JPMorgan Chase & Co. Boosts CarGurus (NASDAQ:CARG) Price Target to $40.00

CarGurus (NASDAQ:CARG) had its target price boosted by JPMorgan Chase & Co. from $36.00 to $40.00 in a research note issued to investors on Friday morning,Benzinga reports. JPMorgan Chase & Co. currently has an overweight rating on the stock.

Several other research firms also recently issued reports on CARG. Needham & Company LLC lifted their price target on shares of CarGurus from $25.00 to $27.00 and gave the company a “buy” rating in a research report on Friday, August 9th. Royal Bank of Canada boosted their target price on shares of CarGurus from $27.00 to $30.00 and gave the stock an “outperform” rating in a research report on Friday, August 9th. BTIG Research raised their price target on shares of CarGurus from $30.00 to $35.00 and gave the company a “buy” rating in a research report on Tuesday, October 22nd. JMP Securities reissued a “market outperform” rating and set a $32.00 price objective on shares of CarGurus in a report on Monday, September 9th. Finally, Oppenheimer lifted their target price on CarGurus from $32.00 to $44.00 and gave the company an “outperform” rating in a research report on Friday. Three equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $34.59.

CarGurus Price Performance

CARG opened at $34.81 on Friday. CarGurus has a fifty-two week low of $18.59 and a fifty-two week high of $37.89. The company’s 50 day moving average price is $30.25 and its two-hundred day moving average price is $26.94. The firm has a market capitalization of $3.60 billion, a price-to-earnings ratio of -75.67, a PEG ratio of 1.83 and a beta of 1.55.

CarGurus (NASDAQ:CARG) last posted its quarterly earnings data on Thursday, August 8th. The company reported $0.30 earnings per share for the quarter, topping the consensus estimate of $0.23 by $0.07. The company had revenue of $218.69 million during the quarter, compared to analysts’ expectations 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, equities research analysts predict that CarGurus will post 1.16 EPS for the current year.

Insider Activity at CarGurus

In other CarGurus 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 transaction, the chief operating officer now owns 480,583 shares in the company, valued at approximately $13,619,722.22. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, COO Samuel Zales sold 25,168 shares of the firm’s stock in a transaction dated Friday, August 16th. The stock was sold at an average price of $28.34, for a total value of $713,261.12. Following the sale, the chief operating officer now directly owns 480,583 shares of the company’s stock, valued at $13,619,722.22. This trade 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 available through this link. Also, CMO Dafna Sarnoff sold 4,127 shares of the stock in a transaction that occurred on Tuesday, October 1st. The stock was sold at an average price of $29.94, for a total value of $123,562.38. Following the completion of the sale, the chief marketing officer now owns 119,330 shares of the company’s stock, valued at approximately $3,572,740.20. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 61,065 shares of company stock worth $1,823,794 in the last three months. 17.20% of the stock is owned by insiders.

Institutional Investors Weigh In On CarGurus

Institutional investors and hedge funds have recently modified their holdings of the stock. UniSuper Management Pty Ltd purchased a new stake in CarGurus in the first quarter worth about $483,000. Swedbank AB bought a new stake in shares of CarGurus during the first quarter valued at approximately $1,352,000. SG Capital Management LLC bought a new stake in shares of CarGurus during the first quarter valued at approximately $4,222,000. LSV Asset Management grew its stake in CarGurus by 533.3% in 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. Finally, Edgestream Partners L.P. bought a new position in CarGurus in the first quarter worth $3,978,000. 86.90% of the stock is owned by hedge funds and other institutional investors.

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.