DA Davidson Forecasts Strong Price Appreciation for CarGurus (NASDAQ:CARG) Stock

CarGurus (NASDAQ:CARG - Get Free Report) had its target price raised by equities research analysts at DA Davidson from $26.50 to $38.50 in a report released on Friday,Benzinga reports. The brokerage presently has a "neutral" rating on the stock. DA Davidson's price target suggests a potential upside of 10.60% from the stock's previous close.

Other research analysts have also recently issued reports about the company. JPMorgan Chase & Co. boosted their target price on CarGurus from $29.00 to $32.00 and gave the company an "overweight" rating in a research note on Monday, August 12th. BTIG Research increased their target price on CarGurus from $30.00 to $35.00 and gave the stock a "buy" rating in a research note on Tuesday, October 22nd. Royal Bank of Canada raised their target price on shares of CarGurus from $27.00 to $30.00 and gave the stock an "outperform" rating in a report on Friday, August 9th. Needham & Company LLC upped their price target on shares of CarGurus from $25.00 to $27.00 and gave the company a "buy" rating in a report on Friday, August 9th. Finally, B. Riley raised their price objective on shares of CarGurus from $28.00 to $30.00 and gave the stock a "buy" rating in a report on Friday, August 9th. Three equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $34.59.

CarGurus Trading Up 4.3 %

Shares of CARG stock traded up $1.45 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 company has a 50-day moving average of $30.14 and a 200-day moving average of $26.80. CarGurus has a 12 month low of $18.59 and a 12 month high of $37.89. The stock has a market cap of $3.60 billion, a PE ratio of -70.26, a PEG ratio of 1.74 and a beta of 1.55.

CarGurus (NASDAQ:CARG - Get Free Report) last announced its quarterly earnings results on Thursday, August 8th. The company reported $0.30 earnings per share for the quarter, topping analysts' consensus estimates 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 company had revenue of $218.69 million for the quarter, compared to analysts' expectations of $214.85 million. Sell-side analysts anticipate that CarGurus will post 1.16 earnings per share for the current year.

Insider Buying and Selling

In other CarGurus news, COO Samuel Zales sold 25,168 shares of the firm's stock in a transaction that occurred 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 completion of the transaction, the chief operating officer now directly owns 449,821 shares in the company, valued at $14,223,340.02. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other CarGurus news, COO Samuel Zales sold 25,168 shares of the business's stock in a transaction that occurred on Wednesday, October 16th. The stock was sold at an average price of $31.62, for a total transaction of $795,812.16. Following the transaction, the chief operating officer now owns 449,821 shares of the company's stock, valued at $14,223,340.02. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CMO Dafna Sarnoff sold 3,107 shares of the stock in a transaction on 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 trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 61,065 shares of company stock worth $1,823,794. Corporate insiders own 17.20% of the company's stock.

Institutional Investors Weigh In On CarGurus

A number of institutional investors have recently modified their holdings of the business. Vanguard Group Inc. grew its position in shares of CarGurus by 1.1% during the 1st quarter. Vanguard Group Inc. now owns 10,198,538 shares of the company's stock worth $235,382,000 after purchasing an additional 107,244 shares in the last quarter. Thrivent Financial for Lutherans boosted its holdings in shares of CarGurus by 6.5% in the 2nd quarter. Thrivent Financial for Lutherans now owns 1,461,119 shares of the company's stock valued at $38,282,000 after purchasing an additional 89,346 shares in the last quarter. Select Equity Group L.P. increased its stake in shares of CarGurus by 2.8% in the 2nd quarter. Select Equity Group L.P. now owns 1,145,692 shares of the company's stock valued at $30,017,000 after purchasing an additional 31,431 shares during the last quarter. Fort Washington Investment Advisors Inc. OH raised its holdings in shares of CarGurus by 26.5% during the 2nd quarter. Fort Washington Investment Advisors Inc. OH now owns 1,090,335 shares of the company's stock worth $28,567,000 after buying an additional 228,380 shares in the last quarter. Finally, Raymond James & Associates lifted its position in shares of CarGurus by 2.2% during the 2nd quarter. Raymond James & Associates now owns 534,939 shares of the company's stock worth $14,015,000 after buying an additional 11,584 shares during the last quarter. Institutional investors own 86.90% of the company's stock.

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.