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

CarGurus (NASDAQ:CARG) had its target price lifted by stock analysts at Royal Bank of Canada from $26.00 to $27.00 in a research note issued on Friday, Benzinga reports. The brokerage currently has an “outperform” rating on the stock. Royal Bank of Canada’s target price suggests a potential upside of 9.76% from the stock’s previous close.

Several other brokerages also recently weighed in on CARG. Oppenheimer lifted their target price on CarGurus from $26.00 to $30.00 and gave the company an “outperform” rating in a research note on Tuesday, February 27th. JMP Securities reiterated 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 stock a “neutral” rating in a research report on Friday, March 15th. Finally, Needham & Company LLC boosted their target price on shares of CarGurus from $24.00 to $25.00 and gave the stock a “buy” rating in a research report on Friday. Four analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $25.18.

CarGurus Stock Performance

Shares of CARG stock traded up $2.32 during mid-day trading on Friday, hitting $24.60. 951,851 shares of the stock were exchanged, compared to its average volume of 960,269. The stock’s fifty day simple moving average is $22.77 and its two-hundred day simple moving average is $22.28. CarGurus has a 12-month low of $16.70 and a 12-month high of $24.76. The stock 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 (NASDAQ:CARG) last posted its quarterly earnings data on Monday, February 26th. The company reported $0.35 earnings per share for the quarter, beating the consensus estimate of $0.34 by $0.01. The business had revenue of $223.12 million during the quarter, compared to the consensus estimate of $220.05 million. CarGurus had a return on equity of 7.74% and a net margin of 3.40%. The company’s revenue was down 22.2% compared to the same quarter last year. During the same period in the prior year, the company earned $0.25 earnings per share. On average, research analysts expect that CarGurus will post 0.94 earnings per share for the current fiscal year.

Insider Activity at CarGurus

In related news, insider Andrea Lee Eldridge sold 22,358 shares of the firm’s stock in a transaction on Thursday, February 29th. The stock was sold at an average price of $22.13, for a total value of $494,782.54. Following the completion of the transaction, the insider now directly owns 117,432 shares of the company’s stock, valued at $2,598,770.16. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other news, CMO Dafna Sarnoff sold 10,573 shares of the company’s stock in a transaction dated Monday, March 18th. The shares were sold at an average price of $22.56, for a total value of $238,526.88. Following the sale, the chief marketing officer now owns 168,099 shares of the company’s stock, valued at approximately $3,792,313.44. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, insider Andrea Lee Eldridge sold 22,358 shares of the business’s stock in a transaction dated Thursday, February 29th. The shares were sold at an average price of $22.13, for a total transaction of $494,782.54. Following the completion of the transaction, the insider now owns 117,432 shares in the company, valued at $2,598,770.16. The disclosure for this sale can be found here. Insiders sold a total of 113,793 shares of company stock worth $2,523,342 in the last 90 days. 15.70% of the stock is owned by company insiders.

Hedge Funds Weigh In On CarGurus

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Wellington Management Group LLP grew its stake in shares of CarGurus by 39.6% during the fourth quarter. Wellington Management Group LLP now owns 5,705,962 shares of the company’s stock worth $137,856,000 after purchasing an additional 1,619,076 shares during the period. Prevatt Capital Ltd bought a new position in CarGurus during the 4th quarter worth about $24,160,000. Inflection Point Investments LLP bought a new position in shares of CarGurus during the fourth quarter worth about $17,154,000. Norges Bank acquired a new stake in shares of CarGurus in the fourth quarter valued at approximately $17,042,000. Finally, Pacer Advisors Inc. lifted its position in shares of CarGurus by 20.3% in the fourth quarter. Pacer Advisors Inc. now owns 1,993,523 shares of the company’s stock worth $48,164,000 after purchasing an additional 336,245 shares in the last quarter. Institutional investors and hedge funds 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.