DA Davidson Issues Positive Forecast for CarGurus (NASDAQ:CARG) Stock Price

CarGurus (NASDAQ:CARG) had its price target hoisted by research analysts at DA Davidson from $26.50 to $38.50 in a report released on Friday,Benzinga reports. The firm presently has a “neutral” rating on the stock. DA Davidson’s price target would indicate a potential upside of 10.60% from the company’s previous close.

Several other brokerages have also recently issued reports on CARG. B. Riley boosted their price objective on shares of CarGurus from $28.00 to $30.00 and gave the company a “buy” rating in a research note on Friday, August 9th. JMP Securities reissued a “market outperform” rating and set a $32.00 price target on shares of CarGurus in a report on Monday, September 9th. Oppenheimer lifted their price objective on CarGurus from $30.00 to $32.00 and gave the company an “outperform” rating in a report on Friday, August 9th. BTIG Research increased their target price on CarGurus from $30.00 to $35.00 and gave the stock a “buy” rating in a research note on Tuesday, October 22nd. Finally, Needham & Company LLC lifted their price target on CarGurus from $25.00 to $27.00 and gave the company a “buy” rating in a research note on Friday, August 9th. Three research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $34.59.

CarGurus Stock Up 4.3 %

Shares of CARG stock opened at $34.81 on Friday. The stock’s 50-day moving average price is $30.25 and its 200 day moving average price is $26.91. The stock has a market capitalization of $3.60 billion, a PE ratio of -75.67, a price-to-earnings-growth ratio of 1.83 and a beta of 1.55. CarGurus has a 52-week low of $18.59 and a 52-week high of $37.89.

CarGurus (NASDAQ:CARG) last released its earnings results on Thursday, August 8th. The company reported $0.30 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.23 by $0.07. CarGurus had a positive return on equity of 11.06% and a negative net margin of 5.57%. The business had revenue of $218.69 million for the quarter, compared to analyst estimates of $214.85 million. Analysts expect that CarGurus will post 1.16 earnings per share for the current fiscal year.

Insider Transactions at CarGurus

In related news, COO Samuel Zales sold 25,168 shares of the stock in a transaction dated Wednesday, October 16th. The shares were sold at an average price of $31.62, for a total value of $795,812.16. Following the sale, the chief operating officer now directly owns 449,821 shares of the company’s stock, valued at approximately $14,223,340.02. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other CarGurus news, COO Samuel Zales sold 25,168 shares of the firm’s stock in a transaction on Wednesday, October 16th. The stock was 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 of the company’s stock, valued at approximately $14,223,340.02. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, 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 approximately $3,572,740.20. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 61,065 shares of company stock valued at $1,823,794 in the last 90 days. 17.20% of the stock is currently owned by insiders.

Institutional Investors Weigh In On CarGurus

Hedge funds have recently modified their holdings of the company. Marshall Wace LLP lifted its stake in shares of CarGurus by 3,512.4% during the second quarter. Marshall Wace LLP now owns 480,339 shares of the company’s stock valued at $12,585,000 after buying an additional 467,042 shares during the period. Assenagon Asset Management S.A. lifted its stake in shares of CarGurus by 629.3% during the 3rd quarter. Assenagon Asset Management S.A. now owns 372,379 shares of the company’s stock worth $11,183,000 after purchasing an additional 321,318 shares during the period. Fort Washington Investment Advisors Inc. OH boosted its holdings 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 worth $28,567,000 after purchasing an additional 228,380 shares during the last quarter. SG Capital Management LLC purchased a new stake in shares of CarGurus in the first quarter valued at $4,222,000. Finally, Edgestream Partners L.P. acquired a new position in CarGurus in the first quarter valued at $3,978,000. 86.90% of the stock is owned by institutional investors and hedge funds.

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.