CarGurus (NASDAQ:CARG) Given New $21.00 Price Target at Needham & Company LLC

CarGurus (NASDAQ:CARGGet Rating) had its target price reduced by Needham & Company LLC from $27.00 to $21.00 in a report issued on Tuesday morning, The Fly reports. They currently have a buy rating on the stock.

Several other analysts also recently weighed in on the stock. DA Davidson lowered their target price on shares of CarGurus from $34.00 to $30.00 and set a neutral rating on the stock in a report on Tuesday, August 9th. BTIG Research decreased their price objective on shares of CarGurus to $30.00 in a research note on Monday, August 15th. JMP Securities began coverage on shares of CarGurus in a research note on Thursday, June 30th. They issued a market perform rating for the company. Royal Bank of Canada dropped their target price on shares of CarGurus from $45.00 to $35.00 and set an outperform rating on the stock in a report on Tuesday, August 9th. Finally, Oppenheimer decreased their target price on shares of CarGurus from $32.00 to $23.00 in a research report on Friday, September 9th. Three analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of Moderate Buy and an average price target of $33.18.

CarGurus Price Performance

Shares of CARG opened at $15.30 on Tuesday. CarGurus has a 1-year low of $15.10 and a 1-year high of $50.03. The firm has a market capitalization of $1.82 billion, a PE ratio of -14.43, a price-to-earnings-growth ratio of 4.03 and a beta of 1.61. The company’s fifty day moving average price is $20.81 and its 200-day moving average price is $27.86.

CarGurus (NASDAQ:CARGGet Rating) last released its quarterly earnings data on Monday, August 8th. The company reported $0.15 EPS for the quarter, beating analysts’ consensus estimates of $0.11 by $0.04. The company had revenue of $511.20 million during the quarter, compared to the consensus estimate of $507.31 million. CarGurus had a negative net margin of 0.90% and a positive return on equity of 20.37%. CarGurus’s quarterly revenue was up 134.7% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.29 EPS. As a group, research analysts anticipate that CarGurus will post 0.31 EPS for the current fiscal year.

Insider Buying and Selling

In related news, COO Samuel Zales sold 17,707 shares of the business’s stock in a transaction dated Thursday, July 21st. The stock was sold at an average price of $25.02, for a total transaction of $443,029.14. Following the completion of the transaction, the chief operating officer now directly owns 392,587 shares in the company, valued at $9,822,526.74. The transaction was disclosed in a document filed with the SEC, which is available through this link. 14.80% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On CarGurus

Hedge funds and other institutional investors have recently modified their holdings of the company. Arizona State Retirement System boosted its holdings in shares of CarGurus by 1.6% in the 1st quarter. Arizona State Retirement System now owns 21,989 shares of the company’s stock worth $934,000 after purchasing an additional 343 shares during the period. Meritage Portfolio Management raised its stake in CarGurus by 10.3% in the first quarter. Meritage Portfolio Management now owns 6,900 shares of the company’s stock valued at $293,000 after buying an additional 642 shares during the last quarter. Macquarie Group Ltd. raised its stake in CarGurus by 11.2% in the second quarter. Macquarie Group Ltd. now owns 8,148 shares of the company’s stock valued at $175,000 after buying an additional 818 shares during the last quarter. U.S. Capital Wealth Advisors LLC increased its holdings in shares of CarGurus by 0.4% in the second quarter. U.S. Capital Wealth Advisors LLC now owns 185,584 shares of the company’s stock valued at $3,988,000 after purchasing an additional 825 shares during the period. Finally, Point72 Hong Kong Ltd grew its holdings in CarGurus by 16.8% during the second quarter. Point72 Hong Kong Ltd now owns 6,491 shares of the company’s stock worth $139,000 after acquiring an additional 934 shares during the period. 86.18% of the stock is owned by institutional investors.

About CarGurus

(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.

Recommended Stories

The Fly logo

Analyst Recommendations for CarGurus (NASDAQ:CARG)

Receive News & Ratings for CarGurus Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for CarGurus and related companies with MarketBeat.com's FREE daily email newsletter.