CarGurus (NASDAQ:CARG) Upgraded to “Strong-Buy” at Citigroup

CarGurus (NASDAQ:CARG) was upgraded by Citigroup from a “hold” rating to a “strong-buy” rating in a research note issued on Monday,Zacks.com reports.

A number of other equities analysts have also recently weighed in on the company. DA Davidson upped their price target on CarGurus from $26.50 to $38.50 and gave the stock a “neutral” rating in a report on Friday, November 8th. B. Riley lifted their price target on CarGurus from $30.00 to $40.00 and gave the stock a “buy” rating in a report on Monday. BTIG Research increased their price objective on CarGurus from $30.00 to $35.00 and gave the stock a “buy” rating in a research report on Tuesday, October 22nd. Royal Bank of Canada lifted their price target on shares of CarGurus from $30.00 to $42.00 and gave the company an “outperform” rating in a research report on Monday. Finally, JMP Securities raised their target price on CarGurus from $32.00 to $41.00 and gave the company a “market outperform” rating in a report on Monday. Two research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, CarGurus currently has a consensus rating of “Moderate Buy” and a consensus target price of $37.41.

CarGurus Stock Up 2.7 %

Shares of CarGurus stock opened at $37.50 on Monday. The firm’s 50 day moving average price is $30.59 and its 200-day moving average price is $27.13. CarGurus has a 52-week low of $18.83 and a 52-week high of $37.94. The company has a market cap of $3.88 billion, a P/E ratio of -81.52, a PEG ratio of 1.94 and a beta of 1.55.

Insider Transactions at CarGurus

In other news, COO Samuel Zales sold 25,168 shares of the company’s 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 completion of the transaction, the chief operating officer now owns 480,583 shares in the company, valued at approximately $13,619,722.22. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. In other CarGurus news, CMO Dafna Sarnoff sold 3,107 shares of the business’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $28.42, for a total value of $88,300.94. Following the completion of the sale, the chief marketing officer now owns 128,952 shares in the company, valued at approximately $3,664,815.84. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, COO Samuel Zales sold 25,168 shares of the stock in a transaction that occurred 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 completion of the sale, the chief operating officer now directly owns 480,583 shares of the company’s stock, valued at $13,619,722.22. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In 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

Several hedge funds have recently made changes to their positions in CARG. Vanguard Group Inc. boosted its holdings in CarGurus by 1.1% in the 1st quarter. Vanguard Group Inc. now owns 10,198,538 shares of the company’s stock valued at $235,382,000 after purchasing an additional 107,244 shares in the last quarter. Thrivent Financial for Lutherans lifted its holdings in shares of CarGurus by 6.5% in the second quarter. Thrivent Financial for Lutherans now owns 1,461,119 shares of the company’s stock valued at $38,282,000 after purchasing an additional 89,346 shares in the last quarter. Select Equity Group L.P. lifted its stake in CarGurus by 2.8% in the 2nd quarter. Select Equity Group L.P. now owns 1,145,692 shares of the company’s stock valued at $30,017,000 after buying an additional 31,431 shares in the last quarter. Fort Washington Investment Advisors Inc. OH boosted its stake in shares of CarGurus by 26.5% during the second quarter. Fort Washington Investment Advisors Inc. OH now owns 1,090,335 shares of the company’s stock valued at $28,567,000 after acquiring an additional 228,380 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. grew its holdings in shares of 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 buying an additional 89,815 shares in the last quarter. Institutional investors and hedge funds own 86.90% of the company’s stock.

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.