CarGurus (NASDAQ:CARG) Given Buy Rating at Needham & Company LLC

CarGurus (NASDAQ:CARGGet Rating)‘s stock had its “buy” rating reaffirmed by equities research analysts at Needham & Company LLC in a research report issued to clients and investors on Tuesday, TipRanks reports. They currently have a $40.00 price objective on the stock. Needham & Company LLC’s target price would suggest a potential upside of 72.71% from the stock’s previous close.

Other analysts have also issued research reports about the company. Royal Bank of Canada cut their price objective on CarGurus from $56.00 to $45.00 in a research report on Tuesday, May 10th. Piper Sandler upped their price objective on CarGurus from $35.00 to $40.00 and gave the stock a “neutral” rating in a research report on Wednesday, March 30th. TheStreet lowered CarGurus from a “b” rating to a “c” rating in a research report on Tuesday, March 22nd. Raymond James cut their price objective on CarGurus from $52.00 to $34.00 in a research report on Tuesday, May 10th. Finally, Benchmark cut their price objective on CarGurus from $63.00 to $50.00 in a research report on Tuesday, May 10th. Two analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus price target of $43.45.

CARG traded up $0.64 during trading hours on Tuesday, reaching $23.16. The company’s stock had a trading volume of 10,106 shares, compared to its average volume of 1,175,723. CarGurus has a fifty-two week low of $20.15 and a fifty-two week high of $50.03. The stock has a market cap of $2.74 billion, a PE ratio of -31.35, a P/E/G ratio of 2.95 and a beta of 1.56. The business’s 50-day moving average is $28.96 and its 200-day moving average is $33.95.

CarGurus (NASDAQ:CARGGet Rating) last released its quarterly earnings data on Monday, May 9th. The company reported $0.36 EPS for the quarter, beating analysts’ consensus estimates of $0.35 by $0.01. CarGurus had a return on equity of 22.94% and a net margin of 2.05%. The firm had revenue of $430.60 million for the quarter, compared to analysts’ expectations of $392.66 million. During the same period in the prior year, the firm posted $0.24 earnings per share. The firm’s quarterly revenue was up 151.2% on a year-over-year basis. As a group, sell-side analysts anticipate that CarGurus will post 0.59 earnings per share for the current fiscal year.

In other news, COO Samuel Zales sold 10,000 shares of CarGurus stock in a transaction that occurred on Monday, April 18th. The shares were sold at an average price of $41.74, for a total transaction of $417,400.00. Following the completion of the sale, the chief operating officer now directly owns 403,403 shares in the company, valued at approximately $16,838,041.22. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CFO Scot Christopher Fredo sold 2,269 shares of CarGurus stock in a transaction that occurred on Monday, April 4th. The shares were sold at an average price of $44.55, for a total transaction of $101,083.95. Following the sale, the chief financial officer now owns 123,822 shares of the company’s stock, valued at $5,516,270.10. The disclosure for this sale can be found here. In the last 90 days, insiders sold 13,230 shares of company stock valued at $542,701. 14.80% of the stock is owned by insiders.

A number of hedge funds have recently bought and sold shares of the stock. Wellington Management Group LLP lifted its stake in CarGurus by 30.4% in the 1st quarter. Wellington Management Group LLP now owns 14,128,717 shares of the company’s stock valued at $599,905,000 after buying an additional 3,294,532 shares in the last quarter. The Manufacturers Life Insurance Company lifted its stake in CarGurus by 1.3% in the 4th quarter. The Manufacturers Life Insurance Company now owns 9,312,123 shares of the company’s stock valued at $312,940,000 after buying an additional 115,026 shares in the last quarter. BlackRock Inc. lifted its stake in CarGurus by 2.6% in the 4th quarter. BlackRock Inc. now owns 6,100,334 shares of the company’s stock valued at $205,215,000 after buying an additional 153,236 shares in the last quarter. Contour Asset Management LLC raised its holdings in CarGurus by 34.8% in the 4th quarter. Contour Asset Management LLC now owns 4,815,767 shares of the company’s stock valued at $162,002,000 after acquiring an additional 1,241,975 shares during the last quarter. Finally, Eaton Vance Management raised its holdings in CarGurus by 9.0% in the 1st quarter. Eaton Vance Management now owns 2,425,550 shares of the company’s stock valued at $102,989,000 after acquiring an additional 199,425 shares during the last quarter.

CarGurus Company Profile (Get Rating)

CarGurus, Inc operates an online automotive marketplace connecting buyers and sellers of new and used cars in the United States and internationally. The company provides consumers an online automotive marketplace where they can search for new and used car listings from its dealers, as well as sell their car in the United States marketplace.

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Analyst Recommendations for CarGurus (NASDAQ:CARG)

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