B. Riley Forecasts Strong Price Appreciation for CarGurus (NASDAQ:CARG) Stock

CarGurus (NASDAQ:CARG - Get Free Report) had its price objective hoisted by investment analysts at B. Riley from $30.00 to $40.00 in a report issued on Monday,Benzinga reports. The firm currently has a "buy" rating on the stock. B. Riley's price target suggests a potential upside of 9.56% from the stock's previous close.

A number of other equities research analysts have also recently commented on the stock. Oppenheimer increased their target price on shares of CarGurus from $32.00 to $44.00 and gave the company an "outperform" rating in a research report on Friday. DA Davidson increased their price objective on shares of CarGurus from $26.50 to $38.50 and gave the company a "neutral" rating in a report on Friday. Royal Bank of Canada boosted their target price on CarGurus from $27.00 to $30.00 and gave the stock an "outperform" rating in a report on Friday, August 9th. Needham & Company LLC increased their price target on CarGurus from $27.00 to $39.00 and gave the company a "buy" rating in a report on Friday. Finally, JPMorgan Chase & Co. lifted their price objective on CarGurus from $36.00 to $40.00 and gave the stock an "overweight" rating in a research report on Friday. Three research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat.com, CarGurus has an average rating of "Moderate Buy" and a consensus target price of $37.41.

CarGurus Price Performance

NASDAQ:CARG traded up $1.70 during trading hours on Monday, hitting $36.51. 938,714 shares of the stock were exchanged, compared to its average volume of 828,017. The firm's fifty day moving average price is $30.25 and its 200 day moving average price is $26.94. CarGurus has a 52-week low of $18.83 and a 52-week high of $37.89.

CarGurus (NASDAQ:CARG - Get Free Report) last posted its quarterly earnings data on Thursday, August 8th. The company reported $0.30 EPS for the quarter, beating the consensus estimate of $0.23 by $0.07. The firm had revenue of $218.69 million during the quarter, compared to the consensus estimate of $214.85 million. CarGurus had a positive return on equity of 13.56% and a negative net margin of 5.47%. On average, analysts expect that CarGurus will post 1.16 earnings per share for the current fiscal year.

Insider Transactions at CarGurus

In other news, COO Samuel Zales sold 25,168 shares of CarGurus stock in a transaction dated Friday, August 16th. The stock was sold at an average price of $28.34, for a total value of $713,261.12. Following the completion of the transaction, the chief operating officer now owns 480,583 shares in the company, valued at approximately $13,619,722.22. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other news, COO Samuel Zales sold 25,168 shares of CarGurus stock in a transaction on Friday, August 16th. The shares were sold at an average price of $28.34, for a total transaction of $713,261.12. Following the completion of the sale, the chief operating officer now directly owns 480,583 shares of the company's stock, valued at approximately $13,619,722.22. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CMO Dafna Sarnoff sold 4,127 shares of the firm's stock in a transaction on Tuesday, October 1st. The shares were sold at an average price of $29.94, for a total value of $123,562.38. Following the completion of the sale, the chief marketing officer now owns 119,330 shares in the company, valued at approximately $3,572,740.20. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 61,065 shares of company stock valued at $1,823,794. 17.20% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On CarGurus

Several hedge funds and other institutional investors have recently bought and sold shares of CARG. BNP Paribas Financial Markets lifted its holdings in shares of CarGurus by 18.6% during the first quarter. BNP Paribas Financial Markets now owns 95,304 shares of the company's stock worth $2,200,000 after purchasing an additional 14,961 shares during the period. Texas Permanent School Fund Corp lifted its position in shares of CarGurus by 1.3% during the 1st quarter. Texas Permanent School Fund Corp now owns 74,986 shares of the company's stock valued at $1,731,000 after acquiring an additional 980 shares during the period. LSV Asset Management boosted its stake in shares of CarGurus by 533.3% during the 1st quarter. LSV Asset Management now owns 57,000 shares of the company's stock worth $1,316,000 after acquiring an additional 48,000 shares in the last quarter. Swiss National Bank grew its holdings in shares of CarGurus by 4.7% in the 1st quarter. Swiss National Bank now owns 171,000 shares of the company's stock worth $3,947,000 after acquiring an additional 7,700 shares during the period. Finally, Headlands Technologies LLC purchased a new position in CarGurus in the 1st quarter valued at approximately $49,000. 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.