Brokerages Set CarGurus, Inc. (NASDAQ:CARG) Target Price at $39.55

Shares of CarGurus, Inc. (NASDAQ:CARG) have been assigned an average rating of “Buy” from the ten brokerages that are covering the firm, MarketBeat Ratings reports. One research analyst has rated the stock with a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company. The average 1 year price target among brokerages that have updated their coverage on the stock in the last year is $39.55.

CARG has been the subject of a number of research analyst reports. Needham & Company LLC reissued a “buy” rating and set a $45.00 target price on shares of CarGurus in a research report on Friday, February 21st. JPMorgan Chase & Co. lifted their target price on shares of CarGurus from $40.00 to $42.00 and gave the company an “overweight” rating in a report on Friday, February 21st. Oppenheimer lowered their target price on CarGurus from $44.00 to $42.00 and set an “outperform” rating for the company in a research note on Monday, February 24th. Finally, JMP Securities reaffirmed a “market outperform” rating and set a $46.00 price target on shares of CarGurus in a research note on Monday, December 16th.

Insider Activity

In other news, CMO Dafna Sarnoff sold 10,570 shares of the company’s stock in a transaction dated Friday, January 3rd. The stock was sold at an average price of $35.78, for a total transaction of $378,194.60. Following the completion of the sale, the chief marketing officer now owns 95,261 shares in the company, valued at approximately $3,408,438.58. This represents a 9.99 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CTO Matthew Todd Quinn sold 4,678 shares of the stock in a transaction that occurred on Friday, January 3rd. The shares were sold at an average price of $35.78, for a total value of $167,378.84. Following the sale, the chief technology officer now owns 195,795 shares of the company’s stock, valued at approximately $7,005,545.10. The trade was a 2.33 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 61,888 shares of company stock worth $2,229,388 over the last three months. Corporate insiders own 17.20% of the company’s stock.

Institutional Trading of CarGurus

Several hedge funds and other institutional investors have recently bought and sold shares of CARG. Arrowstreet Capital Limited Partnership boosted its holdings in CarGurus by 168.7% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 1,524,478 shares of the company’s stock valued at $55,704,000 after purchasing an additional 957,035 shares in the last quarter. Wellington Management Group LLP grew its position in CarGurus by 12.7% in the fourth quarter. Wellington Management Group LLP now owns 7,145,350 shares of the company’s stock valued at $261,091,000 after acquiring an additional 802,602 shares during the period. Loomis Sayles & Co. L P acquired a new position in CarGurus during the third quarter worth $21,052,000. No Street GP LP bought a new position in shares of CarGurus during the fourth quarter valued at $25,578,000. Finally, Raymond James Financial Inc. acquired a new stake in shares of CarGurus in the 4th quarter valued at $19,465,000. 86.90% of the stock is currently owned by institutional investors and hedge funds.

CarGurus Trading Up 1.1 %

Shares of NASDAQ CARG opened at $31.75 on Friday. The company’s 50-day moving average price is $35.49 and its 200 day moving average price is $34.28. The stock has a market cap of $3.32 billion, a price-to-earnings ratio of 176.40, a PEG ratio of 1.72 and a beta of 1.52. 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 earnings per share for the quarter, missing the consensus estimate of $0.50 by ($0.06). The business had revenue of $228.54 million for the quarter, compared to analysts’ expectations of $231.72 million. CarGurus had a return on equity of 27.14% and a net margin of 2.34%. As a group, research analysts expect that CarGurus will post 1.41 earnings per share for the current 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.