CarGurus (NASDAQ:CARG) Given New $38.00 Price Target at JMP Securities

CarGurus (NASDAQ:CARG) had its price target cut by JMP Securities from $43.00 to $38.00 in a research note published on Wednesday,Benzinga reports. They currently have a market outperform rating on the stock.

A number of other analysts have also recently weighed in on the company. Needham & Company LLC reissued a “buy” rating and issued a $45.00 price objective on shares of CarGurus in a research report on Friday, February 21st. JPMorgan Chase & Co. lowered shares of CarGurus from an “overweight” rating to a “neutral” rating and decreased their price objective for the company from $42.00 to $34.00 in a research report on Thursday, March 27th. Finally, Oppenheimer cut their price target on shares of CarGurus from $44.00 to $42.00 and set an “outperform” rating on the stock in a research note on Monday, February 24th. Three research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $37.14.

CarGurus Stock Up 1.6 %

Shares of NASDAQ:CARG opened at $27.00 on Wednesday. The business’s 50 day moving average is $32.33 and its 200 day moving average is $34.13. The stock has a market cap of $2.82 billion, a P/E ratio of 150.01, a price-to-earnings-growth ratio of 1.72 and a beta of 1.46. CarGurus has a 52-week low of $21.18 and a 52-week high of $41.33.

CarGurus (NASDAQ:CARG) last announced its quarterly earnings results on Thursday, February 20th. The company reported $0.44 EPS for the quarter, missing the consensus estimate of $0.50 by ($0.06). The firm had revenue of $228.54 million for the quarter, compared to analysts’ expectations of $231.72 million. CarGurus had a net margin of 2.34% and a return on equity of 27.14%. On average, sell-side analysts anticipate that CarGurus will post 1.41 EPS for the current fiscal year.

Insider Buying and Selling at CarGurus

In related news, COO Samuel Zales sold 10,000 shares of CarGurus stock in a transaction on Monday, March 17th. The shares were sold at an average price of $30.78, for a total value of $307,800.00. Following the sale, the chief operating officer now owns 390,025 shares of the company’s stock, valued at approximately $12,004,969.50. This trade represents a 2.50 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Zachary Emerson Hallowell sold 2,203 shares of the business’s stock in a transaction dated Friday, January 17th. The stock was sold at an average price of $38.12, for a total transaction of $83,978.36. Following the sale, the chief executive officer now directly owns 115,983 shares of the company’s stock, valued at $4,421,271.96. This represents a 1.86 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 32,203 shares of company stock valued at $1,158,978. 17.20% of the stock is owned by company insiders.

Institutional Investors Weigh In On CarGurus

Several large investors have recently bought and sold shares of CARG. Global Retirement Partners LLC lifted its holdings in CarGurus by 198.5% in the 4th quarter. Global Retirement Partners LLC now owns 800 shares of the company’s stock valued at $29,000 after purchasing an additional 532 shares in the last quarter. Fifth Third Bancorp lifted its stake in CarGurus by 100.0% in the 4th quarter. Fifth Third Bancorp now owns 912 shares of the company’s stock worth $33,000 after purchasing an additional 456 shares in the last quarter. Principal Securities Inc. boosted its holdings in shares of CarGurus by 82.7% during the 4th quarter. Principal Securities Inc. now owns 937 shares of the company’s stock worth $34,000 after purchasing an additional 424 shares during the last quarter. USA Financial Formulas purchased a new stake in shares of CarGurus in the fourth quarter valued at approximately $35,000. Finally, Quarry LP increased its holdings in shares of CarGurus by 155.8% in the third quarter. Quarry LP now owns 1,499 shares of the company’s stock valued at $45,000 after purchasing an additional 913 shares during the last quarter. 86.90% of the stock is currently owned by hedge funds and other institutional investors.

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.