CarGurus (NASDAQ:CARG) Given New $35.00 Price Target at BTIG Research

CarGurus (NASDAQ:CARG) had its price target increased by BTIG Research from $30.00 to $35.00 in a research report report published on Tuesday, Benzinga reports. BTIG Research currently has a buy rating on the stock.

CARG has been the subject of several other reports. Needham & Company LLC boosted their price objective on CarGurus from $25.00 to $27.00 and gave the stock a “buy” rating in a research note on Friday, August 9th. B. Riley boosted their price objective on CarGurus from $28.00 to $30.00 and gave the stock a “buy” rating in a research note on Friday, August 9th. Royal Bank of Canada boosted their price objective on CarGurus from $27.00 to $30.00 and gave the stock an “outperform” rating in a research note on Friday, August 9th. JPMorgan Chase & Co. upped their price target on CarGurus from $29.00 to $32.00 and gave the company an “overweight” rating in a research report on Monday, August 12th. Finally, JMP Securities restated a “market outperform” rating and issued a $32.00 price target on shares of CarGurus in a research report on Monday, September 9th. Three research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $30.59.

CarGurus Stock Up 1.2 %

Shares of CARG stock opened at $32.04 on Tuesday. The stock has a market cap of $3.34 billion, a PE ratio of 114.43, a price-to-earnings-growth ratio of 1.48 and a beta of 1.56. The business has a 50-day simple moving average of $29.32 and a 200-day simple moving average of $26.07. CarGurus has a 52-week low of $16.70 and a 52-week high of $32.36.

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

Insiders Place Their Bets

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

Hedge Funds Weigh In On CarGurus

Several large investors have recently bought and sold shares of the business. Hennion & Walsh Asset Management Inc. increased its holdings in CarGurus by 5.0% in the third quarter. Hennion & Walsh Asset Management Inc. now owns 12,157 shares of the company’s stock valued at $365,000 after buying an additional 584 shares during the last quarter. Signaturefd LLC increased its holdings in CarGurus by 81.3% in the third quarter. Signaturefd LLC now owns 959 shares of the company’s stock valued at $29,000 after buying an additional 430 shares during the last quarter. Blue Trust Inc. grew its holdings in shares of CarGurus by 153.8% during the third quarter. Blue Trust Inc. now owns 10,881 shares of the company’s stock worth $327,000 after purchasing an additional 6,593 shares during the last quarter. Creative Planning grew its holdings in shares of CarGurus by 152.3% during the third quarter. Creative Planning now owns 25,391 shares of the company’s stock worth $762,000 after purchasing an additional 15,328 shares during the last quarter. Finally, Kathleen S. Wright Associates Inc. purchased a new position in shares of CarGurus during the third quarter worth about $30,000. Hedge funds and other institutional investors own 86.90% of the company’s stock.

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.