Zacks: Brokerages Anticipate CarGurus, Inc. (NASDAQ:CARG) Will Post Quarterly Sales of $405.18 Million

Wall Street brokerages predict that CarGurus, Inc. (NASDAQ:CARG – Get Rating) will announce $405.18 million in sales for the current quarter, according to Zacks Investment Research. Five analysts have provided estimates for CarGurus’ earnings, with the lowest sales estimate coming in at $399.97 million and the highest estimate coming in at $409.60 million. CarGurus reported sales of $171.37 million in the same quarter last year, which would suggest a positive year-over-year growth rate of 136.4%. The firm is expected to report its next earnings results on Monday, January 1st.

According to Zacks, analysts expect that CarGurus will report full-year sales of $1.90 billion for the current fiscal year, with estimates ranging from $1.76 billion to $2.13 billion. For the next year, analysts forecast that the firm will report sales of $2.61 billion, with estimates ranging from $2.32 billion to $3.08 billion. Zacks’ sales averages are an average based on a survey of sell-side research firms that that provide coverage for CarGurus.

CarGurus (NASDAQ:CARG – Get Rating) last issued its quarterly earnings data on Thursday, February 24th. The company reported $0.26 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.16 by $0.10. CarGurus had a return on equity of 23.53% and a net margin of 11.48%. The company had revenue of $339.34 million for the quarter, compared to the consensus estimate of $279.91 million. During the same quarter last year, the business posted $0.24 earnings per share. The firm’s revenue was up 123.9% compared to the same quarter last year.

A number of research firms have weighed in on CARG. TheStreet downgraded CarGurus from a “b” rating to a “c” rating in a research report on Tuesday, March 22nd. Needham & Company LLC raised their price target on CarGurus from $46.00 to $52.00 and gave the company a “buy” rating in a research report on Friday, February 25th. Royal Bank of Canada raised their price target on CarGurus from $48.00 to $56.00 and gave the company an “outperform” rating in a research report on Thursday, March 10th. Zacks Investment Research downgraded CarGurus from a “strong-buy” rating to a “hold” rating in a research report on Friday, March 18th. Finally, Piper Sandler raised their price target on CarGurus from $35.00 to $40.00 and gave the company a “neutral” rating in a research report on Wednesday, March 30th. Three equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Buy” and an average target price of $48.25.

In other CarGurus news, VP Yann Bruno Gellot sold 1,567 shares of the firm’s stock in a transaction dated Thursday, February 3rd. The shares were sold at an average price of $33.01, for a total value of $51,726.67. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, COO Samuel Zales sold 10,000 shares of CarGurus stock in a transaction that occurred on Tuesday, January 18th. The shares were sold at an average price of $31.28, for a total transaction of $312,800.00. The disclosure for this sale can be found here. Insiders sold 42,231 shares of company stock valued at $1,615,227 over the last 90 days. 21.72% of the stock is currently owned by company insiders.

Large investors have recently bought and sold shares of the business. First Mercantile Trust Co. bought a new stake in CarGurus in the 3rd quarter worth approximately $26,000. First Quadrant L P CA bought a new stake in shares of CarGurus during the 4th quarter valued at $40,000. Strs Ohio bought a new stake in shares of CarGurus during the 3rd quarter valued at $109,000. Advisor Group Holdings Inc. grew its position in shares of CarGurus by 35.7% during the 4th quarter. Advisor Group Holdings Inc. now owns 3,566 shares of the company’s stock valued at $120,000 after acquiring an additional 938 shares during the period. Finally, Lazard Asset Management LLC grew its position in shares of CarGurus by 9.5% during the 4th quarter. Lazard Asset Management LLC now owns 4,190 shares of the company’s stock valued at $140,000 after acquiring an additional 365 shares during the period. 94.43% of the stock is owned by institutional investors and hedge funds.

Shares of CARG stock opened at $42.87 on Wednesday. CarGurus has a 52-week low of $23.15 and a 52-week high of $50.03. The company has a market capitalization of $5.06 billion, a PE ratio of -2,143.50, a price-to-earnings-growth ratio of 3.16 and a beta of 1.47. The business’s fifty day moving average is $40.42 and its 200 day moving average is $36.36.

About CarGurus (Get Rating)

CarGurus, Inc operates an online automotive marketplace connecting buyers and sellers of new and used cars in the United States and internationally. The company provides consumers an online automotive marketplace where they can search for new and used car listings from its dealers, as well as sell their car in the United States marketplace.

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