CarGurus (NASDAQ:CARG) Price Target Lowered to $39.00 at Needham & Company LLC

CarGurus (NASDAQ:CARG) had its target price trimmed by Needham & Company LLC from $45.00 to $39.00 in a research report released on Friday,Benzinga reports. The brokerage currently has a buy rating on the stock.

Other equities analysts also recently issued reports about the company. UBS Group dropped their price objective on CarGurus from $36.00 to $29.00 and set a “neutral” rating for the company in a research note on Thursday, April 10th. JPMorgan Chase & Co. cut CarGurus from an “overweight” rating to a “neutral” rating and dropped their price target for the company from $42.00 to $34.00 in a research report on Thursday, March 27th. Oppenheimer decreased their price objective on shares of CarGurus from $44.00 to $42.00 and set an “outperform” rating on the stock in a research report on Monday, February 24th. Finally, JMP Securities lowered their price objective on shares of CarGurus from $43.00 to $38.00 and set a “market outperform” rating on the stock in a research note on Wednesday, April 9th. Three equities research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $36.95.

CarGurus Stock Performance

Shares of NASDAQ CARG opened at $30.97 on Friday. CarGurus has a one year low of $21.65 and a one year high of $41.33. The firm has a market capitalization of $3.23 billion, a P/E ratio of 172.07, a PEG ratio of 1.72 and a beta of 1.45. The company’s fifty day moving average is $28.73 and its two-hundred day moving average is $33.74.

CarGurus (NASDAQ:CARG) last announced its quarterly earnings data on Thursday, February 20th. The company reported $0.44 EPS for the quarter, missing the consensus estimate 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. On average, sell-side analysts forecast that CarGurus will post 1.41 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, CEO Zachary Emerson Hallowell sold 1,824 shares of the company’s stock in a transaction dated Thursday, April 17th. The shares were sold at an average price of $26.73, for a total transaction of $48,755.52. Following the completion of the transaction, the chief executive officer now owns 129,790 shares of the company’s stock, valued at $3,469,286.70. This represents a 1.39% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, COO Samuel Zales sold 10,000 shares of the firm’s stock in a transaction that occurred on Friday, May 2nd. The stock was sold at an average price of $28.29, for a total transaction of $282,900.00. Following the completion of the sale, the chief operating officer now directly owns 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 disclosure for this sale can be found here. In the last three months, insiders sold 31,824 shares of company stock valued at $907,856. Company insiders own 16.99% of the company’s stock.

Hedge Funds Weigh In On CarGurus

A number of large investors have recently bought and sold shares of CARG. Global Retirement Partners LLC increased its holdings in shares of CarGurus by 198.5% during the 4th quarter. Global Retirement Partners LLC now owns 800 shares of the company’s stock worth $29,000 after buying an additional 532 shares during the last quarter. Fifth Third Bancorp grew its position in CarGurus by 100.0% during the fourth quarter. Fifth Third Bancorp now owns 912 shares of the company’s stock valued at $33,000 after acquiring an additional 456 shares during the period. Principal Securities Inc. increased its stake in CarGurus by 82.7% during the fourth quarter. Principal Securities Inc. now owns 937 shares of the company’s stock worth $34,000 after acquiring an additional 424 shares during the last quarter. USA Financial Formulas purchased a new position in shares of CarGurus in the 4th quarter worth about $35,000. Finally, GeoWealth Management LLC purchased a new position in shares of CarGurus in the 4th quarter worth about $49,000. 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.