DA Davidson Boosts CarGurus (NASDAQ:CARG) Price Target to $38.50

CarGurus (NASDAQ:CARG) had its price target upped by equities research analysts at DA Davidson from $26.50 to $38.50 in a note issued to investors on Friday,Benzinga reports. The brokerage presently has a “neutral” rating on the stock. DA Davidson’s target price would suggest a potential upside of 10.41% from the stock’s previous close.

A number of other brokerages have also weighed in on CARG. Jefferies Financial Group raised their price objective on CarGurus from $35.00 to $38.00 and gave the company a “buy” rating in a research report on Tuesday, October 22nd. Royal Bank of Canada increased their target price on CarGurus from $27.00 to $30.00 and gave the company an “outperform” rating in a research report on Friday, August 9th. Needham & Company LLC upped their price target on shares of CarGurus from $25.00 to $27.00 and gave the company a “buy” rating in a research note on Friday, August 9th. BTIG Research boosted their target price on shares of CarGurus from $30.00 to $35.00 and gave the stock a “buy” rating in a report on Tuesday, October 22nd. Finally, JMP Securities reaffirmed a “market outperform” rating and issued a $32.00 price target on shares of CarGurus in a report on Monday, September 9th. Three analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $32.77.

CarGurus Price Performance

Shares of NASDAQ:CARG traded up $1.51 during trading on Friday, hitting $34.87. 307,819 shares of the company’s stock were exchanged, compared to its average volume of 822,698. The business’s 50-day simple moving average is $30.14 and its 200 day simple moving average is $26.80. The company has a market cap of $3.60 billion, a price-to-earnings ratio of -70.90, a PEG ratio of 1.74 and a beta of 1.55. CarGurus has a 52-week low of $18.59 and a 52-week high of $37.89.

CarGurus (NASDAQ:CARG) last posted its earnings results on Thursday, August 8th. The company reported $0.30 earnings per share for the quarter, beating 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%. On average, sell-side analysts anticipate that CarGurus will post 1.16 EPS for the current fiscal year.

Insider Activity

In related news, COO Samuel Zales sold 25,168 shares of the firm’s stock in a transaction that occurred on Wednesday, October 16th. The stock was sold at an average price of $31.62, for a total transaction of $795,812.16. Following the completion of the sale, the chief operating officer now directly owns 449,821 shares of the company’s stock, valued at approximately $14,223,340.02. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other CarGurus news, COO Samuel Zales sold 25,168 shares of the stock in a transaction on Wednesday, October 16th. The stock was sold at an average price of $31.62, for a total value of $795,812.16. Following the sale, the chief operating officer now owns 449,821 shares in the company, valued at $14,223,340.02. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CTO Matthew Todd Quinn sold 3,495 shares of the business’s stock in a transaction on Wednesday, October 2nd. The shares were sold at an average price of $29.43, for a total transaction of $102,857.85. Following the sale, the chief technology officer now directly owns 205,696 shares of the company’s stock, valued at $6,053,633.28. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 61,065 shares of company stock valued at $1,823,794. 17.20% of the stock is currently owned by insiders.

Hedge Funds Weigh In On CarGurus

A number of hedge funds have recently added to or reduced their stakes in the stock. Signaturefd LLC raised its stake in shares of CarGurus by 81.3% during the third quarter. Signaturefd LLC now owns 959 shares of the company’s stock valued at $29,000 after acquiring an additional 430 shares in the last quarter. Kathleen S. Wright Associates Inc. bought a new stake in CarGurus during the 3rd quarter valued at $30,000. CWM LLC lifted its holdings in shares of CarGurus by 54.1% in the 2nd quarter. CWM LLC now owns 1,381 shares of the company’s stock worth $36,000 after buying an additional 485 shares during the period. Nisa Investment Advisors LLC grew its position in shares of CarGurus by 43.5% during the 2nd quarter. Nisa Investment Advisors LLC now owns 1,579 shares of the company’s stock worth $41,000 after buying an additional 479 shares in the last quarter. Finally, Headlands Technologies LLC purchased a new position in shares of CarGurus during the first quarter valued at $49,000. 86.90% of the stock is currently owned by 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.