CarGurus (NASDAQ:CARG) Price Target Raised to $44.00 at Oppenheimer

CarGurus (NASDAQ:CARG - Get Free Report) had its price target increased by Oppenheimer from $32.00 to $44.00 in a research report issued to clients and investors on Friday,Benzinga reports. The firm presently has an "outperform" rating on the stock. Oppenheimer's target price would suggest a potential upside of 26.40% from the stock's previous close.

A number of other research firms have also recently issued reports on CARG. Jefferies Financial Group upped their price target on shares of CarGurus from $35.00 to $38.00 and gave the company a "buy" rating in a report on Tuesday, October 22nd. B. Riley lifted their price target on CarGurus from $28.00 to $30.00 and gave the stock a "buy" rating in a research report on Friday, August 9th. BTIG Research raised their price objective on shares of CarGurus from $30.00 to $35.00 and gave the stock a "buy" rating in a research note on Tuesday, October 22nd. DA Davidson increased their price target on shares of CarGurus from $26.50 to $38.50 and gave the company a "neutral" rating in a report on Friday. Finally, JMP Securities reaffirmed a "market outperform" rating and set a $32.00 price objective on shares of CarGurus in a research report on Monday, September 9th. Three research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $34.59.

CarGurus Stock Performance

Shares of NASDAQ CARG traded up $1.45 during mid-day trading on Friday, reaching $34.81. The company had a trading volume of 1,309,888 shares, compared to its average volume of 827,507. The stock has a fifty day moving average of $30.14 and a two-hundred day moving average of $26.80. CarGurus has a 12-month low of $18.59 and a 12-month high of $37.89. The company has a market capitalization of $3.60 billion, a price-to-earnings ratio of -70.26, a PEG ratio of 1.74 and a beta of 1.55.

CarGurus (NASDAQ:CARG - Get Free Report) last posted its quarterly earnings results on Thursday, August 8th. The company reported $0.30 EPS for the quarter, beating the consensus estimate of $0.23 by $0.07. CarGurus had a negative net margin of 5.57% and a positive return on equity of 11.06%. The business had revenue of $218.69 million for the quarter, compared to analysts' expectations of $214.85 million. Sell-side analysts forecast that CarGurus will post 1.16 earnings per share for the current fiscal year.

Insider Buying and Selling

In other CarGurus news, COO Samuel Zales sold 25,168 shares of the company's stock in a transaction on Wednesday, October 16th. The stock was sold at an average price of $31.62, for a total value of $795,812.16. Following the sale, the chief operating officer now directly owns 449,821 shares in the company, valued at $14,223,340.02. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. In related news, 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 transaction of $88,300.94. Following the completion of the sale, the chief marketing officer now directly owns 128,952 shares of the company's stock, valued at $3,664,815.84. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, COO Samuel Zales sold 25,168 shares of CarGurus stock in a transaction on Wednesday, October 16th. The shares were sold at an average price of $31.62, for a total value of $795,812.16. Following the completion of the transaction, the chief operating officer now owns 449,821 shares of the company's stock, valued at approximately $14,223,340.02. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 61,065 shares of company stock worth $1,823,794 in the last 90 days. 17.20% of the stock is owned by company insiders.

Institutional Trading of CarGurus

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. GAMMA Investing LLC increased its position in CarGurus by 19.0% in the 3rd quarter. GAMMA Investing LLC now owns 2,459 shares of the company's stock valued at $74,000 after acquiring an additional 393 shares in the last quarter. Lazard Asset Management LLC raised its position in CarGurus by 2.2% in the 1st quarter. Lazard Asset Management LLC now owns 19,510 shares of the company's stock worth $450,000 after purchasing an additional 420 shares during the last quarter. Signaturefd LLC raised its position in CarGurus by 81.3% in the 3rd quarter. Signaturefd LLC now owns 959 shares of the company's stock worth $29,000 after purchasing an additional 430 shares during the last quarter. Raymond James Trust N.A. lifted its holdings in CarGurus by 1.9% during the 2nd quarter. Raymond James Trust N.A. now owns 24,566 shares of the company's stock worth $644,000 after buying an additional 450 shares in the last quarter. Finally, Nisa Investment Advisors LLC boosted its position in CarGurus by 43.5% in the 2nd quarter. Nisa Investment Advisors LLC now owns 1,579 shares of the company's stock valued at $41,000 after buying an additional 479 shares during the last quarter. 86.90% of the stock is currently owned by institutional investors and hedge funds.

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.