CarGurus (NASDAQ:CARG) Receives Market Outperform Rating from JMP Securities

CarGurus (NASDAQ:CARG)‘s stock had its “market outperform” rating reaffirmed by equities research analysts at JMP Securities in a research report issued on Monday, Benzinga reports. They currently have a $32.00 price target on the stock. JMP Securities’ price target suggests a potential upside of 16.96% from the stock’s previous close.

Several other analysts have also recently issued reports on the company. Royal Bank of Canada upped their target price on CarGurus from $27.00 to $30.00 and gave the company an “outperform” rating in a report on Friday, August 9th. Oppenheimer lifted their price target on shares of CarGurus from $30.00 to $32.00 and gave the company an “outperform” rating in a research report on Friday, August 9th. DA Davidson lifted their target price on CarGurus from $22.00 to $25.50 and gave the company a “neutral” rating in a research report on Monday, May 13th. BTIG Research raised their price objective on CarGurus from $28.00 to $30.00 and gave the stock a “buy” rating in a research report on Friday, August 9th. Finally, Needham & Company LLC upped their target price on shares of CarGurus from $25.00 to $27.00 and gave the company a “buy” rating in a research report on Friday, August 9th. Three analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $29.25.

CarGurus Price Performance

NASDAQ CARG traded up $0.13 during mid-day trading on Monday, hitting $27.36. The stock had a trading volume of 61,711 shares, compared to its average volume of 880,413. The firm’s 50 day moving average is $26.24 and its 200 day moving average is $24.51. The stock has a market capitalization of $2.83 billion, a price-to-earnings ratio of 97.71, a PEG ratio of 1.32 and a beta of 1.56. CarGurus has a twelve month low of $16.70 and a twelve month high of $29.40.

CarGurus (NASDAQ:CARG) last issued its earnings results on Thursday, August 8th. The company reported $0.30 EPS for the quarter, beating analysts’ consensus estimates of $0.23 by $0.07. The business had revenue of $218.69 million during the quarter, compared to analysts’ expectations of $214.85 million. CarGurus had a negative net margin of 5.57% and a positive return on equity of 11.06%. As a group, equities research analysts expect that CarGurus will post 1.18 earnings per share for the current year.

Insider Activity at CarGurus

In other CarGurus news, CTO Matthew Todd Quinn sold 3,978 shares of the stock in a transaction that occurred on Tuesday, July 2nd. The stock was sold at an average price of $24.91, for a total transaction of $99,091.98. Following the completion of the sale, the chief technology officer now directly owns 217,374 shares of the company’s stock, valued at approximately $5,414,786.34. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, COO Samuel Zales sold 25,168 shares of the firm’s stock in a transaction dated Tuesday, July 16th. The shares were sold at an average price of $26.49, for a total value of $666,700.32. Following the completion of the sale, the chief operating officer now owns 488,083 shares in the company, valued at $12,929,318.67. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CTO Matthew Todd Quinn sold 3,978 shares of the business’s stock in a transaction that occurred on Tuesday, July 2nd. The stock was sold at an average price of $24.91, for a total value of $99,091.98. Following the transaction, the chief technology officer now owns 217,374 shares in the company, valued at approximately $5,414,786.34. The disclosure for this sale can be found here. Insiders have sold 57,421 shares of company stock worth $1,567,354 in the last quarter. Company insiders own 17.20% of the company’s stock.

Institutional Trading of CarGurus

A number of institutional investors have recently modified their holdings of CARG. Prevatt Capital Ltd acquired a new stake in shares of CarGurus during the 4th quarter valued at approximately $24,160,000. Pale Fire Capital SE acquired a new stake in CarGurus during the 4th quarter valued at $1,800,000. UniSuper Management Pty Ltd purchased a new position in CarGurus during the first quarter worth $483,000. Capstone Investment Advisors LLC acquired a new position in shares of CarGurus in the first quarter worth $1,315,000. Finally, Jennison Associates LLC acquired a new position in shares of CarGurus in the first quarter worth $707,000. 86.90% of the stock is currently 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.