CarGurus (NASDAQ:CARG) Price Target Increased to $27.00 by Analysts at Citigroup

CarGurus (NASDAQ:CARG) had its price target hoisted by research analysts at Citigroup from $24.00 to $27.00 in a research note issued to investors on Wednesday, Benzinga reports. The firm currently has a “neutral” rating on the stock. Citigroup’s price target indicates a potential upside of 10.97% from the company’s previous close.

CARG has been the subject of a number of other research reports. UBS Group lifted their price objective on shares of CarGurus from $26.00 to $27.00 and gave the company a “neutral” rating in a report on Friday, March 15th. JPMorgan Chase & Co. raised their target price on CarGurus from $27.00 to $29.00 and gave the company an “overweight” rating in a research report on Friday, May 10th. DA Davidson boosted their price target on CarGurus from $22.00 to $25.50 and gave the stock a “neutral” rating in a research report on Monday, May 13th. Needham & Company LLC raised their price objective on CarGurus from $24.00 to $25.00 and gave the company a “buy” rating in a report on Friday, May 10th. Finally, Royal Bank of Canada upped their target price on shares of CarGurus from $26.00 to $27.00 and gave the stock an “outperform” rating in a report on Friday, May 10th. Three equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat, CarGurus has a consensus rating of “Moderate Buy” and an average price target of $26.41.

CarGurus Trading Down 4.6 %

Shares of NASDAQ CARG traded down $1.16 during midday trading on Wednesday, reaching $24.33. The company had a trading volume of 1,339,342 shares, compared to its average volume of 943,658. The business’s 50-day simple moving average is $24.30 and its 200 day simple moving average is $23.56. The stock has a market cap of $2.53 billion, a P/E ratio of 86.89, a P/E/G ratio of 1.52 and a beta of 1.57. CarGurus has a 1 year low of $16.70 and a 1 year high of $26.90.

CarGurus (NASDAQ:CARG) last posted its quarterly earnings results on Thursday, May 9th. The company reported $0.22 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.19 by $0.03. The business had revenue of $215.80 million during the quarter, compared to analysts’ expectations of $217.29 million. CarGurus had a net margin of 4.04% and a return on equity of 8.80%. Analysts predict that CarGurus will post 0.98 earnings per share for the current year.

Insider Buying and Selling

In other news, General Counsel Javier Esquivel Zamora sold 6,680 shares of CarGurus stock in a transaction on Thursday, June 6th. The shares were sold at an average price of $25.00, for a total transaction of $167,000.00. Following the completion of the sale, the general counsel now directly owns 102,130 shares of the company’s stock, valued at approximately $2,553,250. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In related news, General Counsel Javier Esquivel Zamora sold 6,680 shares of CarGurus stock in a transaction on Thursday, June 6th. The shares were sold at an average price of $25.00, for a total transaction of $167,000.00. Following the sale, the general counsel now directly owns 102,130 shares in the company, valued at approximately $2,553,250. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, COO Samuel Zales sold 30,000 shares of CarGurus stock in a transaction on Thursday, June 6th. The stock was sold at an average price of $25.00, for a total transaction of $750,000.00. Following the sale, the chief operating officer now owns 518,845 shares in the company, valued at $12,971,125. The disclosure for this sale can be found here. In the last quarter, insiders sold 72,016 shares of company stock valued at $1,732,378. Company insiders own 17.20% of the company’s stock.

Institutional Investors Weigh In On CarGurus

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Acadian Asset Management LLC acquired a new position in CarGurus in the third quarter valued at $32,000. GAMMA Investing LLC acquired a new position in shares of CarGurus during the fourth quarter worth about $32,000. Headlands Technologies LLC acquired a new position in shares of CarGurus during the first quarter worth about $49,000. Daiwa Securities Group Inc. acquired a new position in shares of CarGurus during the fourth quarter worth about $65,000. Finally, EntryPoint Capital LLC increased its stake in shares of CarGurus by 358.2% during the first quarter. EntryPoint Capital LLC now owns 4,596 shares of the company’s stock worth $106,000 after acquiring an additional 3,593 shares during the period. 86.90% of the stock is currently owned by institutional investors and hedge funds.

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.