CarGurus (NASDAQ:CARG) Reaches New 1-Year High on Analyst Upgrade

CarGurus, Inc. (NASDAQ:CARG)’s share price reached a new 52-week high during mid-day trading on Tuesday after Royal Bank of Canada raised their price target on the stock from $30.00 to $42.00. Royal Bank of Canada currently has an outperform rating on the stock. CarGurus traded as high as $37.94 and last traded at $37.71, with a volume of 752002 shares trading hands. The stock had previously closed at $36.51.

Other equities analysts also recently issued research reports about the stock. B. Riley lifted their price objective on shares of CarGurus from $30.00 to $40.00 and gave the stock a “buy” rating in a report on Monday. JPMorgan Chase & Co. lifted their target price on CarGurus from $36.00 to $40.00 and gave the company an “overweight” rating in a research report on Friday. JMP Securities upped their price objective on CarGurus from $32.00 to $41.00 and gave the stock a “market outperform” rating in a research report on Monday. Jefferies Financial Group raised their target price on CarGurus from $35.00 to $38.00 and gave the stock a “buy” rating in a research report on Tuesday, October 22nd. Finally, Needham & Company LLC upped their target price on CarGurus from $27.00 to $39.00 and gave the stock a “buy” rating in a report on Friday. Three investment analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $37.41.

Insider Buying and Selling

In related news, CMO Dafna Sarnoff sold 3,107 shares of the firm’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 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 position. The sale was disclosed in a legal filing with the SEC, which is available at this link. In other news, COO Samuel Zales sold 25,168 shares of the business’s stock in a transaction dated Friday, August 16th. The shares were sold at an average price of $28.34, for a total value of $713,261.12. Following the completion of the sale, the chief operating officer now owns 480,583 shares of the company’s stock, valued at approximately $13,619,722.22. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CMO Dafna Sarnoff sold 3,107 shares of the company’s stock in a transaction 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 directly owns 128,952 shares of the company’s stock, valued at approximately $3,664,815.84. This 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 valued at $1,823,794 over the last 90 days. Company insiders own 17.20% of the company’s stock.

Institutional Investors Weigh In On CarGurus

Hedge funds and other institutional investors have recently made changes to their positions in the company. BNP Paribas Financial Markets boosted its holdings in shares of CarGurus by 18.6% in the 1st quarter. BNP Paribas Financial Markets now owns 95,304 shares of the company’s stock valued at $2,200,000 after purchasing an additional 14,961 shares in the last quarter. Texas Permanent School Fund Corp increased its stake in CarGurus by 1.3% in the first quarter. Texas Permanent School Fund Corp now owns 74,986 shares of the company’s stock valued at $1,731,000 after acquiring an additional 980 shares during the last quarter. LSV Asset Management boosted its holdings in shares of CarGurus by 533.3% during the first quarter. LSV Asset Management now owns 57,000 shares of the company’s stock worth $1,316,000 after purchasing an additional 48,000 shares during the period. Swiss National Bank increased its position in shares of CarGurus by 4.7% during the first quarter. Swiss National Bank now owns 171,000 shares of the company’s stock valued at $3,947,000 after acquiring an additional 7,700 shares in the last quarter. Finally, Headlands Technologies LLC purchased a new position in shares of CarGurus during the 1st quarter worth $49,000. 86.90% of the stock is owned by institutional investors and hedge funds.

CarGurus Stock Performance

The company has a market capitalization of $3.89 billion, a P/E ratio of -79.37, a P/E/G ratio of 1.94 and a beta of 1.55. The business’s fifty day simple moving average is $30.40 and its 200-day simple moving average is $27.03.

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.