CarGurus (NASDAQ:CARG) Stock Price Expected to Rise, B. Riley Analyst Says

CarGurus (NASDAQ:CARG) had its price target lifted by B. Riley from $30.00 to $40.00 in a research report report published on Monday,Benzinga reports. The firm currently has a buy rating on the stock.

Several other research analysts have also issued reports on the company. Royal Bank of Canada increased their price target on CarGurus from $27.00 to $30.00 and gave the stock an “outperform” rating in a report on Friday, August 9th. Jefferies Financial Group increased their price target on CarGurus from $35.00 to $38.00 and gave the stock a “buy” rating in a report on Tuesday, October 22nd. JMP Securities increased their price target on CarGurus from $32.00 to $41.00 and gave the stock a “market outperform” rating in a report on Monday. JPMorgan Chase & Co. increased their price target on CarGurus from $36.00 to $40.00 and gave the stock an “overweight” rating in a report on Friday, November 8th. Finally, Needham & Company LLC increased their price target on CarGurus from $27.00 to $39.00 and gave the stock a “buy” rating in a report on Friday, November 8th. Two research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $37.41.

CarGurus Price Performance

Shares of CarGurus stock opened at $36.57 on Monday. CarGurus has a one year low of $18.90 and a one year high of $37.94. The stock’s 50-day moving average is $30.76 and its 200 day moving average is $27.20. The firm has a market cap of $3.78 billion, a price-to-earnings ratio of -79.50, a PEG ratio of 2.09 and a beta of 1.55.

Insider Activity

In related news, COO Samuel Zales sold 25,168 shares of the stock in a transaction that occurred on Wednesday, October 16th. The stock was sold at an average price of $31.62, for a total transaction of $795,812.16. Following the completion of the sale, the chief operating officer now directly owns 449,821 shares of the company’s stock, valued at approximately $14,223,340.02. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In other news, CMO Dafna Sarnoff sold 4,127 shares of CarGurus stock in a transaction on Tuesday, October 1st. The stock was sold at an average price of $29.94, for a total value of $123,562.38. Following the completion of the transaction, the chief marketing officer now directly owns 119,330 shares in the company, valued at approximately $3,572,740.20. 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 can be accessed through the SEC website. Also, COO Samuel Zales sold 25,168 shares of CarGurus stock in a transaction on Wednesday, October 16th. The shares were sold at an average price of $31.62, for a total value of $795,812.16. Following the completion of the transaction, the chief operating officer now owns 449,821 shares of the company’s stock, valued at approximately $14,223,340.02. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 61,065 shares of company stock worth $1,823,794 over the last 90 days. 17.20% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On CarGurus

Several hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. boosted its stake in 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 period. Thrivent Financial for Lutherans boosted 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 valued at $38,282,000 after buying an additional 89,346 shares during the period. Select Equity Group L.P. lifted its stake 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 purchasing an additional 31,431 shares during the last quarter. Fort Washington Investment Advisors Inc. OH lifted its stake in 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 purchasing an additional 228,380 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its stake in CarGurus by 9.4% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,043,217 shares of the company’s stock worth $31,328,000 after purchasing an additional 89,815 shares during 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.