Analysts Set CarGurus, Inc. (NASDAQ:CARG) Target Price at $37.86

CarGurus, Inc. (NASDAQ:CARG) has earned a consensus rating of “Moderate Buy” from the eleven brokerages that are covering the company, MarketBeat.com reports. Two investment analysts have rated the stock with a hold recommendation, eight have issued a buy recommendation and one has assigned a strong buy recommendation to the company. The average 1 year target price among brokerages that have covered the stock in the last year is $37.86.

Several brokerages have recently issued reports on CARG. Needham & Company LLC increased their target price on CarGurus from $27.00 to $39.00 and gave the stock a “buy” rating in a research report on Friday, November 8th. DA Davidson increased their price objective on CarGurus from $26.50 to $38.50 and gave the stock a “neutral” rating in a report on Friday, November 8th. Citigroup upgraded shares of CarGurus from a “hold” rating to a “strong-buy” rating in a report on Monday, November 11th. Oppenheimer upped their target price on shares of CarGurus from $32.00 to $44.00 and gave the stock an “outperform” rating in a research report on Friday, November 8th. Finally, Jefferies Financial Group lifted their price target on shares of CarGurus from $35.00 to $38.00 and gave the company a “buy” rating in a research report on Tuesday, October 22nd.

Insider Transactions at CarGurus

In related news, CTO Matthew Todd Quinn sold 3,495 shares of CarGurus stock in a transaction on Wednesday, October 2nd. The stock was sold at an average price of $29.43, for a total value of $102,857.85. Following the completion of the sale, the chief technology officer now owns 205,696 shares of the company’s stock, valued at $6,053,633.28. The trade was a 1.67 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Jason Trevisan sold 10,000 shares of the company’s stock in a transaction on Monday, November 18th. The shares were sold at an average price of $35.41, for a total value of $354,100.00. Following the sale, the chief executive officer now owns 779,606 shares of the company’s stock, valued at approximately $27,605,848.46. This trade represents a 1.27 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 67,958 shares of company stock worth $2,268,035 over the last quarter. 17.20% of the stock is currently owned by insiders.

Institutional Investors Weigh In On CarGurus

Large investors have recently made changes to their positions in the company. State Street Corp grew its position in shares of CarGurus by 4.8% during the 3rd quarter. State Street Corp now owns 3,298,894 shares of the company’s stock valued at $99,066,000 after acquiring an additional 151,862 shares during the period. Geode Capital Management LLC lifted its position in CarGurus by 3.8% during the third quarter. Geode Capital Management LLC now owns 2,055,145 shares of the company’s stock valued at $61,728,000 after purchasing an additional 74,730 shares in the last quarter. Thrivent Financial for Lutherans grew its holdings in CarGurus by 6.5% during the second quarter. Thrivent Financial for Lutherans now owns 1,461,119 shares of the company’s stock valued at $38,282,000 after purchasing an additional 89,346 shares during the period. Prevatt Capital Ltd increased its position in CarGurus by 7.0% in the third quarter. Prevatt Capital Ltd now owns 1,230,000 shares of the company’s stock worth $36,937,000 after buying an additional 80,000 shares in the last quarter. Finally, Select Equity Group L.P. raised its stake in shares of CarGurus by 2.8% in the second quarter. Select Equity Group L.P. now owns 1,145,692 shares of the company’s stock worth $30,017,000 after buying an additional 31,431 shares during the period. 86.90% of the stock is currently owned by institutional investors.

CarGurus Stock Performance

NASDAQ CARG opened at $37.67 on Wednesday. The stock has a market cap of $3.91 billion, a P/E ratio of -81.89, a price-to-earnings-growth ratio of 2.00 and a beta of 1.57. CarGurus has a fifty-two week low of $21.18 and a fifty-two week high of $39.10. The stock has a 50 day simple moving average of $34.28 and a two-hundred day simple moving average of $29.26.

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.