CarGurus (NASDAQ:CARG) Hits New 12-Month High – Time to Buy?

CarGurus, Inc. (NASDAQ:CARG)’s stock price reached a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $40.70 and last traded at $40.45, with a volume of 1343007 shares. The stock had previously closed at $38.99.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on the company. B. Riley upped their price objective on CarGurus from $30.00 to $40.00 and gave the company a “buy” rating in a report on Monday, November 11th. BTIG Research increased their price target on shares of CarGurus from $30.00 to $35.00 and gave the company a “buy” rating in a research report on Tuesday, October 22nd. Jefferies Financial Group boosted their price objective on shares of CarGurus from $35.00 to $38.00 and gave the company a “buy” rating in a report on Tuesday, October 22nd. JPMorgan Chase & Co. increased their target price on shares of CarGurus from $36.00 to $40.00 and gave the stock an “overweight” rating in a report on Friday, November 8th. Finally, Needham & Company LLC boosted their price target on shares of CarGurus from $39.00 to $45.00 and gave the company a “buy” rating in a report on Thursday, January 16th. Two investment analysts have rated the stock with a hold rating, eight have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $38.41.

CarGurus Stock Up 3.7 %

The stock has a fifty day moving average of $37.24 and a 200-day moving average of $32.04. The firm has a market capitalization of $4.20 billion, a P/E ratio of -87.93, a P/E/G ratio of 1.70 and a beta of 1.58.

Insider Transactions at CarGurus

In other news, CEO Jason Trevisan sold 10,000 shares of the firm’s stock in a transaction dated Monday, November 18th. The stock was sold at an average price of $35.41, for a total value of $354,100.00. Following the completion of the transaction, the chief executive officer now owns 779,606 shares in the company, valued at $27,605,848.46. This trade represents a 1.27 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Zachary Emerson Hallowell sold 2,203 shares of CarGurus stock in a transaction dated Friday, January 17th. The shares were sold at an average price of $38.12, for a total value of $83,978.36. Following the completion of the sale, the chief executive officer now directly owns 115,983 shares in the company, valued at approximately $4,421,271.96. This represents a 1.86 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 74,556 shares of company stock valued at $2,682,940 in the last ninety days. 17.20% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On CarGurus

Large investors have recently made changes to their positions in the stock. Loomis Sayles & Co. L P bought a new stake in CarGurus during the third quarter worth $21,052,000. Assenagon Asset Management S.A. raised its holdings in shares of CarGurus by 629.3% in the 3rd quarter. Assenagon Asset Management S.A. now owns 372,379 shares of the company’s stock valued at $11,183,000 after purchasing an additional 321,318 shares during the period. State Street Corp lifted its stake in CarGurus by 4.8% in the 3rd quarter. State Street Corp now owns 3,298,894 shares of the company’s stock valued at $99,066,000 after purchasing an additional 151,862 shares during the last quarter. Barclays PLC grew its holdings in CarGurus by 252.2% during the third quarter. Barclays PLC now owns 169,461 shares of the company’s stock worth $5,089,000 after purchasing an additional 121,341 shares during the period. Finally, Moody Aldrich Partners LLC acquired a new position in CarGurus during the fourth quarter worth approximately $3,852,000. 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.