CarGurus (NASDAQ:CARG) Sets New 1-Year High After Analyst Upgrade

CarGurus, Inc. (NASDAQ:CARG) reached a new 52-week high during mid-day trading on Tuesday after Royal Bank of Canada raised their price target on the stock from $30.00 to $42.00. Royal Bank of Canada currently has an outperform rating on the stock. CarGurus traded as high as $37.94 and last traded at $37.71, with a volume of 752002 shares. The stock had previously closed at $36.51.

A number of other research analysts also recently issued reports on the stock. B. Riley boosted their target price on shares of CarGurus from $30.00 to $40.00 and gave the company a “buy” rating in a research report on Monday. Oppenheimer upped their price objective on shares of CarGurus from $32.00 to $44.00 and gave the company an “outperform” rating in a report on Friday. JPMorgan Chase & Co. upped their price objective on shares of CarGurus from $36.00 to $40.00 and gave the stock an “overweight” rating in a research report on Friday. BTIG Research raised their target price on shares of CarGurus from $30.00 to $35.00 and gave the stock a “buy” rating in a report on Tuesday, October 22nd. Finally, DA Davidson raised their price target on CarGurus from $26.50 to $38.50 and gave the company a “neutral” rating in a report on Friday. Three equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $37.41.

Insider Activity

In related news, COO Samuel Zales sold 25,168 shares of the company’s stock in a transaction on Wednesday, October 16th. The shares were sold at an average price of $31.62, for a total transaction of $795,812.16. Following the completion of the sale, the chief operating officer now directly owns 449,821 shares in the company, valued at $14,223,340.02. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. In other CarGurus news, COO Samuel Zales sold 25,168 shares of the firm’s stock in a transaction that occurred on Wednesday, October 16th. The shares were sold at an average price of $31.62, for a total transaction of $795,812.16. Following the sale, the chief operating officer now owns 449,821 shares in the company, valued at approximately $14,223,340.02. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CMO Dafna Sarnoff sold 4,127 shares of the firm’s stock in a transaction on Tuesday, October 1st. The shares were sold at an average price of $29.94, for a total transaction of $123,562.38. Following the completion of the transaction, the chief marketing officer now directly owns 119,330 shares of the company’s stock, valued at approximately $3,572,740.20. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 61,065 shares of company stock valued at $1,823,794. Insiders own 17.20% of the company’s stock.

Institutional Trading of CarGurus

A number of hedge funds and other institutional investors have recently modified their holdings of CARG. Signaturefd LLC increased its stake in CarGurus by 81.3% during the third 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. Kathleen S. Wright Associates Inc. acquired a new position in shares of CarGurus during the 3rd quarter worth about $30,000. CWM LLC raised its position in shares of CarGurus by 54.1% in the second quarter. CWM LLC now owns 1,381 shares of the company’s stock valued at $36,000 after buying an additional 485 shares in the last quarter. Nisa Investment Advisors LLC grew its stake 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 buying an additional 479 shares during the last quarter. Finally, GAMMA Investing LLC boosted its position in CarGurus by 25.9% during the second quarter. GAMMA Investing LLC now owns 2,066 shares of the company’s stock valued at $54,000 after acquiring an additional 425 shares during the last quarter. 86.90% of the stock is owned by institutional investors and hedge funds.

CarGurus Stock Performance

The stock’s fifty day moving average is $30.40 and its two-hundred day moving average is $27.03. The company has a market cap of $3.89 billion, a price-to-earnings ratio of -79.37, a price-to-earnings-growth ratio of 1.94 and a beta of 1.55.

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.