Analysts Set CarGurus Inc (CARG) PT at $29.50

CarGurus Inc (NASDAQ:CARG) has been assigned a consensus recommendation of “Hold” from the seven brokerages that are presently covering the firm, Marketbeat Ratings reports. Six research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. The average 12-month price objective among analysts that have updated their coverage on the stock in the last year is $29.50.

CARG has been the topic of a number of research reports. Zacks Investment Research downgraded CarGurus from a “buy” rating to a “hold” rating in a report on Tuesday, January 9th. Royal Bank of Canada reiterated a “sector perform” rating and issued a $34.00 target price (up previously from $33.00) on shares of CarGurus in a report on Wednesday, November 15th. BidaskClub downgraded CarGurus from a “hold” rating to a “sell” rating in a report on Friday, December 29th. Goldman Sachs Group initiated coverage on CarGurus in a report on Monday, November 6th. They issued a “neutral” rating and a $25.00 target price on the stock. Finally, JMP Securities initiated coverage on CarGurus in a report on Monday, November 6th. They issued a “market perform” rating on the stock.

CarGurus (CARG) traded up $0.63 during midday trading on Friday, reaching $32.33. The company’s stock had a trading volume of 82,200 shares, compared to its average volume of 186,780. CarGurus has a 12-month low of $25.85 and a 12-month high of $36.81.

A number of large investors have recently added to or reduced their stakes in the stock. Bollard Group LLC acquired a new position in CarGurus during the fourth quarter worth $318,223,000. Spinnaker Capital LLC purchased a new position in shares of CarGurus in the fourth quarter worth about $410,972,000. Quantitative Systematic Strategies LLC purchased a new position in shares of CarGurus in the fourth quarter worth about $210,000. First Trust Advisors LP purchased a new position in shares of CarGurus in the fourth quarter worth about $2,694,000. Finally, The Manufacturers Life Insurance Company purchased a new position in shares of CarGurus in the fourth quarter worth about $100,212,000. Hedge funds and other institutional investors own 36.26% of the company’s stock.

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About CarGurus

CarGurus, Inc is an online automotive marketplace connecting buyers and sellers of new and used cars. Using proprietary technology, search algorithms, and data analytics. The Company’s marketplace empowers users with unbiased third-party validation on pricing and dealer reputation as well as other information that aids them in finding Great Deals from Great Dealers.

Analyst Recommendations for CarGurus (NASDAQ:CARG)

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