CarGurus (NASDAQ:CARG) Reaches New 12-Month High Following Analyst Upgrade

Shares of CarGurus, Inc. (NASDAQ:CARG) hit a new 52-week high during 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 equities research analysts also recently weighed in on CARG. BTIG Research boosted their target price on CarGurus from $30.00 to $35.00 and gave the stock a “buy” rating in a research report on Tuesday, October 22nd. B. Riley upped 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. JPMorgan Chase & Co. lifted their price target on shares of CarGurus from $36.00 to $40.00 and gave the stock an “overweight” rating in a research report on Friday, November 8th. Needham & Company LLC increased their price objective on shares of CarGurus from $27.00 to $39.00 and gave the company a “buy” rating in a report on Friday, November 8th. Finally, Oppenheimer lifted their target price on shares of CarGurus from $32.00 to $44.00 and gave the stock an “outperform” rating in a report on Friday, November 8th. Three analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $37.41.

Insider Transactions at CarGurus

In related news, COO Samuel Zales sold 25,168 shares of the business’s stock in a transaction that occurred on Friday, August 16th. The stock was sold at an average price of $28.34, for a total value of $713,261.12. Following the completion of the transaction, the chief operating officer now directly owns 480,583 shares in the company, valued at approximately $13,619,722.22. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, CTO Matthew Todd Quinn sold 3,495 shares of the business’s stock in a transaction dated Wednesday, October 2nd. The stock was sold at an average price of $29.43, for a total value of $102,857.85. Following the sale, the chief technology officer now directly owns 205,696 shares in the company, valued at $6,053,633.28. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, COO Samuel Zales sold 25,168 shares of CarGurus stock in a transaction that occurred on Friday, August 16th. The shares were sold at an average price of $28.34, for a total value of $713,261.12. Following the completion of the sale, the chief operating officer now directly owns 480,583 shares in the company, valued at approximately $13,619,722.22. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 61,065 shares of company stock valued at $1,823,794 over the last 90 days. 17.20% of the stock is owned by company insiders.

Institutional Trading of CarGurus

A number of institutional investors have recently made changes to their positions in the business. GAMMA Investing LLC grew its stake in CarGurus by 19.0% in the third quarter. GAMMA Investing LLC now owns 2,459 shares of the company’s stock valued at $74,000 after purchasing an additional 393 shares in the last quarter. Lazard Asset Management LLC increased its stake in shares of CarGurus by 2.2% during the 1st quarter. Lazard Asset Management LLC now owns 19,510 shares of the company’s stock worth $450,000 after purchasing an additional 420 shares during the last quarter. Signaturefd LLC lifted its stake 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 last quarter. Raymond James Trust N.A. raised its stake in CarGurus by 1.9% in the second quarter. Raymond James Trust N.A. now owns 24,566 shares of the company’s stock valued at $644,000 after buying an additional 450 shares during the period. Finally, Nisa Investment Advisors LLC lifted its position in shares of CarGurus by 43.5% in the second quarter. Nisa Investment Advisors LLC now owns 1,579 shares of the company’s stock valued at $41,000 after buying an additional 479 shares during the last quarter. Institutional investors own 86.90% of the company’s stock.

CarGurus Trading Up 2.7 %

The company has a market capitalization of $3.88 billion, a P/E ratio of -81.52, a P/E/G ratio of 1.94 and a beta of 1.55. The company has a 50 day moving average price of $30.59 and a 200 day moving average price of $27.13.

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.