CarGurus, Inc. (NASDAQ:CARG) Receives $37.86 Consensus Target Price from Analysts

CarGurus, Inc. (NASDAQ:CARG) has earned an average rating of “Moderate Buy” from the eleven ratings firms that are currently covering the stock, MarketBeat Ratings reports. Two research 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 company. The average 12-month price target among brokerages that have covered the stock in the last year is $37.86.

A number of research analysts recently weighed in on the stock. JMP Securities restated a “market outperform” rating and issued a $46.00 price objective on shares of CarGurus in a report on Monday, December 16th. Oppenheimer boosted their price target on shares of CarGurus from $32.00 to $44.00 and gave the stock an “outperform” rating in a research note on Friday, November 8th. Jefferies Financial Group increased their price objective on CarGurus from $35.00 to $38.00 and gave the company a “buy” rating in a research note on Tuesday, October 22nd. Royal Bank of Canada boosted their target price on CarGurus from $30.00 to $42.00 and gave the stock an “outperform” rating in a research note on Monday, November 11th. Finally, DA Davidson increased their price target on CarGurus from $26.50 to $38.50 and gave the company a “neutral” rating in a research report on Friday, November 8th.

Insider Activity at CarGurus

In other CarGurus news, COO Samuel Zales sold 25,168 shares of the firm’s 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 owns 449,821 shares of the company’s stock, valued at approximately $14,223,340.02. This trade represents a 5.30 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Zachary Emerson Hallowell sold 4,580 shares of the business’s stock in a transaction dated Friday, January 3rd. The shares were sold at an average price of $35.78, for a total value of $163,872.40. Following the completion of the sale, the chief executive officer now directly owns 120,051 shares of the company’s stock, valued at $4,295,424.78. The trade was a 3.67 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 97,521 shares of company stock valued at $3,394,774 over the last three months. 17.20% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On CarGurus

Institutional investors have recently modified their holdings of the business. Point72 Hong Kong Ltd acquired a new stake in CarGurus during the 3rd quarter worth $28,000. Signaturefd LLC boosted its stake in shares of CarGurus by 81.3% during the third quarter. Signaturefd LLC now owns 959 shares of the company’s stock worth $29,000 after buying an additional 430 shares during the period. Kathleen S. Wright Associates Inc. purchased a new position in shares of CarGurus during the third quarter worth about $30,000. Quarry LP increased its position in CarGurus by 155.8% in the 3rd quarter. Quarry LP now owns 1,499 shares of the company’s stock valued at $45,000 after acquiring an additional 913 shares during the period. Finally, GAMMA Investing LLC raised its stake in CarGurus by 19.0% during the 3rd quarter. GAMMA Investing LLC now owns 2,459 shares of the company’s stock valued at $74,000 after acquiring an additional 393 shares during the last quarter. 86.90% of the stock is owned by institutional investors and hedge funds.

CarGurus Price Performance

NASDAQ CARG opened at $35.56 on Friday. The company has a market cap of $3.69 billion, a P/E ratio of -77.30, a P/E/G ratio of 2.00 and a beta of 1.58. The stock has a 50-day moving average of $36.44 and a two-hundred day moving average of $30.87. CarGurus has a 1-year low of $21.18 and a 1-year high of $39.10.

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.