JMP Securities Issues Positive Forecast for CarGurus (NASDAQ:CARG) Stock Price

CarGurus (NASDAQ:CARG) had its target price lifted by JMP Securities from $41.00 to $46.00 in a research note published on Friday morning,Benzinga reports. JMP Securities currently has a market outperform rating on the stock.

CARG has been the subject of a number of other research reports. Citigroup upgraded shares of CarGurus from a “hold” rating to a “strong-buy” rating in a report on Monday, November 11th. DA Davidson lifted their price objective on CarGurus from $26.50 to $38.50 and gave the company a “neutral” rating in a report on Friday, November 8th. BTIG Research increased their target price on CarGurus from $30.00 to $35.00 and gave the stock a “buy” rating in a research note on Tuesday, October 22nd. Oppenheimer lifted their price target 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, Jefferies Financial Group increased their price objective 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. Two investment analysts have rated the stock with a hold rating, eight have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $37.86.

CarGurus Stock Up 0.6 %

CarGurus stock opened at $35.83 on Friday. The business’s 50-day simple moving average is $31.86 and its 200 day simple moving average is $27.87. The stock has a market cap of $3.72 billion, a price-to-earnings ratio of -77.89, a P/E/G ratio of 1.88 and a beta of 1.55. CarGurus has a 12-month low of $21.02 and a 12-month high of $37.94.

Insider Activity

In other news, CTO Matthew Todd Quinn sold 3,495 shares of the business’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 completion of the sale, the chief technology officer now owns 205,696 shares of the company’s stock, valued at approximately $6,053,633.28. The trade was a 1.67 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, COO Samuel Zales sold 25,168 shares of the company’s stock in a transaction dated Wednesday, October 16th. The shares were sold at an average price of $31.62, for a total transaction of $795,812.16. Following the completion of the transaction, the chief operating officer now owns 449,821 shares in the company, valued at $14,223,340.02. This trade represents a 5.30 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 71,065 shares of company stock valued at $2,356,336 over the last three months. Insiders own 17.20% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in CARG. Point72 Hong Kong Ltd acquired a new stake in shares of CarGurus during the 3rd quarter worth $28,000. Signaturefd LLC grew its stake in CarGurus by 81.3% during the third quarter. Signaturefd LLC now owns 959 shares of the company’s stock worth $29,000 after buying an additional 430 shares in the last quarter. Kathleen S. Wright Associates Inc. bought a new position in CarGurus in the 3rd quarter valued at about $30,000. CWM LLC raised its position in shares of CarGurus by 54.1% in the 2nd quarter. CWM LLC now owns 1,381 shares of the company’s stock valued at $36,000 after buying an additional 485 shares in the last quarter. Finally, Quarry LP lifted its holdings in shares of CarGurus by 155.8% during the 3rd quarter. Quarry LP now owns 1,499 shares of the company’s stock worth $45,000 after acquiring an additional 913 shares during the period. 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.