JMP Securities Cuts CarGurus (NASDAQ:CARG) Price Target to $38.00

CarGurus (NASDAQ:CARG) had its target price dropped by investment analysts at JMP Securities from $43.00 to $38.00 in a report released on Wednesday,Benzinga reports. The firm presently has a “market outperform” rating on the stock. JMP Securities’ target price indicates a potential upside of 43.02% from the company’s current price.

CARG has been the subject of several other research reports. Needham & Company LLC reiterated a “buy” rating and issued a $45.00 target price on shares of CarGurus in a report on Friday, February 21st. JPMorgan Chase & Co. downgraded CarGurus from an “overweight” rating to a “neutral” rating and cut their price objective for the company from $42.00 to $34.00 in a report on Thursday, March 27th. Finally, Oppenheimer lowered their target price on CarGurus from $44.00 to $42.00 and set an “outperform” rating for the company in a report on Monday, February 24th. Three investment analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $37.14.

CarGurus Stock Down 4.9 %

Shares of CarGurus stock opened at $26.57 on Wednesday. The firm has a market cap of $2.77 billion, a PE ratio of 147.62, a price-to-earnings-growth ratio of 1.72 and a beta of 1.46. CarGurus has a 52 week low of $21.18 and a 52 week high of $41.33. The business’s fifty day simple moving average is $32.33 and its 200-day simple moving average is $34.13.

CarGurus (NASDAQ:CARG) last posted 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 net margin of 2.34% and a return on equity of 27.14%. The company had revenue of $228.54 million during the quarter, compared to analyst estimates of $231.72 million. As a group, equities analysts expect that CarGurus will post 1.41 earnings per share for the current year.

Insider Buying and Selling

In other news, CEO Zachary Emerson Hallowell sold 2,203 shares of the firm’s stock in a transaction on Friday, January 17th. The shares were sold at an average price of $38.12, for a total value of $83,978.36. Following the sale, the chief executive officer now directly owns 115,983 shares in the company, valued at approximately $4,421,271.96. This trade represents a 1.86 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, COO Samuel Zales sold 20,000 shares of the business’s stock in a transaction on Monday, February 3rd. The stock was sold at an average price of $38.36, for a total transaction of $767,200.00. Following the transaction, the chief operating officer now owns 400,025 shares of the company’s stock, valued at approximately $15,344,959. The trade was a 4.76 % decrease in their position. 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 owned by corporate insiders.

Institutional Trading of CarGurus

Institutional investors have recently bought and sold shares of the business. Arrowstreet Capital Limited Partnership increased its holdings in shares of CarGurus by 168.7% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 1,524,478 shares of the company’s stock valued at $55,704,000 after acquiring an additional 957,035 shares during the last quarter. Wellington Management Group LLP increased its stake in CarGurus by 12.7% in the fourth quarter. Wellington Management Group LLP now owns 7,145,350 shares of the company’s stock valued at $261,091,000 after purchasing an additional 802,602 shares during the last quarter. No Street GP LP acquired a new stake in CarGurus during the fourth quarter worth approximately $25,578,000. Raymond James Financial Inc. purchased a new stake in shares of CarGurus during the 4th quarter worth approximately $19,465,000. Finally, Oberweis Asset Management Inc. acquired a new position in shares of CarGurus in the 4th quarter valued at $18,270,000. 86.90% of the stock is 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.