CarGurus (NASDAQ:CARG) Price Target Raised to $35.00

CarGurus (NASDAQ:CARG) had its price target lifted by investment analysts at BTIG Research from $30.00 to $35.00 in a research report issued to clients and investors on Tuesday, Benzinga reports. The brokerage presently has a “buy” rating on the stock. BTIG Research’s price objective suggests a potential upside of 9.58% from the company’s previous close.

A number of other equities analysts also recently issued reports on CARG. Needham & Company LLC raised their price objective on shares of CarGurus from $25.00 to $27.00 and gave the stock a “buy” rating in a report on Friday, August 9th. Citigroup lifted their price target on shares of CarGurus from $24.00 to $27.00 and gave the stock a “neutral” rating in a research note on Wednesday, July 3rd. Oppenheimer upped their price objective on CarGurus from $30.00 to $32.00 and gave the stock an “outperform” rating in a research note on Friday, August 9th. JPMorgan Chase & Co. lifted their target price on CarGurus from $29.00 to $32.00 and gave the company an “overweight” rating in a research report on Monday, August 12th. Finally, DA Davidson restated a “neutral” rating and issued a $26.50 price target on shares of CarGurus in a research report on Tuesday, September 10th. Three research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat.com, CarGurus presently has an average rating of “Moderate Buy” and a consensus price target of $30.59.

CarGurus Trading Up 0.9 %

CARG stock traded up $0.28 on Tuesday, hitting $31.94. The company had a trading volume of 143,439 shares, compared to its average volume of 839,272. CarGurus has a 12-month low of $16.70 and a 12-month high of $32.19. The stock has a market cap of $3.33 billion, a price-to-earnings ratio of 113.96, a P/E/G ratio of 1.48 and a beta of 1.56. The stock’s 50-day simple moving average is $29.24 and its 200 day simple moving average is $26.01.

CarGurus (NASDAQ:CARG) last released its quarterly earnings results on Thursday, August 8th. The company reported $0.30 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.23 by $0.07. CarGurus had a positive return on equity of 11.06% and a negative net margin of 5.57%. The firm had revenue of $218.69 million for the quarter, compared to the consensus estimate of $214.85 million. Research analysts forecast that CarGurus will post 1.18 earnings per share for the current year.

Insiders Place Their Bets

In other news, CMO Dafna Sarnoff sold 3,107 shares of the firm’s stock in a transaction dated Tuesday, September 3rd. The stock was 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 $3,664,815.84. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In related news, COO Samuel Zales sold 25,168 shares of the business’s stock in a transaction on Friday, August 16th. The shares were sold at an average price of $28.34, for a total value of $713,261.12. Following the sale, the chief operating officer now owns 480,583 shares in the company, valued at approximately $13,619,722.22. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CMO Dafna Sarnoff sold 3,107 shares of the stock in a transaction 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 transaction, the chief marketing officer now owns 128,952 shares of the company’s stock, valued at $3,664,815.84. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 61,065 shares of company stock worth $1,823,794 in the last 90 days. 17.20% of the stock is currently owned by corporate insiders.

Institutional Trading of CarGurus

Several hedge funds have recently made changes to their positions in the business. Signaturefd LLC grew its position in CarGurus by 81.3% in the third quarter. Signaturefd LLC now owns 959 shares of the company’s stock worth $29,000 after acquiring an additional 430 shares in the last quarter. Kathleen S. Wright Associates Inc. bought a new stake in shares of CarGurus in the 3rd quarter valued at approximately $30,000. CWM LLC boosted its holdings 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 purchasing an additional 485 shares during the period. Nisa Investment Advisors LLC boosted its holdings 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 worth $41,000 after purchasing an additional 479 shares during the period. Finally, GAMMA Investing LLC increased its position in shares of CarGurus by 25.9% during the 2nd quarter. GAMMA Investing LLC now owns 2,066 shares of the company’s stock valued at $54,000 after purchasing an additional 425 shares during the last quarter. 86.90% of the stock is currently owned by hedge funds and other institutional investors.

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.