Citigroup Upgrades CarGurus (NASDAQ:CARG) to “Strong-Buy”

Citigroup upgraded shares of CarGurus (NASDAQ:CARG) from a hold rating to a strong-buy rating in a report published on Monday,Zacks.com reports.

Other analysts also recently issued reports about the stock. B. Riley boosted their target price on shares of CarGurus from $30.00 to $40.00 and gave the company a “buy” rating in a research note on Monday. Needham & Company LLC upped their price target on CarGurus from $27.00 to $39.00 and gave the company a “buy” rating in a research report on Friday, November 8th. Oppenheimer raised their price objective on CarGurus from $32.00 to $44.00 and gave the stock an “outperform” rating in a research report on Friday, November 8th. Royal Bank of Canada upped their target price on CarGurus from $30.00 to $42.00 and gave the company an “outperform” rating in a report on Monday. Finally, Jefferies Financial Group raised their price target on shares of CarGurus from $35.00 to $38.00 and gave the stock a “buy” rating in a report on Tuesday, October 22nd. Two analysts have rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $37.41.

CarGurus Price Performance

CarGurus stock opened at $35.89 on Monday. CarGurus has a fifty-two week low of $18.90 and a fifty-two week high of $37.94. The firm’s 50 day simple moving average is $30.76 and its 200-day simple moving average is $27.20. The company has a market cap of $3.71 billion, a P/E ratio of -78.02, a price-to-earnings-growth ratio of 2.09 and a beta of 1.55.

Insider Transactions at CarGurus

In other news, CTO Matthew Todd Quinn sold 3,495 shares of the company’s stock in a transaction dated Wednesday, October 2nd. The stock was sold at an average price of $29.43, for a total transaction of $102,857.85. Following the completion of the sale, the chief technology officer now owns 205,696 shares in the company, valued at approximately $6,053,633.28. This represents a 1.67 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CMO Dafna Sarnoff sold 3,107 shares of the firm’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $28.42, for a total value of $88,300.94. Following the completion of the transaction, the chief marketing officer now directly owns 128,952 shares in the company, valued at $3,664,815.84. The trade was a 2.35 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 35,897 shares of company stock worth $1,110,533 in the last 90 days. 17.20% of the stock is owned by insiders.

Hedge Funds Weigh In On CarGurus

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Texas Permanent School Fund Corp boosted its holdings in shares of CarGurus by 1.3% during the 1st quarter. Texas Permanent School Fund Corp now owns 74,986 shares of the company’s stock worth $1,731,000 after buying an additional 980 shares during the period. Swiss National Bank grew its position in shares of CarGurus by 4.7% in the first quarter. Swiss National Bank now owns 171,000 shares of the company’s stock valued at $3,947,000 after purchasing an additional 7,700 shares during the last quarter. Headlands Technologies LLC bought a new position in shares of CarGurus in the first quarter worth about $49,000. ProShare Advisors LLC increased its stake in shares of CarGurus by 5.6% in the first quarter. ProShare Advisors LLC now owns 19,116 shares of the company’s stock worth $441,000 after purchasing an additional 1,018 shares during the period. Finally, Mitsubishi UFJ Trust & Banking Corp lifted its position in shares of CarGurus by 23.4% during the 1st quarter. Mitsubishi UFJ Trust & Banking Corp now owns 25,778 shares of the company’s stock worth $595,000 after purchasing an additional 4,885 shares during the last quarter. Institutional investors and hedge funds 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.