CarGurus (NASDAQ:CARG) Given New $27.00 Price Target at Royal Bank of Canada

CarGurus (NASDAQ:CARG) had its price objective increased by stock analysts at Royal Bank of Canada from $26.00 to $27.00 in a research report issued on Friday, Benzinga reports. The firm currently has an “outperform” rating on the stock. Royal Bank of Canada’s target price would indicate a potential upside of 9.76% from the stock’s current price.

CARG has been the topic of a number of other reports. Oppenheimer lifted their price target on CarGurus from $26.00 to $30.00 and gave the stock an “outperform” rating in a report on Tuesday, February 27th. JMP Securities reaffirmed a “market perform” rating on shares of CarGurus in a research report on Wednesday, April 17th. UBS Group increased their price objective on shares of CarGurus from $26.00 to $27.00 and gave the company a “neutral” rating in a research report on Friday, March 15th. Finally, Needham & Company LLC boosted their price target on CarGurus from $24.00 to $25.00 and gave the company a “buy” rating in a research note on Friday. Four analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to MarketBeat, CarGurus currently has a consensus rating of “Moderate Buy” and an average price target of $25.18.

CarGurus Stock Up 10.4 %

Shares of CARG traded up $2.32 on Friday, hitting $24.60. The company’s stock had a trading volume of 951,851 shares, compared to its average volume of 960,269. The firm has a market capitalization of $2.64 billion, a price-to-earnings ratio of 133.50, a P/E/G ratio of 1.38 and a beta of 1.57. CarGurus has a fifty-two week low of $16.70 and a fifty-two week high of $24.76. The firm’s fifty day moving average price is $22.77 and its 200-day moving average price is $22.28.

CarGurus (NASDAQ:CARG) last released its quarterly earnings data on Monday, February 26th. The company reported $0.35 EPS for the quarter, topping analysts’ consensus estimates of $0.34 by $0.01. CarGurus had a net margin of 3.40% and a return on equity of 7.74%. The firm had revenue of $223.12 million during the quarter, compared to analysts’ expectations of $220.05 million. During the same period in the previous year, the business posted $0.25 earnings per share. The company’s revenue for the quarter was down 22.2% compared to the same quarter last year. As a group, equities analysts predict that CarGurus will post 0.94 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, COO Samuel Zales sold 17,668 shares of CarGurus stock in a transaction on Tuesday, April 16th. The shares were sold at an average price of $21.42, for a total transaction of $378,448.56. Following the completion of the sale, the chief operating officer now directly owns 548,845 shares in the company, valued at $11,756,259.90. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other news, COO Samuel Zales sold 17,668 shares of the stock in a transaction that occurred on Tuesday, April 16th. The stock was sold at an average price of $21.42, for a total transaction of $378,448.56. Following the transaction, the chief operating officer now owns 548,845 shares in the company, valued at approximately $11,756,259.90. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CMO Dafna Sarnoff sold 10,573 shares of CarGurus stock in a transaction dated Monday, March 18th. The stock was sold at an average price of $22.56, for a total value of $238,526.88. Following the completion of the sale, the chief marketing officer now owns 168,099 shares in the company, valued at $3,792,313.44. The disclosure for this sale can be found here. Insiders have sold a total of 113,793 shares of company stock worth $2,523,342 in the last ninety days. 15.70% of the stock is owned by insiders.

Institutional Investors Weigh In On CarGurus

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Raymond James & Associates grew its position in CarGurus by 12.0% in the 4th quarter. Raymond James & Associates now owns 452,182 shares of the company’s stock valued at $10,925,000 after acquiring an additional 48,389 shares in the last quarter. Allspring Global Investments Holdings LLC raised its position in CarGurus by 207.9% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 293,730 shares of the company’s stock valued at $7,097,000 after purchasing an additional 198,321 shares during the last quarter. Cullinan Associates Inc. purchased a new position in CarGurus during the 4th quarter worth $1,377,000. Pacer Advisors Inc. increased its stake in CarGurus by 20.3% in the fourth quarter. Pacer Advisors Inc. now owns 1,993,523 shares of the company’s stock valued at $48,164,000 after purchasing an additional 336,245 shares during the period. Finally, Nordea Investment Management AB increased its position in CarGurus by 42.0% in the 4th quarter. Nordea Investment Management AB now owns 309,651 shares of the company’s stock valued at $7,503,000 after acquiring an additional 91,626 shares during the period. Hedge funds and other 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.