Brokerages Set CarGurus, Inc. (NASDAQ:CARG) Price Target at $37.86

Shares of CarGurus, Inc. (NASDAQ:CARG) have been assigned a consensus recommendation of “Moderate Buy” from the eleven analysts that are covering the firm, MarketBeat Ratings reports. Two analysts have rated the stock with a hold recommendation, eight have issued a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12 month price objective among brokers that have updated their coverage on the stock in the last year is $37.86.

A number of equities analysts recently weighed in on CARG shares. 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, October 22nd. JMP Securities boosted their price target on shares of CarGurus from $41.00 to $46.00 and gave the stock a “market outperform” rating in a research note on Friday, November 22nd. Oppenheimer raised their price objective on CarGurus from $32.00 to $44.00 and gave the company an “outperform” rating in a research report on Friday, November 8th. DA Davidson boosted their target price on CarGurus from $26.50 to $38.50 and gave the stock a “neutral” rating in a research report on Friday, November 8th. Finally, Royal Bank of Canada raised their price target on CarGurus from $30.00 to $42.00 and gave the company an “outperform” rating in a report on Monday, November 11th.

CarGurus Price Performance

Shares of CARG stock opened at $37.67 on Wednesday. CarGurus has a one year low of $21.18 and a one year high of $39.10. The company’s fifty day moving average price is $34.28 and its 200-day moving average price is $29.26. The company has a market capitalization of $3.91 billion, a price-to-earnings ratio of -81.89, a PEG ratio of 2.00 and a beta of 1.57.

Insider Buying and Selling

In related news, CEO Jason Trevisan sold 10,000 shares of the stock in a transaction that occurred on Monday, November 18th. The stock was sold at an average price of $35.41, for a total value of $354,100.00. Following the transaction, the chief executive officer now owns 779,606 shares of the company’s stock, valued at $27,605,848.46. This represents a 1.27 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 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 sale, the chief technology officer now directly owns 205,696 shares of the company’s stock, valued at approximately $6,053,633.28. This trade represents a 1.67 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 67,958 shares of company stock valued at $2,268,035 in the last 90 days. Company insiders own 17.20% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. State Street Corp raised its holdings in shares of CarGurus by 4.8% in the 3rd quarter. State Street Corp now owns 3,298,894 shares of the company’s stock valued at $99,066,000 after purchasing an additional 151,862 shares in the last quarter. Geode Capital Management LLC boosted its stake in shares of CarGurus by 3.8% during the third quarter. Geode Capital Management LLC now owns 2,055,145 shares of the company’s stock valued at $61,728,000 after purchasing an additional 74,730 shares in the last quarter. Thrivent Financial for Lutherans increased its holdings in 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 period. Prevatt Capital Ltd raised its stake in CarGurus by 7.0% in the third quarter. Prevatt Capital Ltd now owns 1,230,000 shares of the company’s stock worth $36,937,000 after buying an additional 80,000 shares in the last quarter. Finally, Select Equity Group L.P. lifted its holdings in 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. 86.90% of the stock is currently owned by institutional investors.

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.