Oppenheimer Boosts CarGurus (NASDAQ:CARG) Price Target to $32.00

CarGurus (NASDAQ:CARG) had its price objective increased by equities research analysts at Oppenheimer from $30.00 to $32.00 in a report released on Friday, Benzinga reports. The brokerage presently has an “outperform” rating on the stock. Oppenheimer’s price target indicates a potential upside of 21.77% from the company’s previous close.

Other research analysts have also recently issued reports about the stock. Citigroup increased their price target on shares of CarGurus from $24.00 to $27.00 and gave the company a “neutral” rating in a report on Wednesday, July 3rd. Needham & Company LLC increased their target price on CarGurus from $25.00 to $27.00 and gave the stock a “buy” rating in a research note on Friday. JPMorgan Chase & Co. boosted their price target on CarGurus from $27.00 to $29.00 and gave the company an “overweight” rating in a research note on Friday, May 10th. JMP Securities reissued a “market outperform” rating and set a $30.00 target price on shares of CarGurus in a report on Wednesday, July 10th. Finally, DA Davidson raised their price target on shares of CarGurus from $22.00 to $25.50 and gave the stock a “neutral” rating in a research report on Monday, May 13th. Three analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat, CarGurus currently has an average rating of “Moderate Buy” and an average price target of $28.06.

CarGurus Price Performance

CarGurus stock traded up $3.88 during mid-day trading on Friday, hitting $26.28. 525,227 shares of the company’s stock traded hands, compared to its average volume of 895,186. The firm has a 50 day simple moving average of $25.04 and a two-hundred day simple moving average of $23.79. CarGurus has a fifty-two week low of $16.70 and a fifty-two week high of $26.90. The stock has a market cap of $2.74 billion, a price-to-earnings ratio of 93.86, a P/E/G ratio of 1.40 and a beta of 1.57.

CarGurus (NASDAQ:CARG) last issued its quarterly earnings data on Thursday, May 9th. The company reported $0.22 earnings per share for the quarter, beating the consensus estimate of $0.19 by $0.03. The company had revenue of $215.80 million for the quarter, compared to analyst estimates of $217.29 million. CarGurus had a net margin of 4.04% and a return on equity of 8.80%. On average, research analysts anticipate that CarGurus will post 0.98 earnings per share for the current fiscal year.

Insider Buying and Selling

In other CarGurus news, CTO Matthew Todd Quinn sold 3,978 shares of the business’s stock in a transaction dated Tuesday, July 2nd. The stock was sold at an average price of $24.91, for a total transaction of $99,091.98. Following the completion of the transaction, the chief technology officer now owns 217,374 shares of the company’s stock, valued at $5,414,786.34. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In related news, General Counsel Javier Esquivel Zamora sold 6,680 shares of the stock in a transaction on Thursday, June 6th. The stock was sold at an average price of $25.00, for a total value of $167,000.00. Following the completion of the sale, the general counsel now directly owns 102,130 shares in the company, valued at $2,553,250. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CTO Matthew Todd Quinn sold 3,978 shares of the company’s stock in a transaction dated Tuesday, July 2nd. The shares were sold at an average price of $24.91, for a total value of $99,091.98. Following the completion of the sale, the chief technology officer now owns 217,374 shares in the company, valued at approximately $5,414,786.34. The disclosure for this sale can be found here. Insiders sold a total of 83,494 shares of company stock worth $2,119,722 in the last ninety days. 17.20% of the stock is owned by insiders.

Institutional Trading of CarGurus

A number of institutional investors and hedge funds have recently added to or reduced their stakes in CARG. GAMMA Investing LLC bought a new stake in shares of CarGurus in the 4th quarter valued at $32,000. CWM LLC raised its position in shares of CarGurus by 54.1% in the 2nd quarter. CWM LLC now owns 1,381 shares of the company’s stock worth $36,000 after acquiring an additional 485 shares in the last quarter. Nisa Investment Advisors LLC lifted its stake in shares of CarGurus by 43.5% in the 2nd quarter. Nisa Investment Advisors LLC now owns 1,579 shares of the company’s stock valued at $41,000 after purchasing an additional 479 shares during the period. Headlands Technologies LLC acquired a new stake in CarGurus during the first quarter worth approximately $49,000. Finally, Daiwa Securities Group Inc. bought a new stake in CarGurus in the fourth quarter worth approximately $65,000. Institutional investors and hedge funds own 86.90% of the company’s stock.

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.