CarGurus (NASDAQ:CARG) Price Target Cut to $40.00 by Analysts at Needham & Company LLC

CarGurus (NASDAQ:CARGGet Rating) had its target price decreased by Needham & Company LLC from $52.00 to $40.00 in a report released on Tuesday, The Fly reports. Needham & Company LLC’s target price suggests a potential upside of 34.09% from the company’s previous close.

Several other research firms also recently issued reports on CARG. Truist Financial increased their price objective on shares of CarGurus from $44.00 to $58.00 in a report on Monday, February 28th. TheStreet lowered shares of CarGurus from a “b” rating to a “c” rating in a research note on Tuesday, March 22nd. BTIG Research cut their price objective on CarGurus from $49.00 to $43.00 in a research note on Tuesday. Piper Sandler raised their target price on CarGurus from $35.00 to $40.00 and gave the company a “neutral” rating in a research report on Wednesday, March 30th. Finally, Zacks Investment Research lowered CarGurus from a “hold” rating to a “sell” rating in a research note on Monday, May 2nd. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat.com, CarGurus presently has a consensus rating of “Buy” and a consensus target price of $43.75.

Shares of CarGurus stock opened at $29.83 on Tuesday. The firm has a market cap of $3.52 billion, a PE ratio of -1,491.50, a P/E/G ratio of 2.38 and a beta of 1.54. CarGurus has a twelve month low of $23.86 and a twelve month high of $50.03. The business has a 50-day moving average price of $39.89 and a 200 day moving average price of $36.58.

CarGurus (NASDAQ:CARGGet Rating) last posted its quarterly earnings data on Monday, May 9th. The company reported $0.36 EPS for the quarter, beating analysts’ consensus estimates of $0.35 by $0.01. CarGurus had a return on equity of 23.53% and a net margin of 11.48%. The business had revenue of $430.60 million during the quarter, compared to analysts’ expectations of $392.66 million. During the same period in the previous year, the business earned $0.24 earnings per share. The business’s revenue was up 151.2% compared to the same quarter last year. Sell-side analysts anticipate that CarGurus will post 1.03 earnings per share for the current fiscal year.

In related news, CFO Scot Christopher Fredo sold 3,580 shares of the company’s stock in a transaction that occurred on Friday, February 25th. The stock was sold at an average price of $39.00, for a total value of $139,620.00. 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 on Tuesday, February 15th. The stock was sold at an average price of $35.77, for a total value of $357,700.00. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 39,838 shares of company stock valued at $1,639,171. 21.72% of the stock is owned by company insiders.

A number of large investors have recently added to or reduced their stakes in the business. The Manufacturers Life Insurance Company boosted its stake in shares of CarGurus by 31.3% in the third quarter. The Manufacturers Life Insurance Company now owns 9,197,097 shares of the company’s stock valued at $288,881,000 after purchasing an additional 2,191,237 shares during the period. Wellington Management Group LLP lifted its stake in CarGurus by 23.3% in the third quarter. Wellington Management Group LLP now owns 9,120,472 shares of the company’s stock worth $286,473,000 after acquiring an additional 1,725,266 shares during the last quarter. Contour Asset Management LLC raised its holdings in shares of CarGurus by 34.8% in the 4th quarter. Contour Asset Management LLC now owns 4,815,767 shares of the company’s stock valued at $162,002,000 after purchasing an additional 1,241,975 shares in the last quarter. Loomis Sayles & Co. L P purchased a new stake in shares of CarGurus during the 4th quarter worth $37,553,000. Finally, Norges Bank acquired a new position in shares of CarGurus during the fourth quarter worth $35,806,000.

CarGurus Company Profile (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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