CarGurus (NASDAQ:CARG) Sets New 12-Month High – Time to Buy?

CarGurus, Inc. (NASDAQ:CARG) shares hit a new 52-week high on Friday . The company traded as high as $31.01 and last traded at $30.97, with a volume of 123167 shares trading hands. The stock had previously closed at $30.31.

Analysts Set New Price Targets

CARG has been the subject of a number of research reports. JPMorgan Chase & Co. increased their price target on shares of CarGurus from $29.00 to $32.00 and gave the stock an “overweight” rating in a research note on Monday, August 12th. B. Riley raised their target price on CarGurus from $28.00 to $30.00 and gave the company a “buy” rating in a research note on Friday, August 9th. BTIG Research lifted their price target on CarGurus from $28.00 to $30.00 and gave the company a “buy” rating in a research report on Friday, August 9th. Royal Bank of Canada increased their price objective on CarGurus from $27.00 to $30.00 and gave the stock an “outperform” rating in a report on Friday, August 9th. Finally, Oppenheimer boosted their target price 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 equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $29.35.

CarGurus Stock Performance

The firm has a 50 day simple moving average of $28.19 and a 200 day simple moving average of $25.55.

CarGurus (NASDAQ:CARG) last released its quarterly earnings data on Thursday, August 8th. The company reported $0.30 EPS for the quarter, beating the consensus estimate 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 company had revenue of $218.69 million for the quarter, compared to analysts’ expectations of $214.85 million. As a group, equities research analysts anticipate that CarGurus, Inc. will post 1.18 earnings per share for the current year.

Insider Transactions at CarGurus

In related news, CMO Dafna Sarnoff sold 3,107 shares of the firm’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $28.42, for a total value of $88,300.94. Following the sale, the chief marketing officer now owns 128,952 shares in the company, valued at approximately $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 can be accessed through the SEC website. In other CarGurus news, CTO Matthew Todd Quinn sold 3,495 shares of the company’s stock in a transaction that occurred on Wednesday, October 2nd. The shares were sold at an average price of $29.43, for a total transaction of $102,857.85. Following the completion of the sale, the chief technology officer now directly owns 205,696 shares of the company’s stock, valued at approximately $6,053,633.28. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 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 completion of the sale, 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 ownership of the stock. The disclosure for this sale can be found here. Insiders sold 61,065 shares of company stock worth $1,694,683 over the last three months. 17.20% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. increased its holdings in CarGurus by 1.1% in the 1st quarter. Vanguard Group Inc. now owns 10,198,538 shares of the company’s stock worth $235,382,000 after acquiring an additional 107,244 shares in the last quarter. Wellington Management Group LLP boosted its position in shares of CarGurus by 39.6% in the fourth quarter. Wellington Management Group LLP now owns 5,705,962 shares of the company’s stock worth $137,856,000 after purchasing an additional 1,619,076 shares during the period. Thrivent Financial for Lutherans increased its stake in shares of CarGurus by 6.5% in the second quarter. Thrivent Financial for Lutherans now owns 1,461,119 shares of the company’s stock worth $38,282,000 after purchasing an additional 89,346 shares in the last quarter. Select Equity Group L.P. raised its position in shares of CarGurus by 2.8% during the 2nd quarter. Select Equity Group L.P. now owns 1,145,692 shares of the company’s stock valued at $30,017,000 after purchasing an additional 31,431 shares during the period. Finally, Fort Washington Investment Advisors Inc. OH lifted its stake in shares of CarGurus by 26.5% during the 2nd quarter. Fort Washington Investment Advisors Inc. OH now owns 1,090,335 shares of the company’s stock valued at $28,567,000 after buying an additional 228,380 shares in the last quarter. Institutional investors 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.