Oppenheimer assumed coverage on shares of CarGurus (NASDAQ:CARG) in a research note published on Tuesday, MarketBeat.com reports. The firm issued a buy rating and a $42.00 price target on the stock.
Several other research analysts also recently issued reports on the company. BidaskClub downgraded CarGurus from a buy rating to a hold rating in a research report on Saturday, October 13th. SunTrust Banks began coverage on shares of CarGurus in a research note on Monday, November 19th. They set a buy rating and a $49.00 price objective for the company. Zacks Investment Research raised shares of CarGurus from a hold rating to a buy rating and set a $47.00 price objective for the company in a research note on Wednesday, November 14th. Royal Bank of Canada upped their price target on shares of CarGurus from $55.00 to $59.00 and gave the stock an outperform rating in a research report on Thursday, November 8th. Finally, ValuEngine raised shares of CarGurus from a hold rating to a buy rating in a research report on Tuesday, October 9th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and ten have given a buy rating to the company’s stock. CarGurus currently has a consensus rating of Buy and an average price target of $49.00.
NASDAQ:CARG traded down $0.06 during trading hours on Tuesday, reaching $36.02. 676,708 shares of the stock were exchanged, compared to its average volume of 565,775. The stock has a market capitalization of $3.96 billion, a price-to-earnings ratio of 300.17, a price-to-earnings-growth ratio of 38.94 and a beta of 1.74. CarGurus has a twelve month low of $28.52 and a twelve month high of $57.25.
In related news, insider Oliver Ian Chrzan sold 20,000 shares of the company’s stock in a transaction that occurred on Wednesday, January 9th. The shares were sold at an average price of $35.84, for a total value of $716,800.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Langley Steinert sold 117,406 shares of the company’s stock in a transaction that occurred on Thursday, January 3rd. The shares were sold at an average price of $32.65, for a total transaction of $3,833,305.90. The disclosure for this sale can be found here. Over the last three months, insiders have sold 2,090,170 shares of company stock valued at $81,199,238. Company insiders own 51.03% of the company’s stock.
Large investors have recently modified their holdings of the stock. NEXT Financial Group Inc purchased a new stake in shares of CarGurus in the 3rd quarter valued at approximately $206,000. CIBC Asset Management Inc purchased a new stake in shares of CarGurus in the 3rd quarter valued at approximately $209,000. LPL Financial LLC purchased a new stake in shares of CarGurus in the 3rd quarter valued at approximately $234,000. United Services Automobile Association purchased a new stake in shares of CarGurus in the 3rd quarter valued at approximately $240,000. Finally, Calamos Advisors LLC purchased a new stake in shares of CarGurus in the 3rd quarter valued at approximately $292,000. Institutional investors and hedge funds own 68.67% of the company’s stock.
CarGurus, Inc operates an online automotive marketplace connecting buyers and sellers of new and used cars worldwide. The company's marketplace enables users with third-party validation on pricing, dealer reputation, and other information. As of June 30, 2017, it had an active dealer network of approximately 40,000 dealers; and approximately 5.4 million car listings.
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