CarGurus (NASDAQ:CARG) Price Target Raised to $29.00 at JPMorgan Chase & Co.

CarGurus (NASDAQ:CARG - Get Free Report) had its price objective lifted by JPMorgan Chase & Co. from $27.00 to $29.00 in a report issued on Friday, Benzinga reports. The brokerage presently has an "overweight" rating on the stock. JPMorgan Chase & Co.'s price target would suggest a potential upside of 19.74% from the company's previous close.

A number of other brokerages have also weighed in on CARG. JMP Securities reissued a "market perform" rating on shares of CarGurus in a report on Wednesday, April 17th. Royal Bank of Canada upped their target price on CarGurus from $26.00 to $27.00 and gave the stock an "outperform" rating in a research note on Friday. Oppenheimer upped their target price on CarGurus from $26.00 to $30.00 and gave the stock an "outperform" rating in a research note on Tuesday, February 27th. Needham & Company LLC increased their price target on CarGurus from $24.00 to $25.00 and gave the stock a "buy" rating in a research report on Friday. Finally, UBS Group increased their price target on CarGurus from $26.00 to $27.00 and gave the stock a "neutral" rating in a research report on Friday, March 15th. Four research analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $25.36.

CarGurus Price Performance

Shares of CARG stock traded up $1.94 during mid-day trading on Friday, hitting $24.22. The stock had a trading volume of 1,955,917 shares, compared to its average volume of 971,966. CarGurus has a 12-month low of $16.70 and a 12-month high of $24.76. The firm has a market capitalization of $2.60 billion, a P/E ratio of 134.67, a price-to-earnings-growth ratio of 1.38 and a beta of 1.57. The firm's 50-day moving average is $22.77 and its two-hundred day moving average is $22.28.

CarGurus (NASDAQ:CARG - Get Free Report) last released its quarterly earnings results on Monday, February 26th. The company reported $0.35 EPS for the quarter, topping the consensus estimate of $0.34 by $0.01. The firm had revenue of $223.12 million during the quarter, compared to analyst estimates of $220.05 million. CarGurus had a return on equity of 7.74% and a net margin of 3.40%. The business's revenue for the quarter was down 22.2% compared to the same quarter last year. During the same period in the previous year, the company posted $0.25 EPS. Analysts expect that CarGurus will post 0.94 EPS for the current year.

Insider Activity at CarGurus

In related news, CMO Dafna Sarnoff sold 4,301 shares of the business's stock in a transaction dated Monday, April 1st. The stock was sold at an average price of $23.04, for a total value of $99,095.04. Following the completion of the sale, the chief marketing officer now directly owns 163,798 shares of the company's stock, valued at $3,773,905.92. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In other news, CMO Dafna Sarnoff sold 4,301 shares of the stock in a transaction that occurred on Monday, April 1st. The stock was sold at an average price of $23.04, for a total transaction of $99,095.04. Following the sale, the chief marketing officer now directly owns 163,798 shares in the company, valued at approximately $3,773,905.92. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, COO Samuel Zales sold 17,668 shares of the stock in a transaction dated Thursday, February 29th. The stock was sold at an average price of $22.22, for a total transaction of $392,582.96. Following the completion of the sale, the chief operating officer now directly owns 564,609 shares in the company, valued at approximately $12,545,611.98. The disclosure for this sale can be found here. Insiders sold a total of 113,793 shares of company stock valued at $2,523,342 over the last three months. 15.70% of the stock is owned by insiders.

Institutional Investors Weigh In On CarGurus

Several hedge funds have recently made changes to their positions in CARG. GAMMA Investing LLC bought a new position in shares of CarGurus during the 4th quarter valued at $32,000. Acadian Asset Management LLC bought a new position in CarGurus during the 3rd quarter valued at about $32,000. Headlands Technologies LLC bought a new position in CarGurus in the 1st quarter worth approximately $49,000. Daiwa Securities Group Inc. bought a new stake in shares of CarGurus during the 4th quarter valued at $65,000. Finally, PNC Financial Services Group Inc. raised its position in shares of CarGurus by 298.2% during the 3rd quarter. PNC Financial Services Group Inc. now owns 2,951 shares of the company's stock valued at $52,000 after acquiring an additional 2,210 shares during the last quarter. Hedge funds and other institutional investors own 86.90% of the company's stock.

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.

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