CarGurus (NASDAQ:CARG) Reaches New 52-Week High Following Analyst Upgrade

CarGurus, Inc. (NASDAQ:CARG - Get Free Report)'s stock price hit a new 52-week high during trading on Tuesday after BTIG Research raised their price target on the stock from $30.00 to $35.00. BTIG Research currently has a buy rating on the stock. CarGurus traded as high as $31.99 and last traded at $31.96, with a volume of 35574 shares changing hands. The stock had previously closed at $31.66.

A number of other analysts also recently weighed in on CARG. Oppenheimer lifted their price target on CarGurus from $30.00 to $32.00 and gave the company an "outperform" rating in a research note on Friday, August 9th. DA Davidson reiterated a "neutral" rating and issued a $26.50 price target on shares of CarGurus in a report on Tuesday, September 10th. Jefferies Financial Group upped their target price on shares of CarGurus from $35.00 to $38.00 and gave the stock a "buy" rating in a research report on Tuesday. JPMorgan Chase & Co. increased their target price on shares of CarGurus from $29.00 to $32.00 and gave the company an "overweight" rating in a report on Monday, August 12th. Finally, Citigroup boosted their price target on CarGurus from $24.00 to $27.00 and gave the stock a "neutral" rating in a research note on Wednesday, July 3rd. Three research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $30.59.

Insider Activity

In other CarGurus news, CMO Dafna Sarnoff sold 3,107 shares of the firm's stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $28.42, for a total transaction of $88,300.94. Following 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 Securities & Exchange Commission, which is accessible through this link. In other CarGurus news, CMO Dafna Sarnoff sold 3,107 shares of the 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 transaction, the chief marketing officer now owns 128,952 shares of the company's stock, valued at $3,664,815.84. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, CTO Matthew Todd Quinn sold 3,495 shares of CarGurus stock in a transaction on Wednesday, October 2nd. The shares were 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 approximately $6,053,633.28. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 61,065 shares of company stock worth $1,823,794 over the last three months. 17.20% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the stock. Marshall Wace LLP raised its stake in CarGurus by 3,512.4% during the second quarter. Marshall Wace LLP now owns 480,339 shares of the company's stock worth $12,585,000 after purchasing an additional 467,042 shares during the period. Fort Washington Investment Advisors Inc. OH grew its position in CarGurus by 26.5% during the second quarter. Fort Washington Investment Advisors Inc. OH now owns 1,090,335 shares of the company's stock valued at $28,567,000 after acquiring an additional 228,380 shares during the period. SG Capital Management LLC purchased a new stake in CarGurus during the first quarter valued at about $4,222,000. Edgestream Partners L.P. acquired a new stake in CarGurus during the first quarter worth about $3,978,000. Finally, Allen Investment Management LLC raised its holdings in shares of CarGurus by 187.2% in the 2nd quarter. Allen Investment Management LLC now owns 257,827 shares of the company's stock worth $6,755,000 after purchasing an additional 168,051 shares during the period. 86.90% of the stock is currently owned by hedge funds and other institutional investors.

CarGurus Trading Up 1.2 %

The firm has a market capitalization of $3.34 billion, a price-to-earnings ratio of 114.43, a price-to-earnings-growth ratio of 1.48 and a beta of 1.56. The firm has a 50 day moving average price of $29.32 and a two-hundred day moving average price of $26.07.

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, beating 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 firm had revenue of $218.69 million for the quarter, compared to analysts' expectations of $214.85 million. As a group, research analysts forecast that CarGurus, Inc. will post 1.18 earnings per share for the current year.

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.