Needham & Company LLC Forecasts Strong Price Appreciation for CarGurus (NASDAQ:CARG) Stock

CarGurus (NASDAQ:CARG) had its price target lifted by Needham & Company LLC from $27.00 to $39.00 in a report released on Friday morning,Benzinga reports. Needham & Company LLC currently has a buy rating on the stock.

A number of other research analysts also recently commented on the stock. B. Riley lifted their price objective on shares of CarGurus from $28.00 to $30.00 and gave the company a “buy” rating in a research report on Friday, August 9th. Jefferies Financial Group raised their target price on shares of CarGurus from $35.00 to $38.00 and gave the stock a “buy” rating in a research note on Tuesday, October 22nd. JPMorgan Chase & Co. raised their target price on shares of CarGurus from $36.00 to $40.00 and gave the stock an “overweight” rating in a research note on Friday. 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 research note on Friday, August 9th. Finally, BTIG Research raised their target price on shares of CarGurus from $30.00 to $35.00 and gave the stock a “buy” rating in a research note on Tuesday, October 22nd. Three research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat.com, CarGurus has an average rating of “Moderate Buy” and an average price target of $37.41.

CarGurus Price Performance

Shares of CARG opened at $36.51 on Friday. The firm has a 50-day moving average of $30.40 and a 200-day moving average of $27.03. CarGurus has a one year low of $18.83 and a one year high of $37.89. The company has a market cap of $3.77 billion, a PE ratio of -79.37, a price-to-earnings-growth ratio of 1.94 and a beta of 1.55.

Insider Activity

In other news, COO Samuel Zales sold 25,168 shares of the business’s stock in a transaction that occurred on Friday, August 16th. The shares were sold at an average price of $28.34, for a total value of $713,261.12. Following the completion of the transaction, the chief operating officer now directly owns 480,583 shares in the company, valued at approximately $13,619,722.22. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, CMO Dafna Sarnoff sold 3,107 shares of CarGurus 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 sale, the chief marketing officer now directly owns 128,952 shares of the company’s stock, valued at approximately $3,664,815.84. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, COO Samuel Zales sold 25,168 shares of CarGurus stock in a transaction that occurred on Friday, August 16th. The shares were sold at an average price of $28.34, for a total transaction of $713,261.12. Following the sale, the chief operating officer now directly owns 480,583 shares in the company, valued at $13,619,722.22. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 61,065 shares of company stock worth $1,823,794. 17.20% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On CarGurus

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Signaturefd LLC grew its holdings in shares of CarGurus by 81.3% during the 3rd quarter. Signaturefd LLC now owns 959 shares of the company’s stock valued at $29,000 after purchasing an additional 430 shares during the last quarter. Kathleen S. Wright Associates Inc. bought a new stake in CarGurus during the 3rd quarter worth approximately $30,000. CWM LLC grew its holdings in CarGurus by 54.1% during the 2nd quarter. CWM LLC now owns 1,381 shares of the company’s stock worth $36,000 after acquiring an additional 485 shares during the last quarter. Nisa Investment Advisors LLC grew its holdings in CarGurus by 43.5% during the 2nd quarter. Nisa Investment Advisors LLC now owns 1,579 shares of the company’s stock worth $41,000 after acquiring an additional 479 shares during the last quarter. Finally, GAMMA Investing LLC grew its holdings in CarGurus by 25.9% during the 2nd quarter. GAMMA Investing LLC now owns 2,066 shares of the company’s stock worth $54,000 after acquiring an additional 425 shares during the last quarter. 86.90% of the stock is owned by 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.