Citigroup Cuts CarGurus (NASDAQ:CARG) Price Target to $37.00

CarGurus (NASDAQ:CARG) had its target price lowered by research analysts at Citigroup from $40.00 to $37.00 in a research note issued on Thursday,Benzinga reports. The brokerage presently has a “neutral” rating on the stock. Citigroup’s target price points to a potential upside of 9.87% from the stock’s current price.

CARG has been the topic of several other research reports. JPMorgan Chase & Co. lowered CarGurus from an “overweight” rating to a “neutral” rating and cut their target price for the company from $42.00 to $34.00 in a research note on Thursday, March 27th. JMP Securities reiterated a “market perform” rating and issued a $38.00 target price on shares of CarGurus in a research report on Wednesday. Needham & Company LLC decreased their price target on CarGurus from $45.00 to $39.00 and set a “buy” rating for the company in a report on Friday, May 9th. Royal Bank Of Canada reissued an “outperform” rating and issued a $42.00 price target on shares of CarGurus in a report on Monday, May 12th. Finally, Citizens Jmp downgraded CarGurus from an “outperform” rating to a “market perform” rating in a research note on Wednesday. Six equities research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat, CarGurus currently has an average rating of “Moderate Buy” and an average price target of $37.86.

CarGurus Trading Up 0.1%

Shares of CarGurus stock opened at $33.68 on Thursday. The firm has a market cap of $3.52 billion, a P/E ratio of 96.22, a P/E/G ratio of 1.65 and a beta of 1.44. CarGurus has a 12 month low of $21.65 and a 12 month high of $41.33. The stock’s fifty day moving average price is $31.52 and its 200-day moving average price is $32.85.

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

Insider Transactions at CarGurus

In other news, insider Ismail Elshareef sold 5,246 shares of the business’s stock in a transaction on Wednesday, June 4th. The stock was sold at an average price of $31.37, for a total value of $164,567.02. Following the completion of the transaction, the insider directly owned 107,007 shares of the company’s stock, valued at $3,356,809.59. The trade was a 4.67% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CTO Matthew Todd Quinn sold 3,789 shares of the business’s stock in a transaction on Wednesday, July 2nd. The stock was sold at an average price of $33.09, for a total value of $125,378.01. Following the completion of the transaction, the chief technology officer directly owned 216,877 shares of the company’s stock, valued at approximately $7,176,459.93. This trade represents a 1.72% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 51,661 shares of company stock valued at $1,557,243. 16.99% of the stock is owned by company insiders.

Institutional Investors Weigh In On CarGurus

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Vanguard Group Inc. grew its position in CarGurus by 1.0% during the first quarter. Vanguard Group Inc. now owns 9,780,608 shares of the company’s stock valued at $284,909,000 after acquiring an additional 93,722 shares during the period. Wellington Management Group LLP lifted its stake in shares of CarGurus by 12.7% in the first quarter. Wellington Management Group LLP now owns 8,052,180 shares of the company’s stock worth $234,560,000 after acquiring an additional 906,830 shares in the last quarter. Invesco Ltd. lifted its stake in shares of CarGurus by 340.5% in the first quarter. Invesco Ltd. now owns 1,606,869 shares of the company’s stock worth $46,808,000 after acquiring an additional 1,242,076 shares in the last quarter. Arrowstreet Capital Limited Partnership lifted its stake in shares of CarGurus by 168.7% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 1,524,478 shares of the company’s stock worth $55,704,000 after acquiring an additional 957,035 shares in the last quarter. Finally, Prevatt Capital Ltd raised its stake in CarGurus by 3.7% during the first quarter. Prevatt Capital Ltd now owns 1,400,000 shares of the company’s stock valued at $40,782,000 after buying an additional 50,000 shares in the last quarter. Hedge funds and other institutional investors own 86.90% of the company’s stock.

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.