CarGurus (NASDAQ:CARG) Upgraded at Citigroup

Citigroup upgraded shares of CarGurus (NASDAQ:CARG) from a hold rating to a strong-buy rating in a research note issued to investors on Monday morning,Zacks.com reports.

A number of other research analysts also recently issued reports on CARG. 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 research report on Friday, November 8th. B. Riley upped their price target on shares of CarGurus from $30.00 to $40.00 and gave the company a “buy” rating in a research report on Monday. DA Davidson lifted their price objective on CarGurus from $26.50 to $38.50 and gave the stock a “neutral” rating in a research report on Friday, November 8th. JMP Securities upped their target price on CarGurus from $32.00 to $41.00 and gave the company a “market outperform” rating in a research report on Monday. Finally, JPMorgan Chase & Co. boosted their price target on CarGurus from $36.00 to $40.00 and gave the company an “overweight” rating in a research note on Friday, November 8th. Two equities 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. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $37.41.

CarGurus Price Performance

Shares of CARG opened at $36.57 on Monday. The business has a 50-day moving average of $30.76 and a 200-day moving average of $27.20. The company has a market capitalization of $3.78 billion, a price-to-earnings ratio of -79.50, a price-to-earnings-growth ratio of 2.09 and a beta of 1.55. CarGurus has a 1 year low of $18.90 and a 1 year high of $37.94.

Insider Buying and Selling at CarGurus

In related news, CTO Matthew Todd Quinn sold 3,495 shares of the company’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 sale, the chief technology officer now owns 205,696 shares in the company, valued at $6,053,633.28. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In related news, COO Samuel Zales sold 25,168 shares of CarGurus stock in a transaction that occurred on Friday, August 16th. The shares were sold at an average price of $28.34, for a total value of $713,261.12. Following the sale, the chief operating officer now owns 480,583 shares of the company’s stock, valued at approximately $13,619,722.22. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CTO Matthew Todd Quinn sold 3,495 shares of the business’s stock in a transaction on Wednesday, October 2nd. The shares were sold at an average price of $29.43, for a total value 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. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 61,065 shares of company stock valued at $1,823,794. Corporate insiders own 17.20% of the company’s stock.

Institutional Investors Weigh In On CarGurus

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Signaturefd LLC increased its stake 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 in the last quarter. Kathleen S. Wright Associates Inc. bought a new stake in CarGurus during the 3rd quarter valued at $30,000. CWM LLC boosted its holdings in shares of CarGurus by 54.1% in the second quarter. CWM LLC now owns 1,381 shares of the company’s stock worth $36,000 after acquiring an additional 485 shares during the period. Nisa Investment Advisors LLC grew its position in shares of CarGurus by 43.5% in the second quarter. Nisa Investment Advisors LLC now owns 1,579 shares of the company’s stock valued at $41,000 after purchasing an additional 479 shares in the last quarter. Finally, Headlands Technologies LLC purchased a new position in shares of CarGurus in the first quarter valued at $49,000. 86.90% of the stock is currently owned by institutional investors.

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.