CarGurus (NASDAQ:CARG) Sets New 1-Year High at $29.54

Shares of CarGurus, Inc. (NASDAQ:CARG) reached a new 52-week high during trading on Tuesday . The company traded as high as $29.54 and last traded at $29.31, with a volume of 27838 shares. The stock had previously closed at $28.99.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on the stock. JPMorgan Chase & Co. increased their price objective on shares of CarGurus from $29.00 to $32.00 and gave the company an “overweight” rating in a research note on Monday, August 12th. BTIG Research boosted their target price on shares of CarGurus from $28.00 to $30.00 and gave the company a “buy” rating in a report on Friday, August 9th. JMP Securities restated a “market outperform” rating and set a $32.00 price target on shares of CarGurus in a research note on Monday, September 9th. Oppenheimer raised their target price on shares of CarGurus from $30.00 to $32.00 and gave the company an “outperform” rating in a research note on Friday, August 9th. Finally, Needham & Company LLC raised their target price on CarGurus from $25.00 to $27.00 and gave the company a “buy” rating in a report on Friday, August 9th. Three investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $29.35.

CarGurus Stock Performance

The firm has a market capitalization of $3.04 billion, a P/E ratio of 103.54, a P/E/G ratio of 1.33 and a beta of 1.56. The stock has a 50 day moving average of $26.61 and a two-hundred day moving average of $24.71.

CarGurus (NASDAQ:CARG) last issued its quarterly earnings results on Thursday, August 8th. The company reported $0.30 earnings per share for the quarter, beating analysts’ consensus estimates of $0.23 by $0.07. CarGurus had a negative net margin of 5.57% and a positive return on equity of 11.06%. The firm had revenue of $218.69 million during the quarter, compared to the consensus estimate of $214.85 million. Sell-side analysts predict that CarGurus, Inc. will post 1.18 EPS for the current year.

Insider Buying and Selling at CarGurus

In related news, CMO Dafna Sarnoff sold 3,107 shares of the company’s stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $28.42, for a total transaction of $88,300.94. Following the transaction, the chief marketing officer now owns 128,952 shares in the company, valued at approximately $3,664,815.84. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In other CarGurus news, COO Samuel Zales sold 25,168 shares of the business’s stock in a transaction dated Tuesday, July 16th. The shares were sold at an average price of $26.49, for a total transaction of $666,700.32. Following the sale, the chief operating officer now directly owns 488,083 shares of the company’s stock, valued at approximately $12,929,318.67. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CMO Dafna Sarnoff sold 3,107 shares of the business’s stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $28.42, for a total transaction of $88,300.94. Following the transaction, the chief marketing officer now owns 128,952 shares in the company, valued at $3,664,815.84. The disclosure for this sale can be found here. Over the last three months, insiders sold 57,421 shares of company stock valued at $1,567,354. 17.20% of the stock is currently owned by company insiders.

Institutional Trading of CarGurus

Hedge funds have recently added to or reduced their stakes in the company. Point72 DIFC Ltd acquired a new position in shares of CarGurus during the 2nd quarter worth $87,000. New Century Financial Group LLC bought a new stake in shares of CarGurus in the 2nd quarter valued at $1,162,000. Algert Global LLC acquired a new position in shares of CarGurus during the second quarter valued at about $223,000. Susquehanna Fundamental Investments LLC acquired a new stake in CarGurus in the second quarter valued at approximately $2,217,000. Finally, Select Equity Group L.P. increased its stake in 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 in the last quarter. 86.90% of the stock is owned by institutional investors and hedge funds.

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.