CarGurus (NASDAQ:CARG) Price Target Raised to $41.00

CarGurus (NASDAQ:CARG) had its target price upped by Citigroup from $39.00 to $41.00 in a research report report published on Monday,Benzinga reports. They currently have a neutral rating on the stock.

A number of other brokerages have also issued reports on CARG. Royal Bank Of Canada reduced their price target on CarGurus from $42.00 to $41.00 and set an “outperform” rating for the company in a research report on Friday, November 6th. Weiss Ratings cut CarGurus from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Friday, October 23rd. Barclays raised their price target on CarGurus from $38.00 to $41.00 and gave the company an “overweight” rating in a report on Monday. JPMorgan Chase & Co. cut their price objective on shares of CarGurus from $42.00 to $37.00 and set a “neutral” rating on the stock in a research note on Friday, November 6th. Finally, UBS Group cut their price objective on shares of CarGurus from $40.00 to $35.00 and set a “neutral” rating on the stock in a research note on Wednesday, October 7th. One equities research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and five have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $40.25.

CarGurus Trading Up 0.6%

Shares of NASDAQ:CARG opened at $34.81 on Monday. The firm’s 50 day moving average is $32.11 and its two-hundred day moving average is $32.86. CarGurus has a 52 week low of $26.39 and a 52 week high of $41.22. The firm has a market capitalization of $3.10 billion, a P/E ratio of 15.94, a PEG ratio of 1.23 and a beta of 1.22.

CarGurus (NASDAQ:CARG) last released its quarterly earnings results on Thursday, November 5th. The company reported $0.70 earnings per share for the quarter, beating analysts’ consensus estimates of $0.66 by $0.04. The company had revenue of $258.37 million for the quarter, compared to analysts’ expectations of $256.46 million. CarGurus had a return on equity of 68.43% and a net margin of 18.51%. The business’s revenue for the quarter was up 8.2% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.57 earnings per share. Analysts predict that CarGurus will post 2.17 EPS for the current year.

Insider Activity at CarGurus

In other CarGurus news, CMO Dafna Sarnoff sold 7,234 shares of the company’s stock in a transaction that occurred on Friday, October 2nd. The stock was sold at an average price of $29.62, for a total value of $214,271.08. Following the completion of the sale, the chief marketing officer directly owned 94,884 shares in the company, valued at $2,810,464.08. This represents a 7.08% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, COO Samuel Zales sold 10,000 shares of the company’s stock in a transaction that occurred on Monday, November 2nd. The stock was sold at an average price of $32.33, for a total value of $323,300.00. Following the completion of the sale, the chief operating officer owned 419,735 shares of the company’s stock, valued at $13,570,032.55. This trade represents a 2.33% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 55,695 shares of company stock worth $1,807,808 over the last ninety days. Insiders own 18.19% of the company’s stock.

Hedge Funds Weigh In On CarGurus

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Bank of New York Mellon Corp bought a new stake in shares of CarGurus in the 2nd quarter worth $15,631,000. Pale Fire Capital SE acquired a new stake in shares of CarGurus in the second quarter valued at $13,112,000. Lazard Asset Management LLC boosted its stake in CarGurus by 180.8% during the first quarter. Lazard Asset Management LLC now owns 445,868 shares of the company’s stock valued at $15,182,000 after buying an additional 287,067 shares in the last quarter. Assenagon Asset Management S.A. boosted its stake in CarGurus by 159.5% during the third quarter. Assenagon Asset Management S.A. now owns 351,886 shares of the company’s stock valued at $10,965,000 after buying an additional 216,304 shares in the last quarter. Finally, Public Sector Pension Investment Board boosted its stake in CarGurus by 53.3% during the third quarter. Public Sector Pension Investment Board now owns 554,113 shares of the company’s stock valued at $16,202,000 after buying an additional 192,709 shares in the last quarter. 86.90% of the stock is owned by institutional investors.

About CarGurus

CarGurus, Inc. operates an online automotive marketplace that helps consumers research and compare vehicles and connect with dealerships. Its website and mobile apps feature new and used vehicle listings, search tools, vehicle information and pricing insights designed to help shoppers evaluate available cars. The company also provides dealerships with products and services to market inventory and engage with potential buyers through its platform. CarGurus was founded in 2006 by Langley Steinert, who previously co-founded TripAdvisor, and is headquartered in Cambridge, Massachusetts.