CarGurus (NASDAQ:CARG) PT Raised to $27.00 at Citigroup

CarGurus (NASDAQ:CARG) had its price objective boosted by investment analysts at Citigroup from $24.00 to $27.00 in a report issued on Wednesday, Benzinga reports. The firm currently has a “neutral” rating on the stock. Citigroup’s target price indicates a potential upside of 10.97% from the stock’s current price.

Several other research firms have also recently issued reports on CARG. JMP Securities raised shares of CarGurus from a “market perform” rating to an “outperform” rating and set a $30.00 price target for the company in a report on Friday, June 7th. Royal Bank of Canada increased their price target on shares of CarGurus from $26.00 to $27.00 and gave the stock an “outperform” rating in a report on Friday, May 10th. Needham & Company LLC increased their target price on shares of CarGurus from $24.00 to $25.00 and gave the company a “buy” rating in a report on Friday, May 10th. DA Davidson increased their target price on shares of CarGurus from $22.00 to $25.50 and gave the company a “neutral” rating in a report on Monday, May 13th. Finally, UBS Group increased their target price on shares of CarGurus from $26.00 to $27.00 and gave the company a “neutral” rating in a report on Friday, March 15th. Three investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to MarketBeat, CarGurus presently has a consensus rating of “Moderate Buy” and a consensus target price of $26.41.

CarGurus Stock Performance

Shares of CARG opened at $24.33 on Wednesday. CarGurus has a fifty-two week low of $16.70 and a fifty-two week high of $26.90. The company has a market capitalization of $2.53 billion, a price-to-earnings ratio of 86.89, a price-to-earnings-growth ratio of 1.48 and a beta of 1.57. The firm has a 50-day simple moving average of $24.34 and a 200-day simple moving average of $23.57.

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 the consensus estimate of $0.19 by $0.03. The firm 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%. Equities research analysts forecast that CarGurus will post 0.98 EPS for the current year.

Insider Transactions at CarGurus

In other news, COO Samuel Zales sold 17,668 shares of the firm’s stock in a transaction that occurred on Thursday, May 16th. The shares were sold at an average price of $24.73, for a total transaction of $436,929.64. Following the completion of the transaction, the chief operating officer now directly owns 548,845 shares of the company’s stock, valued at approximately $13,572,936.85. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In related news, General Counsel Javier Esquivel Zamora sold 6,680 shares of the firm’s stock in a transaction that occurred 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 owns 102,130 shares in the company, valued at $2,553,250. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, COO Samuel Zales sold 17,668 shares of the firm’s stock in a transaction that occurred on Thursday, May 16th. The stock was sold at an average price of $24.73, for a total transaction of $436,929.64. Following the sale, the chief operating officer now owns 548,845 shares in the company, valued at approximately $13,572,936.85. The disclosure for this sale can be found here. Insiders sold a total of 75,994 shares of company stock valued at $1,831,470 in the last ninety days. Corporate insiders own 17.20% of the company’s stock.

Institutional Trading of CarGurus

A number of hedge funds have recently bought and sold shares of CARG. Acadian Asset Management LLC acquired a new stake in CarGurus during the third quarter worth approximately $32,000. GAMMA Investing LLC acquired a new stake in CarGurus during the fourth quarter worth approximately $32,000. Headlands Technologies LLC acquired a new stake in CarGurus during the first quarter worth approximately $49,000. Daiwa Securities Group Inc. acquired a new stake in CarGurus during the fourth quarter worth approximately $65,000. Finally, EntryPoint Capital LLC boosted its holdings in shares of CarGurus by 358.2% in the 1st quarter. EntryPoint Capital LLC now owns 4,596 shares of the company’s stock valued at $106,000 after purchasing an additional 3,593 shares during the last quarter. 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.