CarGurus (NASDAQ:CARG) Price Target Raised to $42.00

CarGurus (NASDAQ:CARG - Get Free Report) had its target price boosted by analysts at Royal Bank of Canada from $30.00 to $42.00 in a research note issued to investors on Monday,Benzinga reports. The brokerage presently has an "outperform" rating on the stock. Royal Bank of Canada's price objective points to a potential upside of 15.04% from the stock's current price.

A number of other research analysts have also weighed in on CARG. Jefferies Financial Group increased their price objective on CarGurus from $35.00 to $38.00 and gave the company a "buy" rating in a report on Tuesday, October 22nd. Needham & Company LLC lifted their price target on CarGurus from $27.00 to $39.00 and gave the company a "buy" rating in a research report on Friday. JPMorgan Chase & Co. raised their price objective on shares of CarGurus from $36.00 to $40.00 and gave the stock an "overweight" rating in a research note on Friday. B. Riley lifted their target price on shares of CarGurus from $30.00 to $40.00 and gave the company a "buy" rating in a report on Monday. Finally, JMP Securities increased their price target on shares of CarGurus from $32.00 to $41.00 and gave the stock a "market outperform" rating in a report on Monday. Three analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to MarketBeat, CarGurus has an average rating of "Moderate Buy" and an average price target of $37.41.

CarGurus Stock Performance

CARG stock traded up $1.70 during trading on Monday, reaching $36.51. The company had a trading volume of 938,714 shares, compared to its average volume of 828,017. The company has a market cap of $3.77 billion, a price-to-earnings ratio of -79.37, a price-to-earnings-growth ratio of 1.94 and a beta of 1.55. CarGurus has a twelve month low of $18.83 and a twelve month high of $37.89. The firm has a 50-day simple moving average of $30.40 and a 200-day simple moving average of $27.03.

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, topping the consensus estimate of $0.23 by $0.07. CarGurus had a negative net margin of 5.47% and a positive return on equity of 13.56%. The business had revenue of $218.69 million during the quarter, compared to the consensus estimate of $214.85 million. Sell-side analysts expect that CarGurus will post 1.16 earnings per share for the current year.

Insider Transactions at CarGurus

In other CarGurus news, CMO Dafna Sarnoff sold 3,107 shares of the firm's stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $28.42, for a total value of $88,300.94. Following the transaction, 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 sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other CarGurus news, COO Samuel Zales sold 25,168 shares of CarGurus stock in a transaction dated Friday, August 16th. The shares were sold at an average price of $28.34, for a total transaction of $713,261.12. Following the transaction, the chief operating officer now directly owns 480,583 shares of the company's stock, valued at $13,619,722.22. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CMO Dafna Sarnoff sold 3,107 shares of the stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $28.42, for a total transaction of $88,300.94. Following the completion of the sale, the chief marketing officer now directly owns 128,952 shares of the company's stock, 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. Insiders have sold 61,065 shares of company stock valued at $1,823,794 over the last ninety days. Insiders own 17.20% of the company's stock.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the business. Vanguard Group Inc. raised its stake 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 valued at $235,382,000 after acquiring an additional 107,244 shares during the period. Thrivent Financial for Lutherans lifted its stake in CarGurus by 6.5% during the second quarter. Thrivent Financial for Lutherans now owns 1,461,119 shares of the company's stock worth $38,282,000 after purchasing an additional 89,346 shares in the last quarter. Select Equity Group L.P. boosted its position in shares of CarGurus by 2.8% during the second quarter. Select Equity Group L.P. now owns 1,145,692 shares of the company's stock worth $30,017,000 after buying an additional 31,431 shares during the period. Fort Washington Investment Advisors Inc. OH boosted its position in shares of 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 worth $28,567,000 after buying an additional 228,380 shares during the period. Finally, Raymond James & Associates grew its stake in shares of CarGurus by 2.2% in the second quarter. Raymond James & Associates now owns 534,939 shares of the company's stock valued at $14,015,000 after buying an additional 11,584 shares in the last quarter. 86.90% of the stock is currently owned by hedge funds and other institutional investors.

CarGurus Company Profile

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.