CarGurus’ (CARG) Market Perform Rating Reiterated at JMP Securities

JMP Securities reissued their market perform rating on shares of CarGurus (NASDAQ:CARG) in a research note issued to investors on Wednesday morning,Benzinga reports. JMP Securities currently has a $38.00 target price on the stock.

Other equities research analysts also recently issued research reports about the company. Citizens Jmp downgraded CarGurus from an “outperform” rating to a “market perform” rating in a research report on Wednesday. Royal Bank Of Canada restated an “outperform” rating and set a $42.00 target price on shares of CarGurus in a research report on Monday, May 12th. JPMorgan Chase & Co. downgraded CarGurus from an “overweight” rating to a “neutral” rating and dropped their price objective for the company from $42.00 to $34.00 in a report on Thursday, March 27th. UBS Group upped their price objective on CarGurus from $29.00 to $33.00 and gave the company a “neutral” rating in a report on Friday, May 9th. Finally, Needham & Company LLC dropped their price objective on CarGurus from $45.00 to $39.00 and set a “buy” rating for the company in a report on Friday, May 9th. Six investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat, CarGurus has a consensus rating of “Moderate Buy” and a consensus price target of $37.86.

CarGurus Trading Up 0.1%

Shares of NASDAQ:CARG opened at $33.68 on Wednesday. The business’s 50 day moving average is $31.52 and its 200-day moving average is $32.85. The firm has a market capitalization of $3.52 billion, a PE ratio of 96.22, a PEG ratio of 1.65 and a beta of 1.44. CarGurus has a 1-year low of $21.65 and a 1-year high of $41.33.

CarGurus (NASDAQ:CARG) last released its earnings results on Thursday, May 8th. The company reported $0.46 earnings per share for the quarter, topping analysts’ consensus estimates of $0.42 by $0.04. The company had revenue of $225.16 million during the quarter, compared to the consensus estimate of $226.72 million. CarGurus had a return on equity of 32.54% and a net margin of 4.28%. The firm’s quarterly revenue was up 4.3% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.32 earnings per share. On average, sell-side analysts predict that CarGurus will post 1.41 EPS for the current year.

Insider Transactions at CarGurus

In other CarGurus news, COO Samuel Zales sold 10,000 shares of the stock in a transaction dated Friday, May 2nd. The stock was sold at an average price of $28.29, for a total value of $282,900.00. Following the completion of the sale, the chief operating officer directly owned 493,382 shares in the company, valued at $13,957,776.78. This represents a 1.99% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, General Counsel Javier Esquivel Zamora sold 12,265 shares of the stock in a transaction dated Wednesday, June 4th. The stock was sold at an average price of $31.37, for a total value of $384,753.05. Following the completion of the sale, the general counsel owned 102,723 shares of the company’s stock, valued at $3,222,420.51. This trade represents a 10.67% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 51,661 shares of company stock valued at $1,557,243. Insiders own 16.99% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the company. Summit Global Investments acquired a new position in shares of CarGurus during the fourth quarter worth about $1,150,000. Cookson Peirce & Co. Inc. boosted its position in shares of CarGurus by 59.6% during the fourth quarter. Cookson Peirce & Co. Inc. now owns 21,376 shares of the company’s stock worth $781,000 after buying an additional 7,982 shares during the period. Scalar Gauge Management LLC acquired a new position in shares of CarGurus during the fourth quarter worth about $4,019,000. Charles Schwab Investment Management Inc. boosted its position in shares of CarGurus by 2.9% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,073,810 shares of the company’s stock worth $39,237,000 after buying an additional 30,593 shares during the period. Finally, Intech Investment Management LLC boosted its position in shares of CarGurus by 100.0% during the fourth quarter. Intech Investment Management LLC now owns 44,821 shares of the company’s stock worth $1,638,000 after buying an additional 22,410 shares during the period. 86.90% of the stock is owned by institutional investors and hedge funds.

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.