CarGurus (NASDAQ:CARG) Sets New 1-Year High After Analyst Upgrade

Shares of CarGurus, Inc. (NASDAQ:CARG) reached a new 52-week high during mid-day 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 traded. The stock had previously closed at $31.66.

CARG has been the subject of several other research reports. BTIG Research boosted their price target on shares of CarGurus from $28.00 to $30.00 and gave the stock a “buy” rating in a report on Friday, August 9th. B. Riley lifted their price objective on CarGurus from $28.00 to $30.00 and gave the company a “buy” rating in a report on Friday, August 9th. DA Davidson reaffirmed a “neutral” rating and set a $26.50 price target on shares of CarGurus in a research note on Tuesday, September 10th. Royal Bank of Canada raised their price objective on CarGurus from $27.00 to $30.00 and gave the company an “outperform” rating in a research note on Friday, August 9th. Finally, JPMorgan Chase & Co. lifted their target price on shares of CarGurus from $29.00 to $32.00 and gave the stock an “overweight” rating in a research report on Monday, August 12th. Three investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $30.14.

Insider Buying and Selling at CarGurus

In other news, CMO Dafna Sarnoff sold 3,107 shares of CarGurus stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $28.42, for a total value of $88,300.94. Following the transaction, the chief marketing officer now directly owns 128,952 shares of the company’s stock, valued at $3,664,815.84. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In related news, CTO Matthew Todd Quinn sold 3,495 shares of the firm’s stock in a transaction on Wednesday, October 2nd. The shares were sold at an average price of $29.43, for a total value of $102,857.85. Following the transaction, the chief technology officer now directly owns 205,696 shares in the company, valued at approximately $6,053,633.28. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, 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 transaction of $88,300.94. Following the completion of the sale, the chief marketing officer now owns 128,952 shares in the company, valued at approximately $3,664,815.84. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In 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 Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in CARG. UniSuper Management Pty Ltd acquired a new stake in shares of CarGurus during the first quarter worth about $483,000. Capstone Investment Advisors LLC bought a new position in CarGurus during the 1st quarter worth $1,315,000. Jennison Associates LLC acquired a new stake in CarGurus in the 1st quarter worth about $707,000. Swedbank AB bought a new stake in shares of CarGurus during the 1st quarter valued at $1,352,000. Finally, SG Capital Management LLC bought a new stake in shares of CarGurus during the 1st quarter worth approximately $4,222,000. Institutional investors and hedge funds own 86.90% of the company’s stock.

CarGurus Stock Performance

The stock has a fifty day simple moving average of $29.24 and a two-hundred day simple moving average of $26.01. The stock has a market cap of $3.34 billion, a price-to-earnings ratio of 113.07, a P/E/G ratio of 1.48 and a beta of 1.56.

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

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.