JMP Securities Forecasts Strong Price Appreciation for CarGurus (NASDAQ:CARG) Stock

CarGurus (NASDAQ:CARG) had its price objective upped by JMP Securities from $32.00 to $41.00 in a research note issued on Monday,Benzinga reports. The brokerage currently has a “market outperform” rating on the stock. JMP Securities’ price objective suggests a potential upside of 9.33% from the company’s current price.

CARG has been the subject of several other research reports. JPMorgan Chase & Co. raised their target price on CarGurus from $36.00 to $40.00 and gave the stock an “overweight” rating in a research note on Friday, November 8th. Jefferies Financial Group raised their price objective on shares of CarGurus from $35.00 to $38.00 and gave the company a “buy” rating in a research report on Tuesday, October 22nd. Oppenheimer boosted their price objective on shares of CarGurus from $32.00 to $44.00 and gave the company an “outperform” rating in a research note on Friday, November 8th. Royal Bank of Canada increased their target price on shares of CarGurus from $27.00 to $30.00 and gave the stock an “outperform” rating in a research note on Friday, August 9th. Finally, B. Riley boosted their price target on shares of CarGurus from $28.00 to $30.00 and gave the company a “buy” rating in a research report on Friday, August 9th. Three analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $37.41.

CarGurus Price Performance

Shares of CARG stock opened at $37.50 on Monday. The stock has a market capitalization of $3.88 billion, a price-to-earnings ratio of -81.52, a PEG ratio of 1.94 and a beta of 1.55. The company’s fifty day simple moving average is $30.59 and its two-hundred day simple moving average is $27.13. CarGurus has a 1 year low of $18.83 and a 1 year high of $37.94.

Insider Activity at CarGurus

In other CarGurus news, CMO Dafna Sarnoff sold 3,107 shares of CarGurus stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $28.42, for a total transaction of $88,300.94. Following the transaction, the chief marketing officer now directly owns 128,952 shares of the company’s stock, valued at approximately $3,664,815.84. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other news, COO Samuel Zales sold 25,168 shares of the business’s stock in a transaction dated Friday, August 16th. The stock was 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 owns 480,583 shares of the company’s stock, valued at approximately $13,619,722.22. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CMO Dafna Sarnoff sold 3,107 shares of the stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $28.42, for a total value of $88,300.94. Following the sale, the chief marketing officer now owns 128,952 shares of the company’s stock, valued at $3,664,815.84. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, 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 Trading of CarGurus

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Signaturefd LLC increased its stake in shares of CarGurus by 81.3% in the third quarter. Signaturefd LLC now owns 959 shares of the company’s stock worth $29,000 after buying an additional 430 shares during the period. Kathleen S. Wright Associates Inc. purchased a new position in shares of CarGurus in the third quarter valued at about $30,000. CWM LLC increased its position in shares of CarGurus by 54.1% in the second quarter. CWM LLC now owns 1,381 shares of the company’s stock valued at $36,000 after acquiring an additional 485 shares during the period. Nisa Investment Advisors LLC raised its stake in shares of CarGurus by 43.5% during the second quarter. Nisa Investment Advisors LLC now owns 1,579 shares of the company’s stock valued at $41,000 after acquiring an additional 479 shares during the last quarter. Finally, Headlands Technologies LLC purchased a new stake in shares of CarGurus during the first quarter worth about $49,000. Institutional investors 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.