central Pacific Bank Trust Division now owns 10,410 shares of the company’s stock worth $313,000 after buying an additional 520 shares in the last quarter. Point72 DIFC Ltd acquired a new stake in shares of CarGurus during the 2nd quarter valued at $87,000. New Century Financial Group LLC purchased a new position in shares of CarGurus during the 2nd quarter valued at $1,162,000. Finally, Algert Global LLC acquired a new position in shares of CarGurus in the second quarter worth $223,000. Hedge funds and other institutional investors own 86.90% of the company’s stock.

CarGurus Stock Down 0.8 %

Shares of NASDAQ:CARG opened at $29.05 on Friday. The company has a market cap of $3.03 billion, a PE ratio of 103.75, a P/E/G ratio of 1.45 and a beta of 1.56. CarGurus has a fifty-two week low of $16.70 and a fifty-two week high of $30.99. The firm has a 50-day simple moving average of $27.60 and a 200 day simple moving average of $25.30.

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

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.