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

CarGurus (NASDAQ:CARG) had its target price lowered by investment analysts at JMP Securities from $43.00 to $38.00 in a research note issued to investors on Wednesday,Benzinga reports. The brokerage presently has a “market outperform” rating on the stock. JMP Securities’ price target would suggest a potential upside of 48.87% from the company’s previous close.

Other equities analysts have also recently issued research reports about the company. JPMorgan Chase & Co. cut CarGurus from an “overweight” rating to a “neutral” rating and reduced their target price for the company from $42.00 to $34.00 in a report on Thursday, March 27th. Oppenheimer decreased their price objective on CarGurus from $44.00 to $42.00 and set an “outperform” rating on the stock in a report on Monday, February 24th. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $45.00 target price on shares of CarGurus in a research note on Friday, February 21st. Two investment 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 stock. Based on data from MarketBeat, CarGurus currently has a consensus rating of “Moderate Buy” and a consensus target price of $37.95.

CarGurus Price Performance

NASDAQ CARG traded up $0.34 on Wednesday, hitting $25.53. The company had a trading volume of 186,122 shares, compared to its average volume of 840,676. The company’s fifty day moving average price is $33.04 and its 200-day moving average price is $34.21. The company has a market capitalization of $2.67 billion, a PE ratio of 141.40, a PEG ratio of 1.72 and a beta of 1.46. CarGurus has a 12-month low of $21.18 and a 12-month high of $41.33.

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

Insiders Place Their Bets

In related news, CEO Zachary Emerson Hallowell sold 2,203 shares of the company’s 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 owns 115,983 shares of the company’s stock, valued at approximately $4,421,271.96. This represents a 1.86 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, COO Samuel Zales sold 10,000 shares of CarGurus stock in a transaction dated Monday, March 17th. The stock was sold at an average price of $30.78, for a total transaction of $307,800.00. Following the transaction, the chief operating officer now directly owns 390,025 shares in the company, valued at $12,004,969.50. This trade represents a 2.50 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 32,203 shares of company stock valued at $1,158,978 in the last three months. 17.20% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in CARG. Global Retirement Partners LLC lifted its stake in shares of 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 during the last quarter. Fifth Third Bancorp raised its holdings in CarGurus by 100.0% in the 4th quarter. Fifth Third Bancorp now owns 912 shares of the company’s stock valued at $33,000 after buying an additional 456 shares during the period. Principal Securities Inc. lifted its position in CarGurus by 82.7% in the fourth quarter. Principal Securities Inc. now owns 937 shares of the company’s stock valued at $34,000 after buying an additional 424 shares during the last quarter. USA Financial Formulas purchased a new position in CarGurus during the fourth quarter worth about $35,000. Finally, Quarry LP increased its position in shares of CarGurus by 155.8% during the third quarter. Quarry LP now owns 1,499 shares of the company’s stock valued at $45,000 after acquiring 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.