CarGurus, Inc. (NASDAQ:CARG) Receives $37.86 Consensus PT from Brokerages

Shares of CarGurus, Inc. (NASDAQ:CARG) have received a consensus rating of “Moderate Buy” from the eleven research firms that are covering the firm, Marketbeat.com reports. Two analysts have rated the stock with a hold recommendation, eight have issued a buy recommendation and one has given a strong buy recommendation to the company. The average 12 month price target among brokers that have updated their coverage on the stock in the last year is $37.86.

Several brokerages recently weighed in on CARG. BTIG Research upped their price target on CarGurus from $30.00 to $35.00 and gave the stock a “buy” rating in a research note on Tuesday, October 22nd. Citigroup raised shares of CarGurus from a “hold” rating to a “strong-buy” rating in a research report on Monday, November 11th. B. Riley upped their price objective on shares of CarGurus from $30.00 to $40.00 and gave the stock a “buy” rating in a report on Monday, November 11th. Oppenheimer lifted their target price on shares of CarGurus from $32.00 to $44.00 and gave the company an “outperform” rating in a report on Friday, November 8th. Finally, Needham & Company LLC upped their price target on CarGurus from $27.00 to $39.00 and gave the stock a “buy” rating in a research note on Friday, November 8th.

CarGurus Trading Down 0.5 %

Shares of CarGurus stock opened at $36.76 on Friday. The company’s fifty day simple moving average is $36.12 and its two-hundred day simple moving average is $30.71. The company has a market cap of $3.81 billion, a P/E ratio of -79.91, a PEG ratio of 2.00 and a beta of 1.58. CarGurus has a 12-month low of $21.18 and a 12-month high of $39.10.

Insider Transactions at CarGurus

In other CarGurus news, CEO Zachary Emerson Hallowell sold 4,580 shares of the business’s stock in a transaction dated Friday, January 3rd. The stock was sold at an average price of $35.78, for a total transaction of $163,872.40. Following the completion of the sale, the chief executive officer now owns 120,051 shares of the company’s stock, valued at approximately $4,295,424.78. The trade was a 3.67 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, COO Samuel Zales sold 25,168 shares of the firm’s stock in a transaction that occurred on Monday, November 18th. The stock was sold at an average price of $35.43, for a total transaction of $891,702.24. Following the sale, the chief operating officer now owns 442,321 shares in the company, valued at approximately $15,671,433.03. The trade was a 5.38 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 97,521 shares of company stock worth $3,394,774 in the last ninety days. Insiders own 17.20% of the company’s stock.

Hedge Funds Weigh In On CarGurus

Large investors have recently made changes to their positions in the business. Nordea Investment Management AB grew its stake in CarGurus by 4.3% during the fourth quarter. Nordea Investment Management AB now owns 313,474 shares of the company’s stock valued at $11,711,000 after acquiring an additional 12,899 shares in the last quarter. GAMMA Investing LLC increased its holdings in shares of CarGurus by 26.0% in the fourth quarter. GAMMA Investing LLC now owns 3,099 shares of the company’s stock worth $113,000 after purchasing an additional 640 shares during the last quarter. JPMorgan Chase & Co. lifted its position in shares of CarGurus by 2.5% in the third quarter. JPMorgan Chase & Co. now owns 403,833 shares of the company’s stock worth $12,127,000 after buying an additional 9,744 shares in the last quarter. Principal Financial Group Inc. boosted its stake in CarGurus by 1.4% during the third quarter. Principal Financial Group Inc. now owns 450,015 shares of the company’s stock valued at $13,514,000 after buying an additional 6,186 shares during the last quarter. Finally, Franklin Resources Inc. increased its stake in CarGurus by 0.8% in the 3rd quarter. Franklin Resources Inc. now owns 261,890 shares of the company’s stock worth $8,150,000 after acquiring an additional 2,051 shares during the last quarter. 86.90% of the stock is currently owned by hedge funds and other institutional investors.

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.