CarGurus (NASDAQ:CARG) Price Target Cut to $37.00 by Analysts at Needham & Company LLC

CarGurus (NASDAQ:CARG) had its price objective cut by Needham & Company LLC from $44.00 to $37.00 in a research note published on Thursday, Marketbeat.com reports. They currently have a buy rating on the stock.

Other equities analysts also recently issued reports about the company. JPMorgan Chase & Co. raised their price target on CarGurus from $38.00 to $43.00 and gave the company a “neutral” rating in a report on Tuesday, October 14th. BTIG Research increased their price objective on shares of CarGurus from $39.00 to $44.00 and gave the company a “buy” rating in a research report on Tuesday, December 30th. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of CarGurus in a report on Monday, December 29th. Wall Street Zen downgraded shares of CarGurus from a “buy” rating to a “hold” rating in a research note on Saturday, January 3rd. Finally, Jefferies Financial Group raised their price target on shares of CarGurus from $42.00 to $45.00 and gave the company a “buy” rating in a research report on Thursday, December 11th. Five research analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $40.23.

CarGurus Stock Performance

Shares of NASDAQ CARG opened at $28.44 on Thursday. CarGurus has a fifty-two week low of $24.65 and a fifty-two week high of $40.37. The company has a 50 day simple moving average of $36.08 and a two-hundred day simple moving average of $35.17. The company has a market capitalization of $2.71 billion, a price-to-earnings ratio of 19.35, a P/E/G ratio of 1.18 and a beta of 1.35.

CarGurus (NASDAQ:CARG) last posted its quarterly earnings results on Thursday, November 6th. The company reported $0.57 earnings per share for the quarter, topping the consensus estimate of $0.55 by $0.02. CarGurus had a return on equity of 41.31% and a net margin of 16.41%.The company had revenue of $238.70 million for the quarter, compared to the consensus estimate of $234.57 million. During the same quarter in the prior year, the business posted $0.45 EPS. The firm’s quarterly revenue was up 3.2% compared to the same quarter last year. On average, analysts forecast that CarGurus will post 1.41 earnings per share for the current fiscal year.

Insider Buying and Selling at CarGurus

In other news, insider Jennifer Ladd Hanson sold 2,358 shares of the stock in a transaction on Wednesday, December 31st. The stock was sold at an average price of $38.10, for a total transaction of $89,839.80. Following the transaction, the insider directly owned 50,466 shares of the company’s stock, valued at $1,922,754.60. This represents a 4.46% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Jason Trevisan sold 16,548 shares of CarGurus stock in a transaction on Tuesday, December 23rd. The stock was sold at an average price of $39.02, for a total value of $645,702.96. Following the completion of the sale, the chief executive officer directly owned 630,483 shares of the company’s stock, valued at $24,601,446.66. The trade was a 2.56% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders sold 49,003 shares of company stock worth $1,858,494. Insiders own 16.99% of the company’s stock.

Institutional Trading of CarGurus

Several large investors have recently added to or reduced their stakes in the business. Nordea Investment Management AB lifted its position in shares of CarGurus by 6.7% in the second quarter. Nordea Investment Management AB now owns 336,930 shares of the company’s stock valued at $11,247,000 after acquiring an additional 21,167 shares in the last quarter. Congress Asset Management Co. bought a new stake in CarGurus during the 3rd quarter valued at approximately $70,856,000. Dynamic Technology Lab Private Ltd purchased a new position in CarGurus in the 2nd quarter worth approximately $379,000. Federated Hermes Inc. boosted its stake in CarGurus by 11.5% in the 3rd quarter. Federated Hermes Inc. now owns 465,978 shares of the company’s stock worth $17,348,000 after purchasing an additional 48,177 shares during the period. Finally, Voya Investment Management LLC grew its holdings in CarGurus by 82.7% during the 3rd quarter. Voya Investment Management LLC now owns 141,559 shares of the company’s stock valued at $5,270,000 after buying an additional 64,094 shares in the last quarter. 86.90% of the stock is currently owned by institutional investors.

CarGurus Company Profile

CarGurus, Inc operates an online automotive marketplace designed to connect buyers and sellers of new and used vehicles. Through its proprietary search engine and data-driven pricing tools, the platform enables consumers to compare listings, assess fair market values and locate local dealers offering competitive deals. CarGurus also provides detailed vehicle history reports, dealer reviews and financing options to streamline the car-shopping process for both private parties and franchised dealerships.

The company’s core product offerings include Instant Market Value (IMV), which leverages pricing algorithms to help buyers identify over- or under-priced vehicles, as well as dealer subscription services that grant automotive retailers access to lead generation tools, targeted advertising and dynamic pricing insights.