CarGurus (NASDAQ:CARG) Price Target Lowered to $29.00 at UBS Group

CarGurus (NASDAQ:CARG) had its price objective decreased by UBS Group from $36.00 to $29.00 in a research note released on Thursday morning,Benzinga reports. UBS Group currently has a neutral rating on the stock.

Several other analysts have also recently weighed in on CARG. JMP Securities cut their price objective on CarGurus from $43.00 to $38.00 and set a “market outperform” rating on the stock in a research report on Wednesday. Needham & Company LLC restated a “buy” rating and set a $45.00 price target on shares of CarGurus in a research report on Friday, February 21st. JPMorgan Chase & Co. downgraded CarGurus from an “overweight” rating to a “neutral” rating and decreased their price objective for the stock from $42.00 to $34.00 in a report on Thursday, March 27th. Finally, Oppenheimer dropped their price objective 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 investment analysts have rated the stock with a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, CarGurus currently has a consensus rating of “Moderate Buy” and an average price target of $37.14.

CarGurus Trading Down 4.9 %

Shares of NASDAQ:CARG opened at $26.57 on Thursday. The company has a market cap of $2.77 billion, a price-to-earnings ratio of 147.62, a price-to-earnings-growth 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. The company has a 50-day moving average price of $32.33 and a 200-day moving average price of $34.13.

CarGurus (NASDAQ:CARG) last announced its quarterly 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). The business had revenue of $228.54 million during the quarter, compared to analysts’ expectations of $231.72 million. CarGurus had a return on equity of 27.14% and a net margin of 2.34%. As a group, research analysts forecast that CarGurus will post 1.41 EPS for the current fiscal year.

Insider Buying and Selling at CarGurus

In other CarGurus 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 transaction of $83,978.36. Following the transaction, the chief executive officer now owns 115,983 shares in the company, valued at approximately $4,421,271.96. This represents a 1.86 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, COO Samuel Zales sold 10,000 shares of the firm’s stock in a transaction dated Monday, March 17th. The shares were sold at an average price of $30.78, for a total transaction of $307,800.00. Following the sale, the chief operating officer now directly owns 390,025 shares in the company, valued at approximately $12,004,969.50. The trade was a 2.50 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 32,203 shares of company stock worth $1,158,978. Insiders own 17.20% of the company’s stock.

Hedge Funds Weigh In On CarGurus

Several hedge funds and other institutional investors have recently modified their holdings of the company. Global Retirement Partners LLC boosted its position in CarGurus by 198.5% in the fourth quarter. Global Retirement Partners LLC now owns 800 shares of the company’s stock worth $29,000 after purchasing an additional 532 shares during the last quarter. Fifth Third Bancorp boosted its holdings in shares of CarGurus by 100.0% in the fourth quarter. Fifth Third Bancorp now owns 912 shares of the company’s stock worth $33,000 after buying an additional 456 shares during the last quarter. Principal Securities Inc. grew its position in CarGurus by 82.7% during 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 period. USA Financial Formulas purchased a new stake in CarGurus during the fourth quarter valued at approximately $35,000. Finally, GeoWealth Management LLC bought a new position in CarGurus in the fourth quarter worth approximately $49,000. 86.90% of the stock is owned by institutional investors.

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.