JPMorgan Chase & Co. Boosts CarGurus (NASDAQ:CARG) Price Target to $42.00

CarGurus (NASDAQ:CARG) had its price target increased by analysts at JPMorgan Chase & Co. from $40.00 to $42.00 in a research report issued on Friday,Benzinga reports. The brokerage presently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s price target indicates a potential upside of 34.83% from the stock’s current price.

A number of other equities analysts have also recently weighed in on the stock. JMP Securities restated a “market outperform” rating and set a $46.00 price objective on shares of CarGurus in a research report on Monday, December 16th. DA Davidson upped their target price on shares of CarGurus from $26.50 to $38.50 and gave the stock a “neutral” rating in a report on Friday, November 8th. Needham & Company LLC reaffirmed a “buy” rating and set a $45.00 target price on shares of CarGurus in a report on Friday. Citigroup raised shares of CarGurus from a “hold” rating to a “strong-buy” rating in a report on Monday, November 11th. Finally, Royal Bank of Canada upped their target price on shares of CarGurus from $30.00 to $42.00 and gave the stock an “outperform” rating in a report on Monday, November 11th. Two analysts have rated the stock with a hold rating, eight have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, CarGurus currently has a consensus rating of “Moderate Buy” and an average price target of $38.59.

CarGurus Stock Performance

NASDAQ:CARG opened at $31.15 on Friday. The company has a fifty day moving average of $37.81 and a two-hundred day moving average of $33.75. The stock has a market capitalization of $3.23 billion, a PE ratio of 173.07, a P/E/G ratio of 1.72 and a beta of 1.59. CarGurus has a fifty-two week low of $21.18 and a fifty-two week high of $41.33.

CarGurus (NASDAQ:CARG) last posted its quarterly earnings data on Thursday, February 20th. The company reported $0.44 earnings per share for the quarter, missing analysts’ consensus estimates of $0.50 by ($0.06). The company had revenue of $228.54 million for the quarter, compared to analyst estimates of $231.72 million. CarGurus had a return on equity of 27.14% and a net margin of 2.34%. Research analysts forecast that CarGurus will post 1.41 earnings per share for the current year.

Insider Activity at CarGurus

In other CarGurus news, COO Samuel Zales sold 9,857 shares of the stock in a transaction dated Thursday, January 2nd. The shares were sold at an average price of $36.62, for a total transaction of $360,963.34. Following the completion of the transaction, the chief operating officer now owns 434,821 shares of the company’s stock, valued at $15,923,145.02. This trade represents a 2.22 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Zachary Emerson Hallowell sold 2,203 shares of the stock in a transaction dated Friday, January 17th. The stock was sold at an average price of $38.12, for a total transaction of $83,978.36. Following the transaction, the chief executive officer now directly owns 115,983 shares of the company’s stock, valued at approximately $4,421,271.96. This trade represents a 1.86 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 59,388 shares of company stock valued at $2,204,338. 17.20% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the stock. Vanguard Group Inc. boosted its stake in CarGurus by 2.4% during the fourth quarter. Vanguard Group Inc. now owns 9,686,886 shares of the company’s stock worth $353,959,000 after buying an additional 225,430 shares during the period. Wellington Management Group LLP boosted its stake in CarGurus by 12.7% during the fourth quarter. Wellington Management Group LLP now owns 7,145,350 shares of the company’s stock worth $261,091,000 after buying an additional 802,602 shares during the period. State Street Corp boosted its stake in CarGurus by 4.8% during the third quarter. State Street Corp now owns 3,298,894 shares of the company’s stock worth $99,066,000 after buying an additional 151,862 shares during the period. Geode Capital Management LLC boosted its stake in CarGurus by 3.8% during the third quarter. Geode Capital Management LLC now owns 2,055,145 shares of the company’s stock worth $61,728,000 after buying an additional 74,730 shares during the period. Finally, Arrowstreet Capital Limited Partnership boosted its stake in CarGurus by 168.7% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 1,524,478 shares of the company’s stock worth $55,704,000 after buying an additional 957,035 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.