JMP Securities Forecasts Strong Price Appreciation for CarGurus (NASDAQ:CARG) Stock

CarGurus (NASDAQ:CARG) had its target price boosted by analysts at JMP Securities from $41.00 to $46.00 in a research report issued on Friday,Benzinga reports. The brokerage presently has a “market outperform” rating on the stock. JMP Securities’ price target would indicate a potential upside of 29.14% from the company’s current price.

A number of other equities analysts also recently commented on the stock. Jefferies Financial Group lifted their price objective on shares of CarGurus from $35.00 to $38.00 and gave the stock a “buy” rating in a report on Tuesday, October 22nd. Royal Bank of Canada lifted their price target on shares of CarGurus from $30.00 to $42.00 and gave the company an “outperform” rating in a report on Monday, November 11th. JPMorgan Chase & Co. increased their price objective on shares of CarGurus from $36.00 to $40.00 and gave the stock an “overweight” rating in a research note on Friday, November 8th. Citigroup upgraded CarGurus from a “hold” rating to a “strong-buy” rating in a research note on Monday, November 11th. Finally, Oppenheimer increased their price target on CarGurus from $32.00 to $44.00 and gave the stock an “outperform” rating in a research report on Friday, November 8th. Two investment analysts have rated the stock with a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $37.86.

CarGurus Stock Down 0.3 %

Shares of CarGurus stock opened at $35.62 on Friday. The business has a 50-day moving average price of $31.86 and a 200 day moving average price of $27.79. CarGurus has a fifty-two week low of $21.02 and a fifty-two week high of $37.94. The firm has a market cap of $3.69 billion, a P/E ratio of -77.43, a P/E/G ratio of 1.88 and a beta of 1.55.

Insider Buying and Selling

In other CarGurus news, CTO Matthew Todd Quinn sold 3,495 shares of the company’s 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 transaction, the chief technology officer now owns 205,696 shares of the company’s stock, valued at approximately $6,053,633.28. This represents a 1.67 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CMO Dafna Sarnoff sold 3,107 shares of the firm’s stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $28.42, for a total value of $88,300.94. Following the sale, the chief marketing officer now directly owns 128,952 shares of the company’s stock, valued at approximately $3,664,815.84. This represents a 2.35 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 71,065 shares of company stock valued at $2,356,336 over the last quarter. Corporate insiders own 17.20% of the company’s stock.

Hedge Funds Weigh In On CarGurus

A number of institutional investors have recently bought and sold shares of the stock. UniSuper Management Pty Ltd purchased a new position in shares of CarGurus in the first quarter worth approximately $483,000. Swedbank AB acquired a new stake in CarGurus during the 1st quarter valued at $1,352,000. Los Angeles Capital Management LLC raised its stake in CarGurus by 51.9% during the 3rd quarter. Los Angeles Capital Management LLC now owns 64,417 shares of the company’s stock valued at $1,934,000 after purchasing an additional 22,004 shares during the period. SG Capital Management LLC purchased a new stake in shares of CarGurus in the first quarter valued at $4,222,000. Finally, Vanguard Group Inc. boosted its position in shares of CarGurus by 1.1% in the first quarter. Vanguard Group Inc. now owns 10,198,538 shares of the company’s stock worth $235,382,000 after buying an additional 107,244 shares during the period. Hedge funds and other institutional investors own 86.90% of the company’s stock.

CarGurus Company Profile

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.