CarGurus (NASDAQ:CARG) Price Target Raised to $46.00 at JMP Securities

CarGurus (NASDAQ:CARG) had its price objective lifted by JMP Securities from $41.00 to $46.00 in a research report report published on Friday morning,Benzinga reports. JMP Securities currently has a market outperform rating on the stock.

Several other analysts have also commented on CARG. Citigroup upgraded CarGurus from a “hold” rating to a “strong-buy” rating in a report on Monday, November 11th. Needham & Company LLC increased their price objective on CarGurus from $27.00 to $39.00 and gave the company a “buy” rating in a report on Friday, November 8th. JPMorgan Chase & Co. increased their price objective on CarGurus from $36.00 to $40.00 and gave the company an “overweight” rating in a report on Friday, November 8th. BTIG Research increased their price objective on CarGurus from $30.00 to $35.00 and gave the company a “buy” rating in a report on Tuesday, October 22nd. Finally, Royal Bank of Canada increased their price objective on CarGurus from $30.00 to $42.00 and gave the company an “outperform” rating in a report on Monday, November 11th. Two equities research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $37.86.

CarGurus Trading Down 0.3 %

Shares of CARG opened at $35.62 on Friday. CarGurus has a 12 month low of $21.02 and a 12 month high of $37.94. The stock has a fifty day moving average price of $31.73 and a 200-day moving average price of $27.70. The firm has a market cap of $3.69 billion, a PE ratio of -77.67, a P/E/G ratio of 1.87 and a beta of 1.55.

Insider Buying and Selling

In related news, CMO Dafna Sarnoff sold 3,107 shares of the firm’s stock in a transaction 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 completion of the transaction, the chief marketing officer now owns 128,952 shares in the company, valued at $3,664,815.84. This trade represents a 2.35 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, COO Samuel Zales sold 25,168 shares of CarGurus stock in a transaction dated Monday, November 18th. The shares were sold at an average price of $35.43, for a total value of $891,702.24. Following the transaction, the chief operating officer now owns 442,321 shares of the company’s stock, valued at $15,671,433.03. The trade was a 5.38 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 71,065 shares of company stock worth $2,356,336 in the last 90 days. Insiders own 17.20% of the company’s stock.

Hedge Funds Weigh In On CarGurus

A number of institutional investors have recently modified their holdings of the stock. Geode Capital Management LLC raised its stake in shares of CarGurus by 3.8% during the 3rd quarter. Geode Capital Management LLC now owns 2,055,145 shares of the company’s stock valued at $61,728,000 after buying an additional 74,730 shares during the last quarter. Barclays PLC raised its stake in shares of CarGurus by 252.2% during the 3rd quarter. Barclays PLC now owns 169,461 shares of the company’s stock valued at $5,089,000 after buying an additional 121,341 shares during the last quarter. Zacks Investment Management purchased a new position in shares of CarGurus during the 3rd quarter valued at about $958,000. State Street Corp raised its stake in shares of CarGurus by 4.8% during the 3rd quarter. State Street Corp now owns 3,298,894 shares of the company’s stock valued at $99,066,000 after buying an additional 151,862 shares during the last quarter. Finally, Quarry LP raised its stake in shares of 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 buying an additional 913 shares during the last quarter. Hedge funds and other institutional investors own 86.90% of the company’s stock.

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.