CarGurus (NASDAQ:CARG) Price Target Raised to $38.00

CarGurus (NASDAQ:CARG) had its price objective boosted by Jefferies Financial Group from $35.00 to $38.00 in a research note released on Tuesday morning, Benzinga reports. Jefferies Financial Group currently has a buy rating on the stock.

A number of other brokerages have also recently issued reports on CARG. JMP Securities reissued a “market outperform” rating and issued a $32.00 price objective on shares of CarGurus in a research note on Monday, September 9th. Oppenheimer increased their price objective on shares of CarGurus from $30.00 to $32.00 and gave the stock an “outperform” rating in a research note on Friday, August 9th. Needham & Company LLC increased their price objective on shares of CarGurus from $25.00 to $27.00 and gave the stock a “buy” rating in a research note on Friday, August 9th. DA Davidson reissued a “neutral” rating and issued a $26.50 price objective on shares of CarGurus in a research note on Tuesday, September 10th. Finally, Royal Bank of Canada increased their price objective 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. Three analysts have rated the stock with a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $30.59.

CarGurus Trading Down 1.9 %

CARG opened at $31.53 on Tuesday. CarGurus has a 1-year low of $16.70 and a 1-year high of $32.36. The company has a market capitalization of $3.29 billion, a PE ratio of 112.61, a PEG ratio of 1.48 and a beta of 1.56. The firm’s 50 day simple moving average is $29.54 and its two-hundred day simple moving average is $26.20.

CarGurus (NASDAQ:CARG) last released its quarterly earnings results on Thursday, August 8th. The company reported $0.30 earnings per share for the quarter, topping the consensus estimate of $0.23 by $0.07. The business had revenue of $218.69 million for the quarter, compared to the consensus estimate of $214.85 million. CarGurus had a negative net margin of 5.57% and a positive return on equity of 11.06%. Equities analysts forecast that CarGurus will post 1.18 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other CarGurus news, CMO Dafna Sarnoff sold 3,107 shares of CarGurus stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $28.42, for a total value of $88,300.94. Following the completion of the transaction, the chief marketing officer now directly owns 128,952 shares of the company’s stock, valued at $3,664,815.84. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. In other CarGurus news, CMO Dafna Sarnoff sold 3,107 shares of CarGurus stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $28.42, for a total value of $88,300.94. Following the completion of the transaction, the chief marketing officer now directly owns 128,952 shares of the company’s stock, valued at $3,664,815.84. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, COO Samuel Zales sold 25,168 shares of CarGurus stock in a transaction 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 transaction, the chief operating officer now directly owns 449,821 shares of the company’s stock, valued at $14,223,340.02. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 61,065 shares of company stock valued at $1,823,794 in the last three months. Corporate insiders own 17.20% of the company’s stock.

Institutional Investors Weigh In On CarGurus

Several institutional investors have recently made changes to their positions in the company. GAMMA Investing LLC lifted its holdings in shares of CarGurus by 19.0% in the 3rd quarter. GAMMA Investing LLC now owns 2,459 shares of the company’s stock worth $74,000 after acquiring an additional 393 shares during the last quarter. Lazard Asset Management LLC lifted its holdings in shares of CarGurus by 2.2% in the 1st quarter. Lazard Asset Management LLC now owns 19,510 shares of the company’s stock worth $450,000 after acquiring an additional 420 shares during the last quarter. Signaturefd LLC lifted its holdings in shares of CarGurus by 81.3% in 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 last quarter. Raymond James Trust N.A. lifted its holdings in shares of CarGurus by 1.9% in the 2nd quarter. Raymond James Trust N.A. now owns 24,566 shares of the company’s stock worth $644,000 after acquiring an additional 450 shares during the last quarter. Finally, Nisa Investment Advisors LLC lifted its holdings 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 worth $41,000 after acquiring an additional 479 shares during the last quarter. Institutional investors 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.