CarGurus’ (CARG) “Market Outperform” Rating Reaffirmed at JMP Securities

JMP Securities reiterated their market outperform rating on shares of CarGurus (NASDAQ:CARG) in a research report released on Monday morning,Benzinga reports. JMP Securities currently has a $46.00 price target on the stock.

CARG has been the topic of several other reports. DA Davidson increased their price target on shares of CarGurus from $26.50 to $38.50 and gave the company a “neutral” rating in a report on Friday, November 8th. Oppenheimer increased their target price on CarGurus from $32.00 to $44.00 and gave the stock an “outperform” rating in a research note on Friday, November 8th. Citigroup raised CarGurus from a “hold” rating to a “strong-buy” rating in a report on Monday, November 11th. JPMorgan Chase & Co. upped their price objective on CarGurus from $36.00 to $40.00 and gave the company an “overweight” rating in a report on Friday, November 8th. Finally, Jefferies Financial Group lifted their target price on CarGurus from $35.00 to $38.00 and gave the stock a “buy” rating in a report on Tuesday, October 22nd. Two analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $37.86.

CarGurus Price Performance

NASDAQ:CARG opened at $38.68 on Monday. CarGurus has a one year low of $21.18 and a one year high of $39.10. The company has a market cap of $4.01 billion, a P/E ratio of -84.09, a P/E/G ratio of 2.00 and a beta of 1.57. The firm’s fifty day moving average price is $34.47 and its two-hundred day moving average price is $29.45.

Insider Activity

In other news, CTO Matthew Todd Quinn sold 3,495 shares of the business’s stock in a transaction on Wednesday, October 2nd. The stock was sold at an average price of $29.43, for a total transaction of $102,857.85. Following the completion of the transaction, the chief technology officer now owns 205,696 shares of the company’s stock, valued at approximately $6,053,633.28. The trade was a 1.67 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CMO Dafna Sarnoff sold 4,127 shares of the firm’s stock in a transaction dated Tuesday, October 1st. The shares were sold at an average price of $29.94, for a total value of $123,562.38. Following the completion of the sale, the chief marketing officer now directly owns 119,330 shares in the company, valued at $3,572,740.20. This trade represents a 3.34 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 67,958 shares of company stock worth $2,268,035. 17.20% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. Charles Schwab Investment Management Inc. boosted its stake in shares of CarGurus by 9.4% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,043,217 shares of the company’s stock valued at $31,328,000 after purchasing an additional 89,815 shares in the last quarter. Los Angeles Capital Management LLC boosted its position in CarGurus by 51.9% during the 3rd quarter. Los Angeles Capital Management LLC now owns 64,417 shares of the company’s stock worth $1,934,000 after buying an additional 22,004 shares during the period. Alpha DNA Investment Management LLC bought a new stake in CarGurus during the 3rd quarter worth approximately $503,000. State Street Corp grew its holdings in CarGurus by 4.8% during the 3rd quarter. State Street Corp now owns 3,298,894 shares of the company’s stock worth $99,066,000 after acquiring an additional 151,862 shares during the last quarter. Finally, Citigroup Inc. increased its position in CarGurus by 31.0% in the 3rd quarter. Citigroup Inc. now owns 165,918 shares of the company’s stock valued at $4,983,000 after acquiring an additional 39,240 shares during the period. 86.90% of the stock is currently owned by institutional investors and hedge funds.

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.