JPMorgan Chase & Co. Forecasts Strong Price Appreciation for CarGurus (NASDAQ:CARG) Stock

CarGurus (NASDAQ:CARG) had its price target hoisted by investment analysts at JPMorgan Chase & Co. from $36.00 to $40.00 in a report issued on Friday,Benzinga reports. The brokerage presently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s price objective suggests a potential upside of 14.91% from the company’s current price.

Other analysts also recently issued reports about the stock. JMP Securities restated a “market outperform” rating and set a $32.00 price target on shares of CarGurus in a research note on Monday, September 9th. Oppenheimer upped their price objective on shares of CarGurus from $32.00 to $44.00 and gave the stock an “outperform” rating in a report on Friday. BTIG Research raised their target price on CarGurus from $30.00 to $35.00 and gave the company a “buy” rating in a report on Tuesday, October 22nd. B. Riley upped their price target on CarGurus from $28.00 to $30.00 and gave the stock a “buy” rating in a research note on Friday, August 9th. Finally, Royal Bank of Canada increased their price objective on CarGurus from $27.00 to $30.00 and gave the company an “outperform” rating in a report on Friday, August 9th. Three investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. According to MarketBeat.com, CarGurus has a consensus rating of “Moderate Buy” and an average price target of $34.59.

CarGurus Price Performance

Shares of NASDAQ CARG opened at $34.81 on Friday. CarGurus has a one year low of $18.59 and a one year high of $37.89. The business’s 50-day moving average price is $30.25 and its two-hundred day moving average price is $26.91. The company has a market capitalization of $3.60 billion, a P/E ratio of -75.67, a price-to-earnings-growth ratio of 1.83 and a beta of 1.55.

CarGurus (NASDAQ:CARG) last announced its quarterly 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 during 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%. On average, equities analysts anticipate that CarGurus will post 1.16 EPS for the current year.

Insider Buying and Selling at CarGurus

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

Hedge Funds Weigh In On CarGurus

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

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.