CarGurus (NASDAQ:CARG) Price Target Raised to $41.00

CarGurus (NASDAQ:CARG) had its price target raised by analysts at Citigroup from $39.00 to $41.00 in a research note issued to investors on Monday, Benzinga reports. The brokerage presently has a “neutral” rating on the stock. Citigroup‘s target price would indicate a potential upside of 20.43% from the company’s current price.

A number of other analysts have also commented on CARG. Barclays boosted their price objective on CarGurus from $38.00 to $41.00 and gave the stock an “overweight” rating in a report on Monday. Oppenheimer raised their target price on CarGurus from $38.00 to $44.00 and gave the company an “outperform” rating in a report on Wednesday, August 12th. JPMorgan Chase & Co. cut their target price on CarGurus from $42.00 to $37.00 and set a “neutral” rating on the stock in a research report on Friday. Wall Street Zen upgraded CarGurus from a “hold” rating to a “buy” rating in a report on Saturday, October 31st. Finally, Needham & Company LLC upped their price target on CarGurus from $43.00 to $44.00 and gave the stock a “buy” rating in a report on Friday, August 7th. One investment analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and six have issued a Hold rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $40.25.

CarGurus Price Performance

Shares of NASDAQ CARG traded up $0.31 during mid-day trading on Monday, reaching $34.05. 535,277 shares of the company’s stock traded hands, compared to its average volume of 1,279,546. The stock has a market cap of $3.03 billion, a P/E ratio of 17.18, a PEG ratio of 1.20 and a beta of 1.22. The business has a 50-day simple moving average of $32.17 and a 200 day simple moving average of $32.85. CarGurus has a 1-year low of $26.39 and a 1-year high of $41.22.

CarGurus (NASDAQ:CARG) last posted its earnings results on Thursday, November 5th. The company reported $0.70 earnings per share for the quarter, topping analysts’ consensus estimates of $0.66 by $0.04. CarGurus had a net margin of 18.51% and a return on equity of 68.43%. The company had revenue of $258.37 million for the quarter, compared to analyst estimates of $256.46 million. During the same quarter in the prior year, the business posted $0.57 EPS. The firm’s revenue was up 8.2% compared to the same quarter last year. Equities research analysts anticipate that CarGurus will post 2.17 earnings per share for the current fiscal year.

Insider Transactions at CarGurus

In other news, COO Samuel Zales sold 10,000 shares of the business’s stock in a transaction that occurred on Monday, November 2nd. The stock was sold at an average price of $32.33, for a total value of $323,300.00. Following the transaction, the chief operating officer owned 419,735 shares in the company, valued at $13,570,032.55. The trade was a 2.33% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Greg M. Schwartz sold 10,000 shares of the company’s stock in a transaction that occurred on Wednesday, August 12th. The shares were sold at an average price of $36.07, for a total value of $360,700.00. Following the completion of the transaction, the director directly owned 8,716 shares of the company’s stock, valued at approximately $314,386.12. This represents a 53.43% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders have sold 82,846 shares of company stock worth $2,803,095. Company insiders own 18.19% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Eurizon Capital SGR S.p.A. purchased a new stake in CarGurus during the 3rd quarter worth about $25,000. Gen Wealth Partners Inc purchased a new position in CarGurus during the 3rd quarter valued at about $31,000. Public Employees Retirement System of Ohio purchased a new position in CarGurus during the 2nd quarter valued at about $43,000. Farther Finance Advisors LLC grew its holdings in CarGurus by 107.5% during the 3rd quarter. Farther Finance Advisors LLC now owns 1,531 shares of the company’s stock valued at $48,000 after buying an additional 793 shares in the last quarter. Finally, Signaturefd LLC increased its position in shares of CarGurus by 59.6% during the third quarter. Signaturefd LLC now owns 1,953 shares of the company’s stock valued at $61,000 after buying an additional 729 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 marketplace that helps consumers research and compare vehicles and connect with dealerships. Its website and mobile apps feature new and used vehicle listings, search tools, vehicle information and pricing insights designed to help shoppers evaluate available cars.

The company also provides dealerships with products and services to market inventory and engage with potential buyers through its platform. CarGurus was founded in 2006 by Langley Steinert, who previously co-founded TripAdvisor, and is headquartered in Cambridge, Massachusetts.

CarGurus serves customers and dealerships in the United States, Canada and the United Kingdom.