CarGurus (NASDAQ:CARG) PT Raised to $32.00 at Oppenheimer

CarGurus (NASDAQ:CARG) had its price objective lifted by equities researchers at Oppenheimer from $30.00 to $32.00 in a note issued to investors on Friday, Benzinga reports. The brokerage currently has an “outperform” rating on the stock. Oppenheimer’s target price points to a potential upside of 21.77% from the company’s current price.

Several other research firms have also recently commented on CARG. Royal Bank of Canada increased their price objective on CarGurus from $26.00 to $27.00 and gave the company an “outperform” rating in a research report on Friday, May 10th. Citigroup raised their price target on shares of CarGurus from $24.00 to $27.00 and gave the company a “neutral” rating in a report on Wednesday, July 3rd. JPMorgan Chase & Co. lifted their price target on shares of CarGurus from $27.00 to $29.00 and gave the stock an “overweight” rating in a research note on Friday, May 10th. DA Davidson increased their price objective on shares of CarGurus from $22.00 to $25.50 and gave the company a “neutral” rating in a research report on Monday, May 13th. Finally, Needham & Company LLC raised their target price on shares of CarGurus from $25.00 to $27.00 and gave the stock a “buy” rating in a report on Friday. Three investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $28.06.

CarGurus Trading Up 17.3 %

CARG traded up $3.88 during midday trading on Friday, reaching $26.28. The company’s stock had a trading volume of 525,227 shares, compared to its average volume of 895,186. CarGurus has a 1 year low of $16.70 and a 1 year high of $26.90. The stock’s 50-day moving average is $25.04 and its 200-day moving average is $23.79. The firm has a market capitalization of $2.74 billion, a price-to-earnings ratio of 93.86, a PEG ratio of 1.40 and a beta of 1.57.

CarGurus (NASDAQ:CARG) last announced its quarterly earnings results on Thursday, May 9th. The company reported $0.22 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.19 by $0.03. The company had revenue of $215.80 million for the quarter, compared to analysts’ expectations of $217.29 million. CarGurus had a net margin of 4.04% and a return on equity of 8.80%. As a group, equities research analysts forecast that CarGurus will post 0.98 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, COO Samuel Zales sold 17,668 shares of the business’s stock in a transaction dated Thursday, May 16th. The shares were sold at an average price of $24.73, for a total value of $436,929.64. Following the completion of the sale, the chief operating officer now owns 548,845 shares in the company, valued at approximately $13,572,936.85. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In other CarGurus news, CTO Matthew Todd Quinn sold 3,978 shares of the firm’s stock in a transaction dated Tuesday, July 2nd. The stock was sold at an average price of $24.91, for a total value of $99,091.98. Following the completion of the sale, the chief technology officer now owns 217,374 shares of the company’s stock, valued at $5,414,786.34. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, COO Samuel Zales sold 17,668 shares of CarGurus stock in a transaction that occurred on Thursday, May 16th. The stock was sold at an average price of $24.73, for a total transaction of $436,929.64. Following the completion of the sale, the chief operating officer now owns 548,845 shares of the company’s stock, valued at $13,572,936.85. The disclosure for this sale can be found here. In the last ninety days, insiders sold 83,494 shares of company stock worth $2,119,722. 17.20% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On CarGurus

A number of institutional investors have recently bought and sold shares of the business. Allen Investment Management LLC raised its stake in shares of CarGurus by 187.2% during the 2nd quarter. Allen Investment Management LLC now owns 257,827 shares of the company’s stock valued at $6,755,000 after buying an additional 168,051 shares during the last quarter. BOKF NA purchased a new stake in CarGurus in the 2nd quarter worth approximately $316,000. State of New Jersey Common Pension Fund D acquired a new stake in shares of CarGurus during the 2nd quarter worth approximately $2,079,000. Choreo LLC purchased a new position in shares of CarGurus during the 2nd quarter valued at approximately $563,000. Finally, Ashton Thomas Private Wealth LLC acquired a new position in shares of CarGurus in the 2nd quarter valued at $174,000. 86.90% of the stock is 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.