CarGurus (NASDAQ:CARG) Given “Market Outperform” Rating at JMP Securities

JMP Securities reissued their market outperform rating on shares of CarGurus (NASDAQ:CARG) in a research report released on Monday,Benzinga reports. The firm currently has a $46.00 price objective on the stock.

A number of other equities research analysts also recently commented on CARG. Citigroup upgraded CarGurus from a “hold” rating to a “strong-buy” rating in a report on Monday, November 11th. BTIG Research upped their price target on CarGurus from $30.00 to $35.00 and gave the company a “buy” rating in a research note on Tuesday, October 22nd. Oppenheimer lifted their price objective on shares of CarGurus from $32.00 to $44.00 and gave the stock an “outperform” rating in a research note on Friday, November 8th. B. Riley upped their target price on shares of CarGurus from $30.00 to $40.00 and gave the company a “buy” rating in a research note on Monday, November 11th. Finally, Jefferies Financial Group lifted their price target on shares of CarGurus from $35.00 to $38.00 and gave the stock a “buy” rating in a research report on Tuesday, October 22nd. Two investment analysts have rated the stock with a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $37.86.

CarGurus Stock Performance

CARG opened at $36.09 on Monday. The company has a fifty day moving average price of $34.61 and a two-hundred day moving average price of $29.54. The firm has a market capitalization of $3.74 billion, a PE ratio of -78.45, a P/E/G ratio of 2.00 and a beta of 1.57. CarGurus has a 52 week low of $21.18 and a 52 week high of $39.10.

Insider Buying and Selling

In related news, COO Samuel Zales sold 25,168 shares of the stock in a transaction on Wednesday, October 16th. The shares were sold at an average price of $31.62, for a total transaction of $795,812.16. Following the completion of the transaction, the chief operating officer now owns 449,821 shares in the company, valued at approximately $14,223,340.02. This represents a 5.30 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CTO Matthew Todd Quinn sold 3,495 shares of CarGurus stock in a transaction on Wednesday, October 2nd. The shares were sold at an average price of $29.43, for a total transaction of $102,857.85. Following the completion of the sale, the chief technology officer now owns 205,696 shares in the company, valued at $6,053,633.28. The trade was a 1.67 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 75,458 shares of company stock valued at $2,550,785. Company insiders own 17.20% of the company’s stock.

Hedge Funds Weigh In On CarGurus

Several hedge funds have recently modified their holdings of the stock. Charles Schwab Investment Management Inc. raised its holdings in CarGurus by 9.4% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,043,217 shares of the company’s stock worth $31,328,000 after acquiring an additional 89,815 shares in the last quarter. State Street Corp increased its position in shares of CarGurus by 4.8% during the 3rd quarter. State Street Corp now owns 3,298,894 shares of the company’s stock worth $99,066,000 after purchasing an additional 151,862 shares during the last quarter. Los Angeles Capital Management LLC increased its position in shares of CarGurus by 51.9% during the 3rd quarter. Los Angeles Capital Management LLC now owns 64,417 shares of the company’s stock worth $1,934,000 after purchasing an additional 22,004 shares during the last quarter. Alpha DNA Investment Management LLC bought a new stake in shares of CarGurus during the 3rd quarter worth approximately $503,000. Finally, Citigroup Inc. boosted its holdings in shares of CarGurus by 31.0% in the 3rd quarter. Citigroup Inc. now owns 165,918 shares of the company’s stock valued at $4,983,000 after buying an additional 39,240 shares during the last quarter. Institutional investors own 86.90% of the company’s stock.

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.