CarGurus (NASDAQ:CARG) Price Target Raised to $42.00

CarGurus (NASDAQ:CARG) had its price objective boosted by JPMorgan Chase & Co. from $40.00 to $42.00 in a report published on Friday,Benzinga reports. The brokerage currently has an overweight rating on the stock.

Other analysts have also issued research reports about the company. Citigroup raised CarGurus from a “hold” rating to a “strong-buy” rating in a report on Monday, November 11th. JMP Securities reaffirmed a “market outperform” rating and issued a $46.00 price objective on shares of CarGurus in a report on Monday, December 16th. Royal Bank of Canada lifted their price objective on CarGurus from $30.00 to $42.00 and gave the stock an “outperform” rating in a report on Monday, November 11th. Needham & Company LLC reaffirmed a “buy” rating and issued a $45.00 price objective on shares of CarGurus in a report on Friday. Finally, DA Davidson lifted their target price on CarGurus from $26.50 to $38.50 and gave the company a “neutral” rating in a research report on Friday, November 8th. Two research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $38.59.

CarGurus Stock Performance

Shares of NASDAQ:CARG opened at $31.15 on Friday. The firm has a market capitalization of $3.23 billion, a P/E ratio of -67.72, a P/E/G ratio of 1.74 and a beta of 1.59. The stock has a 50 day moving average price of $37.81 and a 200-day moving average price of $33.67. CarGurus has a 52-week low of $21.18 and a 52-week high of $41.33.

CarGurus (NASDAQ:CARG) last released its earnings results on Thursday, February 20th. The company reported $0.44 EPS for the quarter, missing analysts’ consensus estimates of $0.50 by ($0.06). The firm had revenue of $228.54 million during the quarter, compared to analysts’ expectations of $231.72 million. CarGurus had a negative net margin of 5.47% and a positive return on equity of 13.96%. On average, equities analysts forecast that CarGurus will post 1.25 EPS for the current fiscal year.

Insider Activity

In related news, CEO Zachary Emerson Hallowell sold 4,580 shares of the business’s stock in a transaction dated Friday, January 3rd. The stock was sold at an average price of $35.78, for a total value of $163,872.40. Following the sale, the chief executive officer now directly owns 120,051 shares in the company, valued at approximately $4,295,424.78. The trade was a 3.67 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, COO Samuel Zales sold 7,500 shares of the business’s stock in a transaction dated Monday, December 16th. The stock was sold at an average price of $37.70, for a total value of $282,750.00. Following the completion of the sale, the chief operating officer now owns 434,821 shares in the company, valued at $16,392,751.70. This represents a 1.70 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 59,388 shares of company stock worth $2,204,338 over the last ninety days. Corporate insiders own 17.20% of the company’s stock.

Institutional Investors Weigh In On CarGurus

A number of hedge funds have recently made changes to their positions in the company. Louisiana State Employees Retirement System lifted its position in shares of CarGurus by 0.7% in the fourth quarter. Louisiana State Employees Retirement System now owns 42,500 shares of the company’s stock worth $1,553,000 after buying an additional 300 shares in the last quarter. Summit Investment Advisors Inc. increased its stake in CarGurus by 4.9% during the fourth quarter. Summit Investment Advisors Inc. now owns 9,075 shares of the company’s stock worth $332,000 after acquiring an additional 423 shares during the last quarter. Principal Securities Inc. increased its stake in CarGurus by 82.7% during the fourth quarter. Principal Securities Inc. now owns 937 shares of the company’s stock worth $34,000 after acquiring an additional 424 shares during the last quarter. Signaturefd LLC increased its stake in CarGurus by 81.3% during the third quarter. Signaturefd LLC now owns 959 shares of the company’s stock worth $29,000 after acquiring an additional 430 shares during the last quarter. Finally, Fifth Third Bancorp increased its stake in CarGurus by 100.0% during the fourth quarter. Fifth Third Bancorp now owns 912 shares of the company’s stock worth $33,000 after acquiring an additional 456 shares during the last quarter. 86.90% of the stock is currently owned by hedge funds and other institutional investors.

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.