CarGurus (NASDAQ:CARG) Sets New 1-Year High – What’s Next?

CarGurus, Inc. (NASDAQ:CARG) shares reached a new 52-week high during mid-day trading on Friday . The stock traded as high as $37.94 and last traded at $37.94, with a volume of 445 shares traded. The stock had previously closed at $37.64.

Wall Street Analysts Forecast Growth

CARG has been the topic of several recent analyst reports. Jefferies Financial Group increased their price objective on shares of CarGurus from $35.00 to $38.00 and gave the company a “buy” rating in a research report on Tuesday, October 22nd. JMP Securities upped their price objective on CarGurus from $41.00 to $46.00 and gave the company a “market outperform” rating in a research report on Friday, November 22nd. Needham & Company LLC lifted their target price on CarGurus from $27.00 to $39.00 and gave the stock a “buy” rating in a report on Friday, November 8th. JPMorgan Chase & Co. upped their price target on CarGurus from $36.00 to $40.00 and gave the company an “overweight” rating in a report on Friday, November 8th. Finally, B. Riley boosted their target price on CarGurus from $30.00 to $40.00 and gave the stock a “buy” rating in a research report on Monday, November 11th. Two analysts have rated the stock with a hold rating, eight have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $37.86.

CarGurus Price Performance

The business has a 50-day simple moving average of $32.43 and a 200 day simple moving average of $28.18.

Insider Transactions at CarGurus

In other CarGurus news, CMO Dafna Sarnoff sold 3,107 shares of the stock in a transaction that occurred 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 completion of the sale, the chief marketing officer now directly owns 128,952 shares of the company’s stock, valued at $3,664,815.84. This trade represents a 2.35 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, COO Samuel Zales sold 25,168 shares of the company’s stock in a transaction on Wednesday, October 16th. The stock was sold at an average price of $31.62, for a total transaction of $795,812.16. Following the transaction, the chief operating officer now owns 449,821 shares of the company’s stock, valued at approximately $14,223,340.02. This represents a 5.30 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 71,065 shares of company stock valued at $2,356,336 over the last three months. Corporate insiders own 17.20% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of CARG. Point72 Hong Kong Ltd purchased a new stake in shares of CarGurus during the 3rd quarter valued at about $28,000. Signaturefd LLC increased its position in CarGurus by 81.3% during the third quarter. Signaturefd LLC now owns 959 shares of the company’s stock valued at $29,000 after acquiring an additional 430 shares during the last quarter. Kathleen S. Wright Associates Inc. purchased a new stake in shares of CarGurus in the third quarter valued at $30,000. CWM LLC lifted 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 acquiring an additional 485 shares during the last quarter. Finally, Quarry LP grew its holdings in CarGurus by 155.8% during the 3rd quarter. Quarry LP now owns 1,499 shares of the company’s stock valued at $45,000 after purchasing an additional 913 shares during the last quarter. 86.90% of the stock is currently owned by 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.