CarGurus (NASDAQ:CARG) Price Target Raised to $40.00

CarGurus (NASDAQ:CARG) had its target price increased by B. Riley from $30.00 to $40.00 in a report released on Monday morning,Benzinga reports. B. Riley currently has a buy rating on the stock.

Several other brokerages have also issued reports on CARG. Royal Bank of Canada raised their price target on shares of CarGurus from $27.00 to $30.00 and gave the stock an “outperform” rating in a research note on Friday, August 9th. JMP Securities raised their price objective on shares of CarGurus from $32.00 to $41.00 and gave the company a “market outperform” rating in a research report on Monday. JPMorgan Chase & Co. upped their target price on CarGurus from $36.00 to $40.00 and gave the stock an “overweight” rating in a research note on Friday. Needham & Company LLC raised their price target on CarGurus from $27.00 to $39.00 and gave the company a “buy” rating in a research report on Friday. Finally, Oppenheimer increased their target price on shares of CarGurus from $32.00 to $44.00 and gave the company an “outperform” rating in a report on Friday. Three equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $37.41.

CarGurus Trading Up 4.9 %

Shares of NASDAQ:CARG opened at $36.51 on Monday. CarGurus has a 1-year low of $18.83 and a 1-year high of $37.89. The stock’s fifty day simple moving average is $30.40 and its two-hundred day simple moving average is $27.03. The stock has a market cap of $3.77 billion, a PE ratio of -79.37, a price-to-earnings-growth ratio of 1.94 and a beta of 1.55.

Insiders Place Their Bets

In other news, CMO Dafna Sarnoff sold 3,107 shares of the business’s stock in a transaction on Tuesday, September 3rd. The shares were 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 directly owns 128,952 shares of the company’s stock, valued at approximately $3,664,815.84. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other news, COO Samuel Zales sold 25,168 shares of the stock in a transaction on Friday, August 16th. The stock was sold at an average price of $28.34, for a total transaction of $713,261.12. Following the transaction, the chief operating officer now owns 480,583 shares of the company’s stock, valued at approximately $13,619,722.22. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CMO Dafna Sarnoff sold 3,107 shares of the company’s stock in a transaction that occurred 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 directly owns 128,952 shares of the company’s stock, valued at $3,664,815.84. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 61,065 shares of company stock valued at $1,823,794 over the last 90 days. Insiders own 17.20% of the company’s stock.

Hedge Funds Weigh In On CarGurus

A number of large investors have recently made changes to their positions in CARG. Signaturefd LLC lifted its position in CarGurus by 81.3% during the 3rd quarter. Signaturefd LLC now owns 959 shares of the company’s stock worth $29,000 after acquiring an additional 430 shares during the period. Kathleen S. Wright Associates Inc. purchased a new stake in shares of CarGurus in the 3rd quarter valued at $30,000. CWM LLC increased its stake in shares of CarGurus by 54.1% in the second quarter. CWM LLC now owns 1,381 shares of the company’s stock worth $36,000 after acquiring an additional 485 shares during the period. Nisa Investment Advisors LLC raised its holdings in shares of CarGurus by 43.5% during the second quarter. Nisa Investment Advisors LLC now owns 1,579 shares of the company’s stock worth $41,000 after purchasing an additional 479 shares during the last quarter. Finally, Headlands Technologies LLC purchased a new position in shares of CarGurus during the first quarter worth $49,000. 86.90% of the stock is owned by institutional investors and hedge funds.

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.