Analysts Set CarGurus, Inc. (NASDAQ:CARG) Price Target at $37.86

Shares of CarGurus, Inc. (NASDAQ:CARG) have been given an average recommendation of “Moderate Buy” by the eleven analysts that are currently covering the stock, MarketBeat reports. Two analysts have rated the stock with a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the company. The average 1 year price target among brokers that have issued ratings on the stock in the last year is $37.86.

Several equities research analysts recently issued reports on CARG shares. B. Riley upped their price target on CarGurus from $30.00 to $40.00 and gave the stock a “buy” rating in a report on Monday, November 11th. DA Davidson increased their target price on shares of CarGurus from $26.50 to $38.50 and gave the company a “neutral” rating in a report on Friday, November 8th. Needham & Company LLC boosted their price target on shares of CarGurus from $27.00 to $39.00 and gave the stock a “buy” rating in a report on Friday, November 8th. Oppenheimer increased their price objective on shares of CarGurus from $32.00 to $44.00 and gave the company an “outperform” rating in a research note on Friday, November 8th. Finally, Citigroup upgraded CarGurus from a “hold” rating to a “strong-buy” rating in a research note on Monday, November 11th.

CarGurus Stock Performance

CARG stock opened at $37.14 on Wednesday. The company has a market capitalization of $3.85 billion, a P/E ratio of -80.61, a price-to-earnings-growth ratio of 2.00 and a beta of 1.57. CarGurus has a 52-week low of $21.18 and a 52-week high of $39.10. The business has a 50-day simple moving average of $34.47 and a two-hundred day simple moving average of $29.45.

Insider Activity at CarGurus

In related news, CEO Jason Trevisan sold 10,000 shares of the stock in a transaction dated Monday, November 18th. The stock was sold at an average price of $35.41, for a total transaction of $354,100.00. Following the sale, the chief executive officer now owns 779,606 shares of the company’s stock, valued at approximately $27,605,848.46. This represents a 1.27 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CTO Matthew Todd Quinn sold 3,495 shares of the firm’s stock in a transaction dated Wednesday, October 2nd. The stock was sold at an average price of $29.43, for a total value of $102,857.85. Following the completion of the transaction, the chief technology officer now owns 205,696 shares of the company’s stock, valued at approximately $6,053,633.28. This represents a 1.67 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 67,958 shares of company stock worth $2,268,035. Company insiders own 17.20% of the company’s stock.

Hedge Funds Weigh In On CarGurus

Large investors have recently modified their holdings of the company. Point72 Hong Kong Ltd purchased a new stake in CarGurus in the 3rd quarter worth approximately $28,000. Signaturefd LLC increased its holdings in shares of CarGurus by 81.3% in the third quarter. Signaturefd LLC now owns 959 shares of the company’s stock worth $29,000 after purchasing an additional 430 shares during the period. Kathleen S. Wright Associates Inc. purchased a new stake in shares of CarGurus in the third quarter worth $30,000. CWM LLC boosted its stake in CarGurus by 54.1% during the second quarter. CWM LLC now owns 1,381 shares of the company’s stock valued at $36,000 after buying an additional 485 shares during the period. Finally, Quarry LP grew its position in CarGurus by 155.8% during the third quarter. Quarry LP now owns 1,499 shares of the company’s stock worth $45,000 after buying an additional 913 shares in the last quarter. 86.90% of the stock is currently owned by 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.