CarGurus (NASDAQ:CARG) Price Target Raised to $42.00 at Royal Bank of Canada

CarGurus (NASDAQ:CARG) had its target price increased by Royal Bank of Canada from $30.00 to $42.00 in a research note issued to investors on Monday morning,Benzinga reports. They currently have an outperform rating on the stock.

A number of other research analysts also recently commented on the stock. Oppenheimer increased their target price on shares of CarGurus from $32.00 to $44.00 and gave the company an “outperform” rating in a research report on Friday. Needham & Company LLC upped their target price on shares of CarGurus from $27.00 to $39.00 and gave the company a “buy” rating in a report on Friday. Jefferies Financial Group boosted their price target on CarGurus from $35.00 to $38.00 and gave the company a “buy” rating in a research report on Tuesday, October 22nd. DA Davidson lifted their target price on CarGurus from $26.50 to $38.50 and gave the company a “neutral” rating in a research note on Friday. Finally, BTIG Research upped their price target on CarGurus from $30.00 to $35.00 and gave the stock a “buy” rating in a research note on Tuesday, October 22nd. Three equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $37.41.

CarGurus Stock Performance

CarGurus stock remained flat at $36.51 during midday trading on Monday. The company’s stock had a trading volume of 69,277 shares, compared to its average volume of 824,552. The stock has a market cap of $3.77 billion, a P/E ratio of -79.37, a P/E/G ratio of 1.94 and a beta of 1.55. The stock’s fifty day moving average is $30.40 and its 200-day moving average is $27.03. CarGurus has a one year low of $18.83 and a one year high of $37.89.

Insider Buying and Selling

In other CarGurus news, COO Samuel Zales sold 25,168 shares of the company’s stock in a transaction on Friday, August 16th. The stock was sold at an average price of $28.34, for a total value of $713,261.12. Following the sale, the chief operating officer now owns 480,583 shares of the company’s stock, valued at approximately $13,619,722.22. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, CMO Dafna Sarnoff sold 4,127 shares of the business’s stock in a transaction on Tuesday, October 1st. The stock was sold at an average price of $29.94, for a total value of $123,562.38. Following the completion of the transaction, the chief marketing officer now directly owns 119,330 shares of the company’s stock, valued at $3,572,740.20. 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 through the SEC website. Also, COO Samuel Zales sold 25,168 shares of the stock in a transaction on Friday, August 16th. The shares were sold at an average price of $28.34, for a total value of $713,261.12. Following the sale, the chief operating officer now directly owns 480,583 shares in the company, valued at approximately $13,619,722.22. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 61,065 shares of company stock valued at $1,823,794. Corporate insiders own 17.20% of the company’s stock.

Institutional Investors Weigh In On CarGurus

A number of hedge funds and other institutional investors have recently modified their holdings of the company. UniSuper Management Pty Ltd acquired a new position in CarGurus in the 1st quarter valued at $483,000. Swedbank AB acquired a new position in shares of CarGurus during the 1st quarter valued at about $1,352,000. SG Capital Management LLC purchased a new position in shares of CarGurus during the 1st quarter worth about $4,222,000. LSV Asset Management lifted its holdings in shares of CarGurus by 533.3% during the 1st quarter. LSV Asset Management now owns 57,000 shares of the company’s stock worth $1,316,000 after acquiring an additional 48,000 shares during the period. Finally, Edgestream Partners L.P. acquired a new stake in shares of CarGurus in the first quarter worth approximately $3,978,000. 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.