CarGurus (NASDAQ:CARG) Given New $45.00 Price Target at Needham & Company LLC

CarGurus (NASDAQ:CARG) had its price target boosted by research analysts at Needham & Company LLC from $39.00 to $45.00 in a report issued on Thursday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. Needham & Company LLC’s target price would indicate a potential upside of 20.81% from the stock’s current price.

CARG has been the topic of several other research reports. B. Riley lifted their target price on shares of CarGurus from $30.00 to $40.00 and gave the stock a “buy” rating in a research report on Monday, November 11th. Royal Bank of Canada lifted their price target on CarGurus from $30.00 to $42.00 and gave the stock an “outperform” rating in a report on Monday, November 11th. JPMorgan Chase & Co. boosted their price objective on CarGurus from $36.00 to $40.00 and gave the stock an “overweight” rating in a research report on Friday, November 8th. Oppenheimer raised their target price on CarGurus from $32.00 to $44.00 and gave the company an “outperform” rating in a research report on Friday, November 8th. Finally, Citigroup raised shares of CarGurus from a “hold” rating to a “strong-buy” rating in a report on Monday, November 11th. Two research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $38.41.

CarGurus Price Performance

CARG opened at $37.25 on Thursday. CarGurus has a fifty-two week low of $21.18 and a fifty-two week high of $39.10. The firm has a market capitalization of $3.86 billion, a P/E ratio of -80.98, a PEG ratio of 2.00 and a beta of 1.58. The company’s 50-day moving average is $36.70 and its 200 day moving average is $31.13.

Insider Buying and Selling at CarGurus

In other news, COO Samuel Zales sold 25,168 shares of the business’s stock in a transaction that occurred on Monday, November 18th. The shares were sold at an average price of $35.43, for a total value of $891,702.24. Following the sale, the chief operating officer now owns 442,321 shares of the company’s stock, valued at $15,671,433.03. The trade was a 5.38 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Jason Trevisan sold 10,000 shares of the company’s stock in a transaction that occurred on Monday, November 18th. The shares were sold at an average price of $35.41, for a total transaction of $354,100.00. Following the sale, the chief executive officer now owns 779,606 shares in the company, valued at $27,605,848.46. The trade was a 1.27 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 72,353 shares of company stock valued at $2,598,961 over the last three months. 17.20% of the stock is currently owned by insiders.

Hedge Funds Weigh In On CarGurus

Several hedge funds have recently made changes to their positions in the stock. Point72 Hong Kong Ltd bought a new stake in shares of CarGurus during the third quarter valued at about $28,000. Signaturefd LLC boosted its holdings in CarGurus by 81.3% in the 3rd quarter. Signaturefd LLC now owns 959 shares of the company’s stock valued at $29,000 after purchasing an additional 430 shares during the period. Kathleen S. Wright Associates Inc. purchased a new position in shares of CarGurus during the 3rd quarter valued at $30,000. USA Financial Formulas bought a new position in shares of CarGurus in the fourth quarter worth $35,000. Finally, Quarry LP raised its position in shares of CarGurus by 155.8% in the third quarter. Quarry LP now owns 1,499 shares of the company’s stock worth $45,000 after buying an additional 913 shares in 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.