Needham & Company LLC Increases CarGurus (NASDAQ:CARG) Price Target to $45.00

CarGurus (NASDAQ:CARG) had its target price raised by investment analysts at Needham & Company LLC from $39.00 to $45.00 in a note issued to investors on Thursday, Marketbeat Ratings reports. The firm presently has a “buy” rating on the stock. Needham & Company LLC’s target price would suggest a potential upside of 19.08% from the company’s current price.

CARG has been the subject of several other reports. Citigroup upgraded CarGurus from a “hold” rating to a “strong-buy” rating in a research note on Monday, November 11th. Jefferies Financial Group boosted their price target on CarGurus from $35.00 to $38.00 and gave the company a “buy” rating in a research report on Tuesday, October 22nd. JMP Securities reissued a “market outperform” rating and set a $46.00 price target on shares of CarGurus in a research report on Monday, December 16th. BTIG Research boosted their price target on CarGurus from $30.00 to $35.00 and gave the company a “buy” rating in a research report on Tuesday, October 22nd. Finally, B. Riley boosted their price target on CarGurus from $30.00 to $40.00 and gave the company a “buy” rating in a research report on Monday, November 11th. Two analysts have rated the stock with a hold rating, eight have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $38.41.

CarGurus Trading Up 0.4 %

CarGurus stock opened at $37.79 on Thursday. The firm has a market capitalization of $3.92 billion, a P/E ratio of -82.15, a PEG ratio of 1.61 and a beta of 1.58. The stock has a fifty day moving average price of $36.85 and a 200 day moving average price of $31.26. CarGurus has a 52 week low of $21.18 and a 52 week high of $39.10.

Insider Activity at CarGurus

In other CarGurus news, CEO Jason Trevisan sold 10,000 shares of the company’s stock in a transaction that occurred on Monday, November 18th. The stock was sold at an average price of $35.41, for a total transaction of $354,100.00. Following the sale, the chief executive officer now owns 779,606 shares in the company, valued at $27,605,848.46. This represents a 1.27 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, COO Samuel Zales sold 7,500 shares of the company’s stock in a transaction that occurred on Monday, December 16th. The shares were sold at an average price of $37.70, for a total value of $282,750.00. Following the sale, the chief operating officer now owns 434,821 shares in the company, valued at $16,392,751.70. The trade was a 1.70 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 72,353 shares of company stock valued at $2,598,961. Insiders own 17.20% of the company’s stock.

Institutional Trading of CarGurus

Institutional investors and hedge funds have recently bought and sold shares of the company. Point72 Hong Kong Ltd acquired a new stake in shares of CarGurus during the 3rd quarter worth approximately $28,000. USA Financial Formulas acquired a new stake in shares of CarGurus during the 4th quarter worth approximately $35,000. Signaturefd LLC raised its position in shares of CarGurus by 81.3% during the 3rd quarter. Signaturefd LLC now owns 959 shares of the company’s stock worth $29,000 after purchasing an additional 430 shares during the period. Kathleen S. Wright Associates Inc. acquired a new stake in shares of CarGurus during the 3rd quarter worth approximately $30,000. Finally, Quarry LP raised its position in shares of CarGurus by 155.8% during the 3rd quarter. Quarry LP now owns 1,499 shares of the company’s stock worth $45,000 after purchasing an additional 913 shares during the period. Institutional investors and hedge funds 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.