JMP Securities Boosts CarGurus (NASDAQ:CARG) Price Target to $41.00

CarGurus (NASDAQ:CARG) had its price target lifted by JMP Securities from $32.00 to $41.00 in a research note published on Monday,Benzinga reports. The brokerage currently has a market outperform rating on the stock.

A number of other analysts also recently issued reports on CARG. Needham & Company LLC raised their price target on shares of CarGurus from $27.00 to $39.00 and gave the company a “buy” rating in a report on Friday, November 8th. B. Riley raised their price target on shares of CarGurus from $28.00 to $30.00 and gave the company a “buy” rating in a report on Friday, August 9th. BTIG Research raised their price target on shares of CarGurus from $30.00 to $35.00 and gave the company a “buy” rating in a report on Tuesday, October 22nd. JPMorgan Chase & Co. raised their price target on shares of CarGurus from $36.00 to $40.00 and gave the company an “overweight” rating in a report on Friday, November 8th. Finally, Oppenheimer raised their price target on shares of CarGurus from $32.00 to $44.00 and gave the company an “outperform” rating in a report on Friday, November 8th. Two equities research analysts have rated the stock with a hold rating, eight have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, CarGurus has an average rating of “Moderate Buy” and a consensus target price of $37.41.

CarGurus Stock Performance

Shares of CARG stock opened at $35.89 on Monday. CarGurus has a one year low of $18.90 and a one year high of $37.94. The company’s 50-day moving average is $30.76 and its 200 day moving average is $27.20. The company has a market capitalization of $3.71 billion, a price-to-earnings ratio of -78.02, a price-to-earnings-growth ratio of 2.09 and a beta of 1.55.

Insiders Place Their Bets

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 shares were sold at an average price of $31.62, for a total transaction of $795,812.16. Following the sale, the chief operating officer now owns 449,821 shares in the company, valued at approximately $14,223,340.02. This trade represents a 5.30 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CMO Dafna Sarnoff sold 4,127 shares of the firm’s stock in a transaction that occurred on Tuesday, October 1st. The stock was sold at an average price of $29.94, for a total transaction of $123,562.38. Following the sale, the chief marketing officer now owns 119,330 shares in the company, valued at approximately $3,572,740.20. The trade was a 3.34 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 35,897 shares of company stock worth $1,110,533. Company insiders own 17.20% of the company’s stock.

Institutional Investors Weigh In On CarGurus

Several institutional investors and hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. raised its position in shares of CarGurus by 1.1% during the first quarter. Vanguard Group Inc. now owns 10,198,538 shares of the company’s stock valued at $235,382,000 after buying an additional 107,244 shares during the last quarter. Thrivent Financial for Lutherans raised its position in shares of CarGurus by 6.5% during the second quarter. Thrivent Financial for Lutherans now owns 1,461,119 shares of the company’s stock valued at $38,282,000 after buying an additional 89,346 shares during the last quarter. Select Equity Group L.P. raised 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 valued at $30,017,000 after buying an additional 31,431 shares during the last quarter. Fort Washington Investment Advisors Inc. OH raised 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 valued at $28,567,000 after buying an additional 228,380 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. raised its position in shares of CarGurus by 9.4% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,043,217 shares of the company’s stock valued at $31,328,000 after buying an additional 89,815 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.