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

CarGurus (NASDAQ:CARG) had its price target lifted by Barclays from $38.00 to $41.00 in a research report report published on Monday morning,Benzinga reports. The brokerage currently has an overweight rating on the stock.

Several other equities analysts have also weighed in on the stock. Needham & Company LLC raised their price objective on shares of CarGurus from $43.00 to $44.00 and gave the company a “buy” rating in a research report on Friday, August 7th. Royal Bank Of Canada reduced their target price on shares of CarGurus from $42.00 to $41.00 and set an “outperform” rating for the company in a research note on Friday, November 6th. UBS Group decreased their target price on shares of CarGurus from $40.00 to $35.00 and set a “neutral” rating for the company in a research report on Wednesday, October 7th. JPMorgan Chase & Co. dropped their price target 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, Weiss Ratings downgraded shares of CarGurus from a “buy (b-)” rating to a “hold (c+)” rating in a report on Friday, October 23rd. 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 stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $40.25.

CarGurus Price Performance

CARG opened at $34.81 on Monday. The company has a market capitalization of $3.10 billion, a PE ratio of 15.94, a price-to-earnings-growth ratio of 1.23 and a beta of 1.22. CarGurus has a fifty-two week low of $26.39 and a fifty-two week high of $41.22. The business has a 50-day moving average of $32.11 and a 200-day moving average of $32.86.

CarGurus (NASDAQ:CARG) last announced its quarterly earnings results on Thursday, November 5th. The company reported $0.70 EPS for the quarter, beating the consensus estimate of $0.66 by $0.04. The business had revenue of $258.37 million during 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 firm’s quarterly revenue was up 8.2% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.57 EPS. On average, equities research analysts expect that CarGurus will post 2.17 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, insider Ismail Elshareef sold 1,964 shares of the company’s stock in a transaction dated Monday, November 2nd. The stock was sold at an average price of $32.33, for a total transaction of $63,496.12. Following the completion of the sale, the insider owned 123,670 shares in the company, valued at approximately $3,998,251.10. This represents a 1.56% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CTO Matthew Quinn sold 3,824 shares of the company’s stock in a transaction dated Friday, October 2nd. The stock was sold at an average price of $29.62, for a total value of $113,266.88. Following the sale, the chief technology officer owned 220,193 shares of the company’s stock, valued at approximately $6,522,116.66. This trade represents a 1.71% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 55,695 shares of company stock worth $1,807,808 over the last ninety days. 18.19% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On CarGurus

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

CarGurus Company Profile

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.