JMP Securities Forecasts Strong Price Appreciation for CarGurus (NASDAQ:CARG) Stock

CarGurus (NASDAQ:CARG - Free Report) had its price target upped by JMP Securities from $41.00 to $46.00 in a research note released on Friday,Benzinga reports. The brokerage currently has a market outperform rating on the stock.

Several other equities research analysts also recently commented on the company. Oppenheimer boosted their target price on CarGurus from $32.00 to $44.00 and gave the stock an "outperform" rating in a report on Friday, November 8th. JPMorgan Chase & Co. lifted their price objective on CarGurus from $36.00 to $40.00 and gave the stock an "overweight" rating in a report on Friday, November 8th. B. Riley boosted their price target on CarGurus from $30.00 to $40.00 and gave the company a "buy" rating in a research note on Monday, November 11th. Royal Bank of Canada raised their price target on CarGurus from $30.00 to $42.00 and gave the company an "outperform" rating in a report on Monday, November 11th. Finally, DA Davidson upped their price objective on CarGurus from $26.50 to $38.50 and gave the stock a "neutral" rating in a research note on Friday, November 8th. Two equities research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $37.86.

CarGurus Trading Down 0.3 %

CarGurus stock traded down $0.11 on Friday, hitting $35.62. 665,962 shares of the stock traded hands, compared to its average volume of 823,343. The business's fifty day simple moving average is $31.73 and its 200 day simple moving average is $27.70. The firm has a market cap of $3.69 billion, a P/E ratio of -77.67, a price-to-earnings-growth ratio of 1.87 and a beta of 1.55. CarGurus has a 1 year low of $21.02 and a 1 year high of $37.94.

Insider Buying and Selling at CarGurus

In other CarGurus news, CMO Dafna Sarnoff sold 3,107 shares of the stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $28.42, for a total value of $88,300.94. Following the completion of the sale, the chief marketing officer now owns 128,952 shares in the company, valued at approximately $3,664,815.84. This represents a 2.35 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CTO Matthew Todd Quinn sold 3,495 shares of the firm's stock in a transaction on Wednesday, October 2nd. The stock was sold at an average price of $29.43, for a total value of $102,857.85. Following the completion of the sale, the chief technology officer now directly owns 205,696 shares of the company's stock, valued at $6,053,633.28. This trade represents a 1.67 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 71,065 shares of company stock valued at $2,356,336. Company insiders own 17.20% of the company's stock.

Institutional Investors Weigh In On CarGurus

Several institutional investors have recently modified their holdings of CARG. UniSuper Management Pty Ltd acquired a new position in CarGurus in the first quarter valued at $483,000. Swedbank AB purchased a new stake in shares of CarGurus in the first quarter valued at approximately $1,352,000. Los Angeles Capital Management LLC boosted its position in shares of CarGurus by 51.9% during the 3rd quarter. Los Angeles Capital Management LLC now owns 64,417 shares of the company's stock worth $1,934,000 after purchasing an additional 22,004 shares in the last quarter. SG Capital Management LLC acquired a new stake in shares of CarGurus during the 1st quarter valued at approximately $4,222,000. Finally, Vanguard Group Inc. grew its holdings in shares of CarGurus by 1.1% in the 1st quarter. Vanguard Group Inc. now owns 10,198,538 shares of the company's stock worth $235,382,000 after acquiring an additional 107,244 shares during the period. 86.90% of the stock is owned by hedge funds and other institutional investors.

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.