CarGurus (NASDAQ:CARG) Receives "Market Outperform" Rating from JMP Securities

CarGurus (NASDAQ:CARG - Get Free Report)'s stock had its "market outperform" rating reiterated by analysts at JMP Securities in a research report issued to clients and investors on Monday,Benzinga reports. They currently have a $46.00 target price on the stock. JMP Securities' price target indicates a potential upside of 18.92% from the stock's previous close.

Several other analysts also recently weighed in on CARG. Citigroup upgraded CarGurus from a "hold" rating to a "strong-buy" rating in a research report on Monday, November 11th. Needham & Company LLC lifted their target price on CarGurus from $27.00 to $39.00 and gave the stock a "buy" rating in a report on Friday, November 8th. JPMorgan Chase & Co. increased their target price 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. Royal Bank of Canada increased their price objective on CarGurus from $30.00 to $42.00 and gave the company an "outperform" rating in a research note on Monday, November 11th. Finally, DA Davidson raised their price objective on shares of CarGurus from $26.50 to $38.50 and gave the stock a "neutral" rating in a research report on Friday, November 8th. Two equities research analysts have rated the stock with a hold rating, eight have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $37.86.

CarGurus Stock Performance

Shares of CARG traded up $1.01 during midday trading on Monday, hitting $38.68. 554,766 shares of the company traded hands, compared to its average volume of 811,490. The stock has a market cap of $4.01 billion, a price-to-earnings ratio of -84.09, a PEG ratio of 2.00 and a beta of 1.57. The firm has a 50 day moving average of $34.47 and a 200-day moving average of $29.45. 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, CMO Dafna Sarnoff sold 4,127 shares of CarGurus stock in a transaction that occurred on Tuesday, October 1st. The stock was sold at an average price of $29.94, for a total value of $123,562.38. Following the transaction, the chief marketing officer now directly owns 119,330 shares in the company, valued at approximately $3,572,740.20. This trade represents a 3.34 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CTO Matthew Todd Quinn sold 3,495 shares of the business's stock in a transaction that occurred on Wednesday, October 2nd. The shares were sold at an average price of $29.43, for a total value of $102,857.85. Following the completion of the transaction, the chief technology officer now directly owns 205,696 shares in the company, valued at approximately $6,053,633.28. The trade was a 1.67 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 67,958 shares of company stock valued at $2,268,035 over the last ninety days. Insiders own 17.20% of the company's stock.

Institutional Investors Weigh In On CarGurus

Hedge funds have recently added to or reduced their stakes in the company. Charles Schwab Investment Management Inc. lifted its holdings in CarGurus by 9.4% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,043,217 shares of the company's stock valued at $31,328,000 after acquiring an additional 89,815 shares during the period. Los Angeles Capital Management LLC increased its stake in CarGurus by 51.9% in 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 in the last quarter. Alpha DNA Investment Management LLC acquired a new position in CarGurus during the third quarter worth $503,000. State Street Corp boosted its position 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 purchasing an additional 151,862 shares in the last quarter. Finally, Citigroup Inc. grew its holdings in CarGurus by 31.0% in the third quarter. Citigroup Inc. now owns 165,918 shares of the company's stock valued at $4,983,000 after purchasing an additional 39,240 shares during the last quarter. Institutional investors and hedge funds 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.