Analysts Set CarGurus, Inc. (NASDAQ:CARG) PT at $29.35

CarGurus, Inc. (NASDAQ:CARG) has received an average rating of “Moderate Buy” from the ten brokerages that are currently covering the stock, Marketbeat.com reports. Three equities research analysts have rated the stock with a hold recommendation and seven have issued a buy recommendation on the company. The average 1 year price target among analysts that have updated their coverage on the stock in the last year is $29.35.

Several research analysts have recently weighed in on CARG shares. Citigroup boosted their price objective on shares of CarGurus from $24.00 to $27.00 and gave the company a “neutral” rating in a report on Wednesday, July 3rd. Oppenheimer boosted their price objective on shares of CarGurus from $30.00 to $32.00 and gave the company an “outperform” rating in a report on Friday, August 9th. B. Riley upped their target price on shares of CarGurus from $28.00 to $30.00 and gave the company a “buy” rating in a report on Friday, August 9th. Needham & Company LLC upped their target price on shares of CarGurus from $25.00 to $27.00 and gave the company a “buy” rating in a report on Friday, August 9th. Finally, BTIG Research upped their target price on shares of CarGurus from $28.00 to $30.00 and gave the company a “buy” rating in a report on Friday, August 9th.

Insiders Place Their Bets

In other CarGurus news, CMO Dafna Sarnoff sold 3,107 shares of the company’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $28.42, for a total value of $88,300.94. Following the completion of the transaction, the chief marketing officer now directly owns 128,952 shares in the company, valued at $3,664,815.84. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other CarGurus news, COO Samuel Zales sold 25,168 shares of the company’s 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 transaction, the chief operating officer now directly owns 480,583 shares in the company, valued at $13,619,722.22. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CMO Dafna Sarnoff sold 3,107 shares of the company’s stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $28.42, for a total transaction of $88,300.94. Following the transaction, the chief marketing officer now owns 128,952 shares of the company’s stock, valued at approximately $3,664,815.84. The disclosure for this sale can be found here. Insiders sold a total of 53,443 shares of company stock worth $1,468,262 over the last three months. 17.20% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On CarGurus

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Point72 DIFC Ltd bought a new position in shares of CarGurus during the second quarter worth $87,000. New Century Financial Group LLC bought a new position in shares of CarGurus during the second quarter worth $1,162,000. Algert Global LLC bought a new position in shares of CarGurus during the second quarter worth $223,000. Susquehanna Fundamental Investments LLC bought a new position in shares of CarGurus during the second quarter worth $2,217,000. Finally, Select Equity Group L.P. boosted its position in shares of CarGurus by 2.8% during the second quarter. Select Equity Group L.P. now owns 1,145,692 shares of the company’s stock worth $30,017,000 after acquiring an additional 31,431 shares during the last quarter. Institutional investors own 86.90% of the company’s stock.

CarGurus Stock Down 1.3 %

CARG opened at $29.65 on Friday. The firm has a 50 day moving average price of $27.44 and a 200-day moving average price of $25.22. CarGurus has a twelve month low of $16.70 and a twelve month high of $30.99. The stock has a market capitalization of $3.09 billion, a price-to-earnings ratio of 105.89, a PEG ratio of 1.45 and a beta of 1.56.

CarGurus (NASDAQ:CARG) last released its quarterly earnings data on Thursday, August 8th. The company reported $0.30 earnings per share for the quarter, beating the consensus estimate of $0.23 by $0.07. CarGurus had a negative net margin of 5.57% and a positive return on equity of 11.06%. The firm had revenue of $218.69 million during the quarter, compared to analysts’ expectations of $214.85 million. As a group, analysts expect that CarGurus will post 1.18 earnings per share for the current year.

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.