CarGurus (NASDAQ:CARG) Sets New 12-Month High After Analyst Upgrade

CarGurus, Inc. (NASDAQ:CARG) shares hit a new 52-week high during trading on Tuesday after Royal Bank of Canada raised their price target on the stock from $30.00 to $42.00. Royal Bank of Canada currently has an outperform rating on the stock. CarGurus traded as high as $37.94 and last traded at $37.71, with a volume of 752002 shares changing hands. The stock had previously closed at $36.51.

Other analysts have also recently issued reports about the company. BTIG Research lifted their price target on CarGurus from $30.00 to $35.00 and gave the stock a “buy” rating in a report on Tuesday, October 22nd. JPMorgan Chase & Co. boosted their target price on shares of CarGurus from $36.00 to $40.00 and gave the company an “overweight” rating in a research report on Friday, November 8th. JMP Securities boosted their price objective on shares of CarGurus from $32.00 to $41.00 and gave the company a “market outperform” rating in a report on Monday. B. Riley boosted their price target on CarGurus from $30.00 to $40.00 and gave the company a “buy” rating in a research note on Monday. Finally, Jefferies Financial Group lifted their price objective on CarGurus from $35.00 to $38.00 and gave the company a “buy” rating in a report on Tuesday, October 22nd. Three analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $37.41.

Insider Buying and Selling

In other CarGurus news, CMO Dafna Sarnoff sold 3,107 shares of CarGurus 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 transaction, the chief marketing officer now owns 128,952 shares in the company, valued at $3,664,815.84. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In other CarGurus news, CMO Dafna Sarnoff sold 3,107 shares of the business’s stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $28.42, for a total transaction of $88,300.94. Following the sale, the chief marketing officer now owns 128,952 shares of the company’s stock, valued at approximately $3,664,815.84. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CTO Matthew Todd Quinn sold 3,495 shares of the 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 transaction, the chief technology officer now owns 205,696 shares of the company’s stock, valued at $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. Insiders sold a total of 61,065 shares of company stock worth $1,823,794 in the last ninety days. 17.20% of the stock is owned by insiders.

Institutional Trading of CarGurus

Hedge funds and other institutional investors have recently made changes to their positions in the company. GAMMA Investing LLC raised its holdings in CarGurus by 19.0% in the 3rd quarter. GAMMA Investing LLC now owns 2,459 shares of the company’s stock valued at $74,000 after buying an additional 393 shares during the last quarter. Lazard Asset Management LLC increased its position in CarGurus by 2.2% in the 1st quarter. Lazard Asset Management LLC now owns 19,510 shares of the company’s stock valued at $450,000 after acquiring an additional 420 shares during the period. Signaturefd LLC raised its stake in shares of CarGurus by 81.3% during the third quarter. Signaturefd LLC now owns 959 shares of the company’s stock valued at $29,000 after acquiring an additional 430 shares during the last quarter. Raymond James Trust N.A. lifted its holdings in shares of CarGurus by 1.9% during the second quarter. Raymond James Trust N.A. now owns 24,566 shares of the company’s stock worth $644,000 after purchasing an additional 450 shares during the period. Finally, Nisa Investment Advisors LLC grew its stake 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 worth $41,000 after purchasing an additional 479 shares during the last quarter. 86.90% of the stock is currently owned by institutional investors.

CarGurus Price Performance

The firm has a market capitalization of $3.88 billion, a price-to-earnings ratio of -81.52, a P/E/G ratio of 1.94 and a beta of 1.55. The stock has a fifty day moving average of $30.59 and a two-hundred day moving average of $27.13.

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.