CarGurus (NASDAQ:CARG) Sets New 1-Year High at $29.05

CarGurus, Inc. (NASDAQ:CARG) hit a new 52-week high during mid-day trading on Thursday . The company traded as high as $29.05 and last traded at $28.82, with a volume of 161855 shares changing hands. The stock had previously closed at $28.27.

Analyst Ratings Changes

Several research analysts have recently weighed in on the stock. Needham & Company LLC upped their price target on shares of CarGurus from $25.00 to $27.00 and gave the company a “buy” rating in a report on Friday, August 9th. B. Riley upped their price target on shares of CarGurus from $28.00 to $30.00 and gave the company a “buy” rating in a report on Friday, August 9th. JPMorgan Chase & Co. upped their price target on shares of CarGurus from $29.00 to $32.00 and gave the company an “overweight” rating in a report on Monday, August 12th. DA Davidson upped their price target on shares of CarGurus from $22.00 to $25.50 and gave the company a “neutral” rating in a report on Monday, May 13th. Finally, Oppenheimer upped their price target on shares of CarGurus from $30.00 to $32.00 and gave the company an “outperform” rating in a report on Friday, August 9th. Three analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to MarketBeat, CarGurus presently has a consensus rating of “Moderate Buy” and an average price target of $29.25.

CarGurus Price Performance

The stock’s 50-day moving average price is $25.83 and its 200 day moving average price is $24.25. The firm has a market cap of $3.03 billion, a P/E ratio of 100.96, a price-to-earnings-growth ratio of 1.40 and a beta of 1.57.

Insider Buying and Selling at CarGurus

In other CarGurus news, General Counsel Javier Esquivel Zamora sold 6,680 shares of the stock in a transaction on Thursday, June 6th. The shares were 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 owns 102,130 shares in the company, valued at $2,553,250. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other news, General Counsel Javier Esquivel Zamora sold 6,680 shares of the firm’s stock in a transaction dated Thursday, June 6th. The shares were sold at an average price of $25.00, for a total transaction of $167,000.00. Following the completion of the sale, the general counsel now owns 102,130 shares in the company, valued at approximately $2,553,250. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, COO Samuel Zales sold 25,168 shares of the firm’s stock in a transaction dated Friday, August 16th. The stock was sold at an average price of $28.34, for a total transaction of $713,261.12. Following the sale, the chief operating officer now owns 480,583 shares of the company’s stock, valued at approximately $13,619,722.22. The disclosure for this sale can be found here. Insiders sold a total of 90,994 shares of company stock worth $2,396,053 over the last quarter. 17.20% of the stock is currently owned by insiders.

Institutional Trading of CarGurus

A number of hedge funds have recently modified their holdings of CARG. Wellington Management Group LLP lifted its stake in shares of CarGurus by 39.6% during the 4th quarter. Wellington Management Group LLP now owns 5,705,962 shares of the company’s stock worth $137,856,000 after buying an additional 1,619,076 shares during the last quarter. Prevatt Capital Ltd bought a new position in CarGurus during the fourth quarter worth about $24,160,000. Inflection Point Investments LLP bought a new position in CarGurus during the fourth quarter worth about $17,154,000. Norges Bank bought a new position in CarGurus during the fourth quarter worth about $17,042,000. Finally, Marshall Wace LLP increased its position in CarGurus by 3,512.4% during the second quarter. Marshall Wace LLP now owns 480,339 shares of the company’s stock worth $12,585,000 after acquiring an additional 467,042 shares during the period. Institutional investors and hedge funds 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.