Royal Bank of Canada Issues Positive Forecast for CarGurus (NASDAQ:CARG) Stock Price

CarGurus (NASDAQ:CARG) had its price objective upped by Royal Bank of Canada from $30.00 to $42.00 in a research note published on Monday morning,Benzinga reports. They currently have an outperform rating on the stock.

A number of other brokerages have also recently weighed in on CARG. DA Davidson upped their price target on shares of CarGurus from $26.50 to $38.50 and gave the stock a “neutral” rating in a research report on Friday. BTIG Research raised their target price on CarGurus from $30.00 to $35.00 and gave the company a “buy” rating in a report on Tuesday, October 22nd. JPMorgan Chase & Co. boosted their price target on CarGurus from $36.00 to $40.00 and gave the stock an “overweight” rating in a research report on Friday. JMP Securities increased their price objective on shares of CarGurus from $32.00 to $41.00 and gave the company a “market outperform” rating in a research report on Monday. Finally, Jefferies Financial Group boosted 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. Three equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to MarketBeat, CarGurus presently has an average rating of “Moderate Buy” and a consensus target price of $37.41.

CarGurus Price Performance

CARG stock remained flat at $36.51 during midday trading on Monday. 69,277 shares of the company’s stock were exchanged, compared to its average volume of 824,552. CarGurus has a 1 year low of $18.83 and a 1 year high of $37.89. The stock’s fifty day simple moving average is $30.40 and its 200-day simple moving average is $27.03. The company has a market cap of $3.77 billion, a P/E ratio of -79.37, a P/E/G ratio of 1.94 and a beta of 1.55.

Insiders Place Their Bets

In other news, CTO Matthew Todd Quinn sold 3,495 shares of the firm’s stock in a transaction dated Wednesday, October 2nd. The shares were sold at an average price of $29.43, for a total value of $102,857.85. Following the transaction, the chief technology officer now directly owns 205,696 shares in the company, valued at approximately $6,053,633.28. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other news, CTO Matthew Todd Quinn sold 3,495 shares of the company’s stock in a transaction that occurred on 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 transaction, the chief technology officer now directly owns 205,696 shares of the company’s stock, valued at approximately $6,053,633.28. This represents a 0.00 % decrease in their ownership of the stock. The transaction 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 the business’s stock in a transaction that occurred 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 transaction, the chief operating officer now owns 449,821 shares of the company’s stock, valued at $14,223,340.02. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 61,065 shares of company stock valued at $1,823,794 over the last 90 days. 17.20% of the stock is owned by company insiders.

Institutional Trading of CarGurus

Several hedge funds have recently added to or reduced their stakes in CARG. Signaturefd LLC boosted its holdings in shares of CarGurus by 81.3% in the third quarter. Signaturefd LLC now owns 959 shares of the company’s stock valued at $29,000 after acquiring an additional 430 shares in the last quarter. Kathleen S. Wright Associates Inc. bought a new position in CarGurus during the 3rd quarter valued at $30,000. CWM LLC boosted its stake in CarGurus by 54.1% during the 2nd quarter. CWM LLC now owns 1,381 shares of the company’s stock valued at $36,000 after purchasing an additional 485 shares in the last quarter. Nisa Investment Advisors LLC raised its stake in shares of CarGurus by 43.5% in the 2nd quarter. Nisa Investment Advisors LLC now owns 1,579 shares of the company’s stock worth $41,000 after buying an additional 479 shares in the last quarter. Finally, Headlands Technologies LLC acquired a new stake in shares of CarGurus in the first quarter valued at $49,000. Institutional investors own 86.90% of the company’s stock.

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.