CarGurus (NASDAQ:CARG) Hits New 52-Week High After Analyst Upgrade

CarGurus, Inc. (NASDAQ:CARG) shares hit a new 52-week high during trading on Tuesday after Jefferies Financial Group raised their price target on the stock from $35.00 to $38.00. Jefferies Financial Group currently has a buy rating on the stock. CarGurus traded as high as $31.99 and last traded at $31.96, with a volume of 35574 shares trading hands. The stock had previously closed at $31.66.

CARG has been the topic of several other reports. JPMorgan Chase & Co. boosted their target price 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 upped 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. B. Riley increased their target price on shares of CarGurus from $28.00 to $30.00 and gave the company a “buy” rating in a research note on Friday, August 9th. Needham & Company LLC lifted their price target on shares of CarGurus from $25.00 to $27.00 and gave the stock a “buy” rating in a research note on Friday, August 9th. Finally, Citigroup upped their price objective on CarGurus from $24.00 to $27.00 and gave the company a “neutral” rating in a research note on Wednesday, July 3rd. Three equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat.com, CarGurus presently has a consensus rating of “Moderate Buy” and an average target price of $30.14.

Insider Activity at CarGurus

In related news, CMO Dafna Sarnoff sold 3,107 shares of the company’s stock in a transaction that occurred 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 transaction, the chief marketing officer now owns 128,952 shares in the company, valued at approximately $3,664,815.84. 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 accessible through this link. In other news, COO Samuel Zales sold 25,168 shares of the stock in a transaction dated 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 directly owns 449,821 shares in the company, valued at approximately $14,223,340.02. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CMO Dafna Sarnoff sold 3,107 shares of the business’s stock in a transaction dated Tuesday, September 3rd. The shares were 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 directly owns 128,952 shares of the company’s stock, valued at approximately $3,664,815.84. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 61,065 shares of company stock valued at $1,823,794. 17.20% of the stock is owned by insiders.

Institutional Investors Weigh In On CarGurus

A number of large investors have recently modified their holdings of CARG. Signaturefd LLC grew its stake in shares of CarGurus by 81.3% in the third quarter. Signaturefd LLC now owns 959 shares of the company’s stock worth $29,000 after acquiring an additional 430 shares during the period. Blue Trust Inc. lifted its holdings in CarGurus by 153.8% in the 3rd quarter. Blue Trust Inc. now owns 10,881 shares of the company’s stock worth $327,000 after purchasing an additional 6,593 shares in the last quarter. Creative Planning boosted its position in shares of CarGurus by 152.3% during the third quarter. Creative Planning now owns 25,391 shares of the company’s stock worth $762,000 after acquiring an additional 15,328 shares during the last quarter. Kathleen S. Wright Associates Inc. bought a new position in CarGurus during the third quarter valued at approximately $30,000. Finally, GAMMA Investing LLC grew its holdings in shares of CarGurus by 19.0% in the third quarter. GAMMA Investing LLC now owns 2,459 shares of the company’s stock valued at $74,000 after purchasing an additional 393 shares in the last quarter. Institutional investors own 86.90% of the company’s stock.

CarGurus Stock Performance

The business’s fifty day moving average price is $29.24 and its two-hundred day moving average price is $26.01. The stock has a market capitalization of $3.34 billion, a P/E ratio of 113.07, a P/E/G ratio of 1.48 and a beta of 1.56.

CarGurus (NASDAQ:CARG) last released its quarterly earnings data 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 company had revenue of $218.69 million during the quarter, compared to analyst estimates of $214.85 million. CarGurus had a negative net margin of 5.57% and a positive return on equity of 11.06%. As a group, analysts forecast that CarGurus, Inc. will post 1.18 earnings per share for the current year.

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.