CarGurus (NASDAQ:CARG) Rating Increased to Strong-Buy at Citigroup

Citigroup upgraded shares of CarGurus (NASDAQ:CARG) from a hold rating to a strong-buy rating in a report released on Monday morning,Zacks.com reports.

CARG has been the subject of a number of other reports. DA Davidson upped their target price on CarGurus from $26.50 to $38.50 and gave the company a “neutral” rating in a research report on Friday, November 8th. Jefferies Financial Group increased their price objective on CarGurus from $35.00 to $38.00 and gave the company a “buy” rating in a report on Tuesday, October 22nd. JMP Securities lifted their target price on shares of CarGurus from $32.00 to $41.00 and gave the company a “market outperform” rating in a report on Monday. Needham & Company LLC increased their price target on shares of CarGurus from $27.00 to $39.00 and gave the stock a “buy” rating in a research note on Friday, November 8th. Finally, JPMorgan Chase & Co. raised their price objective on shares of CarGurus from $36.00 to $40.00 and gave the stock an “overweight” rating in a research report on Friday, November 8th. Two equities research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $37.41.

CarGurus Price Performance

Shares of NASDAQ:CARG opened at $37.50 on Monday. CarGurus has a 12 month low of $18.83 and a 12 month high of $37.94. The firm has a market capitalization of $3.88 billion, a P/E ratio of -81.52, a P/E/G ratio of 1.94 and a beta of 1.55. The company’s fifty day moving average price is $30.59 and its 200 day moving average price is $27.13.

Insider Buying and Selling

In other CarGurus news, COO Samuel Zales sold 25,168 shares of CarGurus stock in a transaction that occurred on Wednesday, October 16th. The stock was sold at an average price of $31.62, for a total value of $795,812.16. Following the sale, the chief operating officer now owns 449,821 shares of the company’s stock, valued at approximately $14,223,340.02. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, COO Samuel Zales sold 25,168 shares of the firm’s stock in a transaction that occurred on Wednesday, October 16th. The stock was sold at an average price of $31.62, for a total value of $795,812.16. Following the completion of the sale, the chief operating officer now directly owns 449,821 shares of the company’s stock, valued at $14,223,340.02. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CMO Dafna Sarnoff sold 3,107 shares of the company’s stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $28.42, for a total value of $88,300.94. Following the transaction, the chief marketing officer now directly owns 128,952 shares in the company, valued at $3,664,815.84. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 61,065 shares of company stock valued at $1,823,794 over the last ninety days. Corporate insiders own 17.20% of the company’s stock.

Hedge Funds Weigh In On CarGurus

Hedge funds have recently added to or reduced their stakes in the business. Vanguard Group Inc. increased its stake in shares of CarGurus by 1.1% during the 1st quarter. Vanguard Group Inc. now owns 10,198,538 shares of the company’s stock worth $235,382,000 after purchasing an additional 107,244 shares in the last quarter. Thrivent Financial for Lutherans increased its position in CarGurus by 6.5% during the second quarter. Thrivent Financial for Lutherans now owns 1,461,119 shares of the company’s stock worth $38,282,000 after buying an additional 89,346 shares in the last quarter. Select Equity Group L.P. raised its holdings in shares of CarGurus by 2.8% in the second quarter. Select Equity Group L.P. now owns 1,145,692 shares of the company’s stock worth $30,017,000 after acquiring an additional 31,431 shares during the last quarter. Fort Washington Investment Advisors Inc. OH lifted its position in shares of CarGurus by 26.5% in the second quarter. Fort Washington Investment Advisors Inc. OH now owns 1,090,335 shares of the company’s stock valued at $28,567,000 after acquiring an additional 228,380 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its stake in shares of CarGurus by 9.4% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,043,217 shares of the company’s stock valued at $31,328,000 after acquiring an additional 89,815 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.