CarGurus (NASDAQ:CARG) Price Target Raised to $32.00

CarGurus (NASDAQ:CARG) had its price target hoisted by JPMorgan Chase & Co. from $29.00 to $32.00 in a research note published on Monday, Benzinga reports. They currently have an overweight rating on the stock.

CARG has been the topic of a number of other research reports. B. Riley lifted their target price on shares of CarGurus from $28.00 to $30.00 and gave the stock a buy rating in a research report on Friday, August 9th. Citigroup lifted their price objective on CarGurus from $24.00 to $27.00 and gave the stock a neutral rating in a report on Wednesday, July 3rd. Needham & Company LLC increased their target price on CarGurus from $25.00 to $27.00 and gave the company a buy rating in a report on Friday, August 9th. BTIG Research lifted 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, DA Davidson increased their price objective on CarGurus from $22.00 to $25.50 and gave the company a neutral rating in a research note on Monday, May 13th. Three analysts have rated the stock with a hold rating and seven 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 price target of $29.25.

CarGurus Stock Down 2.6 %

CARG opened at $27.68 on Monday. The business’s fifty day simple moving average is $25.31 and its 200 day simple moving average is $23.92. CarGurus has a 52 week low of $16.70 and a 52 week high of $28.67. The stock has a market cap of $2.88 billion, a PE ratio of 98.86, a P/E/G ratio of 1.40 and a beta of 1.57.

Insider Activity at CarGurus

In other CarGurus news, COO Samuel Zales sold 30,000 shares of the firm’s stock in a transaction that occurred on Thursday, June 6th. The shares were sold at an average price of $25.00, for a total transaction of $750,000.00. Following the completion of the transaction, the chief operating officer now owns 518,845 shares of the company’s stock, valued at $12,971,125. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, COO Samuel Zales sold 30,000 shares of CarGurus stock in a transaction dated Thursday, June 6th. The stock was sold at an average price of $25.00, for a total value of $750,000.00. Following the completion of the transaction, the chief operating officer now owns 518,845 shares of the company’s stock, valued at approximately $12,971,125. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CTO Matthew Todd Quinn sold 3,978 shares of the company’s stock in a transaction dated Tuesday, July 2nd. The stock was sold at an average price of $24.91, for a total transaction of $99,091.98. Following the completion of the transaction, the chief technology officer now owns 217,374 shares in the company, valued at approximately $5,414,786.34. The disclosure for this sale can be found here. Insiders sold a total of 65,826 shares of company stock valued at $1,682,792 in the last three months. Company insiders own 17.20% of the company’s stock.

Hedge Funds Weigh In On CarGurus

Hedge funds have recently added to or reduced their stakes in the company. GAMMA Investing LLC purchased a new position in CarGurus in the 4th quarter worth about $32,000. CWM LLC raised its holdings in shares of CarGurus by 54.1% during the second quarter. CWM LLC now owns 1,381 shares of the company’s stock valued at $36,000 after purchasing an additional 485 shares during the last quarter. Nisa Investment Advisors LLC lifted its position in CarGurus by 43.5% during the second quarter. Nisa Investment Advisors LLC now owns 1,579 shares of the company’s stock valued at $41,000 after purchasing an additional 479 shares during the period. Headlands Technologies LLC purchased a new stake in CarGurus in the first quarter worth approximately $49,000. Finally, Daiwa Securities Group Inc. bought a new stake in CarGurus in the 4th quarter worth approximately $65,000. 86.90% of the stock is currently owned by hedge funds and other institutional investors.

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.