CarGurus (NASDAQ:CARG) Stock Price Target Raised at Barclays

CarGurus (NASDAQ:CARG) had its target price boosted by Barclays from $38.00 to $41.00 in a research note issued to investors on Monday, Benzinga reports. The brokerage currently has an “overweight” rating on the stock. Barclays‘s price objective would suggest a potential upside of 23.19% from the company’s current price.

Several other research analysts also recently commented on CARG. Royal Bank Of Canada cut their target price on CarGurus from $42.00 to $41.00 and set an “outperform” rating for the company in a research note on Friday. UBS Group decreased their price target on CarGurus from $40.00 to $35.00 and set a “neutral” rating on the stock in a research report on Wednesday, October 7th. Oppenheimer increased their price target on shares of CarGurus from $38.00 to $44.00 and gave the stock an “outperform” rating in a report on Wednesday, August 12th. Wall Street Zen raised shares of CarGurus from a “hold” rating to a “buy” rating in a report on Saturday, October 31st. Finally, Weiss Ratings lowered shares of CarGurus from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Friday, October 23rd. One investment analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and six have issued a Hold rating to the stock. Based on data from MarketBeat, CarGurus has an average rating of “Moderate Buy” and a consensus price target of $40.05.

CarGurus Price Performance

Shares of NASDAQ:CARG traded down $0.46 during trading on Monday, hitting $33.28. 117,587 shares of the company were exchanged, compared to its average volume of 1,277,356. CarGurus has a 52-week low of $26.39 and a 52-week high of $41.22. The stock has a 50 day moving average of $32.17 and a 200 day moving average of $32.85. The company has a market cap of $2.96 billion, a PE ratio of 16.90, a P/E/G ratio of 1.20 and a beta of 1.22.

CarGurus (NASDAQ:CARG) last released its quarterly earnings data on Thursday, November 5th. The company reported $0.70 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.66 by $0.04. CarGurus had a return on equity of 68.43% and a net margin of 18.51%. The company had revenue of $258.37 million for the quarter, compared to analyst estimates of $256.46 million. During the same period in the previous year, the company posted $0.57 EPS. The firm’s revenue for the quarter was up 8.2% compared to the same quarter last year. Sell-side analysts forecast that CarGurus will post 2.17 EPS for the current fiscal year.

Insider Buying and Selling at CarGurus

In other CarGurus news, Director Greg Schwartz sold 10,000 shares of CarGurus stock in a transaction that occurred on Wednesday, August 12th. The stock was sold at an average price of $36.07, for a total value of $360,700.00. Following the transaction, the director directly owned 8,716 shares of the company’s stock, valued at $314,386.12. The trade was a 53.43% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Ismail Elshareef sold 2,673 shares of the business’s stock in a transaction that occurred on Friday, October 2nd. The shares were sold at an average price of $29.62, for a total value of $79,174.26. Following the completion of the sale, the insider owned 127,933 shares of the company’s stock, valued at $3,789,375.46. The trade was a 2.05% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 82,846 shares of company stock worth $2,803,095 over the last quarter. Company insiders own 18.19% of the company’s stock.

Institutional Investors Weigh In On CarGurus

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Eurizon Capital SGR S.p.A. purchased a new stake in CarGurus during the 3rd quarter valued at $25,000. Gen Wealth Partners Inc bought a new stake in CarGurus in the 3rd quarter worth $31,000. Public Employees Retirement System of Ohio purchased a new position in shares of CarGurus in the second quarter valued at about $43,000. Farther Finance Advisors LLC increased its position in shares of CarGurus by 107.5% in the third quarter. Farther Finance Advisors LLC now owns 1,531 shares of the company’s stock valued at $48,000 after acquiring an additional 793 shares during the period. Finally, Signaturefd LLC increased its position in shares of CarGurus by 59.6% in the third quarter. Signaturefd LLC now owns 1,953 shares of the company’s stock valued at $61,000 after acquiring an additional 729 shares during the period. 86.90% of the stock is currently owned by institutional investors.

About CarGurus

CarGurus, Inc operates an online automotive marketplace that helps consumers research and compare vehicles and connect with dealerships. Its website and mobile apps feature new and used vehicle listings, search tools, vehicle information and pricing insights designed to help shoppers evaluate available cars.

The company also provides dealerships with products and services to market inventory and engage with potential buyers through its platform. CarGurus was founded in 2006 by Langley Steinert, who previously co-founded TripAdvisor, and is headquartered in Cambridge, Massachusetts.

CarGurus serves customers and dealerships in the United States, Canada and the United Kingdom.