DA Davidson Increases CarGurus (NASDAQ:CARG) Price Target to $38.50

CarGurus (NASDAQ:CARG) had its target price upped by DA Davidson from $26.50 to $38.50 in a research report report published on Friday morning,Benzinga reports. The firm currently has a neutral rating on the stock.

A number of other equities research analysts also recently issued reports on the stock. Oppenheimer boosted their target price on shares of CarGurus from $30.00 to $32.00 and gave the company an “outperform” rating in a report on Friday, August 9th. JPMorgan Chase & Co. boosted their price objective on shares of CarGurus from $29.00 to $32.00 and gave the company an “overweight” rating in a research note on Monday, August 12th. Jefferies Financial Group increased their target price on CarGurus from $35.00 to $38.00 and gave the stock a “buy” rating in a research report on Tuesday, October 22nd. Royal Bank of Canada boosted their price target on CarGurus from $27.00 to $30.00 and gave the company an “outperform” rating in a research report on Friday, August 9th. Finally, JMP Securities restated a “market outperform” rating and issued a $32.00 price objective on shares of CarGurus in a report on Monday, September 9th. Three investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to MarketBeat.com, CarGurus currently has a consensus rating of “Moderate Buy” and a consensus target price of $37.41.

CarGurus Price Performance

CARG opened at $36.51 on Friday. CarGurus has a 12 month low of $18.83 and a 12 month high of $37.89. The business has a 50-day moving average of $30.40 and a two-hundred day moving average of $27.03. The stock has a market capitalization of $3.77 billion, a price-to-earnings ratio of -79.37, a price-to-earnings-growth ratio of 1.94 and a beta of 1.55.

Insider Activity

In related news, COO Samuel Zales sold 25,168 shares of CarGurus stock in a transaction on Friday, August 16th. The shares were sold at an average price of $28.34, for a total transaction of $713,261.12. Following the sale, the chief operating officer now owns 480,583 shares of the company’s stock, valued at $13,619,722.22. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In other news, COO Samuel Zales sold 25,168 shares of the firm’s stock in a transaction dated Friday, August 16th. The stock was sold at an average price of $28.34, for a total transaction of $713,261.12. Following the completion of the sale, the chief operating officer now directly owns 480,583 shares in the company, valued at $13,619,722.22. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CMO Dafna Sarnoff sold 3,107 shares of the business’s stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $28.42, for a total value of $88,300.94. Following the completion of the transaction, the chief marketing officer now owns 128,952 shares in the company, valued at approximately $3,664,815.84. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 61,065 shares of company stock worth $1,823,794. 17.20% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On CarGurus

Several institutional investors and hedge funds have recently made changes to their positions in the business. 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 buying an additional 430 shares during the last quarter. Kathleen S. Wright Associates Inc. acquired a new position in CarGurus during the 3rd quarter worth $30,000. CWM LLC increased 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 worth $36,000 after purchasing an additional 485 shares during 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 valued at $41,000 after purchasing an additional 479 shares in the last quarter. Finally, Headlands Technologies LLC acquired a new stake in shares of CarGurus in the 1st quarter valued at about $49,000. 86.90% of the stock is currently owned by hedge funds and other 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.