CarGurus (NASDAQ:CARG) Given New $45.00 Price Target at Needham & Company LLC

CarGurus (NASDAQ:CARG - Get Free Report) had its target price upped by analysts at Needham & Company LLC from $39.00 to $45.00 in a research report issued to clients and investors on Thursday, MarketBeat Ratings reports. The brokerage currently has a "buy" rating on the stock. Needham & Company LLC's target price would indicate a potential upside of 19.52% from the company's current price.

A number of other research firms have also weighed in on CARG. JPMorgan Chase & Co. boosted their target price on CarGurus from $36.00 to $40.00 and gave the stock an "overweight" rating in a report on Friday, November 8th. Oppenheimer upped their price objective on shares of CarGurus from $32.00 to $44.00 and gave the company an "outperform" rating in a report on Friday, November 8th. Jefferies Financial Group raised their target price on shares of CarGurus from $35.00 to $38.00 and gave the stock a "buy" rating in a research note on Tuesday, October 22nd. JMP Securities reaffirmed a "market outperform" rating and set a $46.00 target price on shares of CarGurus in a report on Monday, December 16th. Finally, BTIG Research increased their price target on shares of CarGurus from $30.00 to $35.00 and gave the company a "buy" rating in a report on Tuesday, October 22nd. Two analysts have rated the stock with a hold rating, eight have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $38.41.

CarGurus Stock Performance

CarGurus stock traded up $0.40 during midday trading on Thursday, reaching $37.65. 1,070,605 shares of the company's stock were exchanged, compared to its average volume of 732,850. The stock's 50-day simple moving average is $36.79 and its 200 day simple moving average is $31.17. The firm has a market cap of $3.90 billion, a price-to-earnings ratio of -81.85, a P/E/G ratio of 1.61 and a beta of 1.58. CarGurus has a 52 week low of $21.18 and a 52 week high of $39.10.

Insider Transactions at CarGurus

In other news, COO Samuel Zales sold 25,168 shares of the company's stock in a transaction 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 completion of the sale, the chief operating officer now directly owns 442,321 shares in the company, valued at approximately $15,671,433.03. This represents a 5.38 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Jason Trevisan sold 10,000 shares of the firm's stock in a transaction on Monday, November 18th. The stock was sold at an average price of $35.41, for a total value of $354,100.00. Following the completion of the transaction, the chief executive officer now owns 779,606 shares in the company, valued at $27,605,848.46. The trade was a 1.27 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 72,353 shares of company stock valued at $2,598,961. 17.20% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On CarGurus

A number of large investors have recently bought and sold shares of the company. Point72 Hong Kong Ltd bought a new stake in shares of CarGurus during the 3rd quarter worth approximately $28,000. Signaturefd LLC raised its position in CarGurus by 81.3% during the third quarter. Signaturefd LLC now owns 959 shares of the company's stock valued at $29,000 after purchasing an additional 430 shares in the last quarter. Kathleen S. Wright Associates Inc. bought a new stake in CarGurus during the third quarter worth $30,000. USA Financial Formulas acquired a new stake in shares of CarGurus in the 4th quarter valued at $35,000. Finally, Quarry LP boosted its holdings in shares of CarGurus by 155.8% in the 3rd quarter. Quarry LP now owns 1,499 shares of the company's stock valued at $45,000 after purchasing an additional 913 shares in the last quarter. 86.90% of the stock is currently owned by institutional investors and hedge funds.

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.