Royal Bank of Canada Forecasts Strong Price Appreciation for CarGurus (NASDAQ:CARG) Stock

CarGurus (NASDAQ:CARG) had its price target hoisted by Royal Bank of Canada from $30.00 to $42.00 in a research note issued on Monday,Benzinga reports. The brokerage presently has an “outperform” rating on the stock. Royal Bank of Canada’s target price suggests a potential upside of 12.00% from the stock’s previous close.

Several other equities analysts also recently weighed in on CARG. Needham & Company LLC raised their price target on CarGurus from $27.00 to $39.00 and gave the company a “buy” rating in a report on Friday, November 8th. Oppenheimer lifted their target price on shares of CarGurus from $32.00 to $44.00 and gave the stock an “outperform” rating in a report on Friday, November 8th. JMP Securities raised their price target on shares of CarGurus from $32.00 to $41.00 and gave the company a “market outperform” rating in a research report on Monday. BTIG Research upped their price objective on CarGurus from $30.00 to $35.00 and gave the company a “buy” rating in a research report on Tuesday, October 22nd. Finally, Jefferies Financial Group lifted their target price on CarGurus from $35.00 to $38.00 and gave the stock a “buy” rating in a report on Tuesday, October 22nd. Three equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to MarketBeat.com, CarGurus currently has a consensus rating of “Moderate Buy” and an average price target of $37.41.

CarGurus Stock Up 2.7 %

CARG stock opened at $37.50 on Monday. The business has a 50 day moving average of $30.59 and a 200 day moving average of $27.13. The firm has a market cap of $3.88 billion, a PE ratio of -81.52, 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 $37.94.

Insiders Place Their Bets

In other news, COO Samuel Zales sold 25,168 shares of the 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 transaction, the chief operating officer now owns 480,583 shares in the company, valued at $13,619,722.22. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other CarGurus news, CMO Dafna Sarnoff sold 3,107 shares of the company’s stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $28.42, for a total value of $88,300.94. Following the completion of the sale, the chief marketing officer now owns 128,952 shares in the company, valued at $3,664,815.84. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, 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 value of $713,261.12. Following 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 ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 61,065 shares of company stock valued at $1,823,794. Insiders own 17.20% of the company’s stock.

Institutional Investors Weigh In On CarGurus

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. BNP Paribas Financial Markets lifted its stake in shares of CarGurus by 18.6% during the 1st quarter. BNP Paribas Financial Markets now owns 95,304 shares of the company’s stock valued at $2,200,000 after buying an additional 14,961 shares in the last quarter. Texas Permanent School Fund Corp raised its holdings in CarGurus by 1.3% during the first quarter. Texas Permanent School Fund Corp now owns 74,986 shares of the company’s stock valued at $1,731,000 after acquiring an additional 980 shares during the period. LSV Asset Management lifted its position in shares of CarGurus by 533.3% in the first quarter. LSV Asset Management now owns 57,000 shares of the company’s stock valued at $1,316,000 after acquiring an additional 48,000 shares in the last quarter. Swiss National Bank boosted its stake in shares of CarGurus by 4.7% in the first quarter. Swiss National Bank now owns 171,000 shares of the company’s stock worth $3,947,000 after acquiring an additional 7,700 shares during the period. Finally, Headlands Technologies LLC purchased a new stake in shares of CarGurus during the first quarter worth 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.