CarGurus (NASDAQ:CARG) Stock Price Expected to Rise, Needham & Company LLC Analyst Says

CarGurus (NASDAQ:CARG - Free Report) had its target price hoisted by Needham & Company LLC from $27.00 to $39.00 in a research report sent to investors on Friday morning,Benzinga reports. The firm currently has a buy rating on the stock.

A number of other research firms also recently weighed in on CARG. JPMorgan Chase & Co. raised their target price on shares of CarGurus from $36.00 to $40.00 and gave the company an "overweight" rating in a research report on Friday. B. Riley raised their price objective on CarGurus from $28.00 to $30.00 and gave the company a "buy" rating in a report on Friday, August 9th. JMP Securities reaffirmed a "market outperform" rating and issued a $32.00 target price on shares of CarGurus in a research report on Monday, September 9th. BTIG Research increased their price target on CarGurus from $30.00 to $35.00 and gave the company a "buy" rating in a research report on Tuesday, October 22nd. Finally, DA Davidson raised their price target on CarGurus from $26.50 to $38.50 and gave the company a "neutral" rating in a research note on Friday. Three investment analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $34.59.

CarGurus Trading Up 4.3 %

Shares of CARG stock traded up $1.45 on Friday, hitting $34.81. 1,309,888 shares of the stock were exchanged, compared to its average volume of 478,031. The firm has a market capitalization of $3.60 billion, a P/E ratio of -75.67, a price-to-earnings-growth ratio of 1.83 and a beta of 1.55. CarGurus has a fifty-two week low of $18.59 and a fifty-two week high of $37.89. The business has a 50-day moving average of $30.25 and a 200 day moving average of $26.91.

CarGurus (NASDAQ:CARG - Get Free Report) last released 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 positive return on equity of 11.06% and a negative net margin of 5.57%. The firm had revenue of $218.69 million during the quarter, compared to the consensus estimate of $214.85 million. As a group, research analysts forecast that CarGurus will post 1.16 EPS for the current fiscal year.

Insider Transactions at CarGurus

In other CarGurus news, COO Samuel Zales sold 25,168 shares of the stock in a transaction dated Wednesday, October 16th. The shares were sold at an average price of $31.62, for a total value of $795,812.16. Following the transaction, the chief operating officer now directly owns 449,821 shares of the company's stock, valued at $14,223,340.02. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, COO Samuel Zales sold 25,168 shares of the company'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 transaction, the chief operating officer now owns 449,821 shares of the company's stock, valued at approximately $14,223,340.02. This 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 can be accessed through this link. Also, CTO Matthew Todd Quinn sold 3,495 shares of CarGurus stock in a transaction that occurred 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 sale, the chief technology officer now directly owns 205,696 shares of the company's stock, valued at approximately $6,053,633.28. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 61,065 shares of company stock worth $1,823,794. 17.20% of the stock is owned by insiders.

Institutional Trading of CarGurus

A number of institutional investors have recently bought and sold shares of CARG. Signaturefd LLC boosted its stake in shares of CarGurus by 81.3% in the third quarter. Signaturefd LLC now owns 959 shares of the company's stock valued at $29,000 after buying an additional 430 shares during the period. Kathleen S. Wright Associates Inc. acquired a new stake in shares of CarGurus during the 3rd quarter worth $30,000. CWM LLC grew its holdings in shares of CarGurus by 54.1% during the 2nd quarter. CWM LLC now owns 1,381 shares of the company's stock worth $36,000 after purchasing an additional 485 shares in the last quarter. Nisa Investment Advisors LLC increased its position in shares of CarGurus by 43.5% in the second quarter. Nisa Investment Advisors LLC now owns 1,579 shares of the company's stock worth $41,000 after purchasing an additional 479 shares during the period. Finally, Headlands Technologies LLC acquired a new position in CarGurus in the first quarter valued at about $49,000. 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.