CarGurus (NASDAQ:CARG) Price Target Raised to $39.00 at Needham & Company LLC

CarGurus (NASDAQ:CARG) had its price objective hoisted by Needham & Company LLC from $27.00 to $39.00 in a research report report published on Friday,Benzinga reports. They currently have a buy rating on the stock.

Other analysts have also issued research reports about the stock. JMP Securities reiterated a “market outperform” rating and issued a $32.00 price objective on shares of CarGurus in a research note on Monday, September 9th. Jefferies Financial Group lifted their price target on shares of CarGurus from $35.00 to $38.00 and gave the company a “buy” rating in a research note on Tuesday, October 22nd. Oppenheimer increased their price objective on shares of CarGurus from $32.00 to $44.00 and gave the stock an “outperform” rating in a research report on Friday. B. Riley increased their price target on CarGurus from $28.00 to $30.00 and gave the stock a “buy” rating in a report on Friday, August 9th. Finally, JPMorgan Chase & Co. raised their price objective on shares of CarGurus from $36.00 to $40.00 and gave the company an “overweight” rating in a research note on Friday. Three investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $34.59.

CarGurus Stock Performance

Shares of CARG stock traded up $1.45 during mid-day trading on Friday, hitting $34.81. The company’s stock had a trading volume of 1,309,888 shares, compared to its average volume of 827,507. The company has a market cap of $3.60 billion, a PE ratio of -69.62, a P/E/G ratio of 1.74 and a beta of 1.55. The company’s fifty day simple moving average is $30.25 and its 200-day simple moving average is $26.89. CarGurus has a 52 week low of $18.59 and a 52 week high of $37.89.

CarGurus (NASDAQ:CARG) last issued its earnings results on Thursday, August 8th. The company reported $0.30 earnings per share for the quarter, topping analysts’ consensus estimates of $0.23 by $0.07. The business had revenue of $218.69 million during the quarter, compared to the consensus estimate of $214.85 million. CarGurus had a positive return on equity of 11.06% and a negative net margin of 5.57%. On average, equities analysts anticipate that CarGurus will post 1.16 earnings per share for the current year.

Insider Activity at CarGurus

In other CarGurus news, COO Samuel Zales sold 25,168 shares of the company’s stock in a transaction dated Wednesday, October 16th. The shares were sold at an average price of $31.62, for a total transaction of $795,812.16. Following the sale, the chief operating officer now directly owns 449,821 shares of the company’s stock, valued at $14,223,340.02. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other news, COO Samuel Zales sold 25,168 shares of the firm’s stock in a transaction 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 transaction, 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 ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CMO Dafna Sarnoff sold 4,127 shares of the business’s stock in a transaction on Tuesday, October 1st. The shares were sold at an average price of $29.94, for a total value of $123,562.38. Following the sale, the chief marketing officer now owns 119,330 shares in the company, valued at approximately $3,572,740.20. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 61,065 shares of company stock worth $1,823,794. 17.20% of the stock is owned by company insiders.

Hedge Funds Weigh In On CarGurus

Several hedge funds have recently bought and sold shares of CARG. Marshall Wace LLP increased its position in shares of CarGurus by 3,512.4% in the second quarter. Marshall Wace LLP now owns 480,339 shares of the company’s stock worth $12,585,000 after purchasing an additional 467,042 shares during the last quarter. Assenagon Asset Management S.A. lifted its holdings in shares of CarGurus by 629.3% during the 3rd quarter. Assenagon Asset Management S.A. now owns 372,379 shares of the company’s stock worth $11,183,000 after acquiring an additional 321,318 shares during the last quarter. Fort Washington Investment Advisors Inc. OH grew its position in 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 worth $28,567,000 after acquiring an additional 228,380 shares in the last quarter. SG Capital Management LLC bought a new position in CarGurus in the first quarter valued at $4,222,000. Finally, Edgestream Partners L.P. purchased a new stake in CarGurus during the first quarter valued at about $3,978,000. Hedge funds and other 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.