Zacks Investment Research Lowers CarGurus (CARG) to Hold

CarGurus (NASDAQ:CARG) was downgraded by Zacks Investment Research from a “strong-buy” rating to a “hold” rating in a note issued to investors on Wednesday, Zacks.com reports.

According to Zacks, “CarGurus, Inc. is an online automotive marketplace connecting buyers and sellers of new and used cars. The company uses proprietary technology, search algorithms and data analytics. It operates primarily in Canada, the United Kingdom and Germany. CarGurus, Inc.is based in CAMBRIDGE, United States. “

CARG has been the topic of several other research reports. DA Davidson set a $54.00 price target on shares of CarGurus and gave the company a “buy” rating in a research report on Tuesday, March 26th. BidaskClub lowered shares of CarGurus from a “buy” rating to a “hold” rating in a research report on Thursday, February 7th. Goldman Sachs Group raised shares of CarGurus from a “neutral” rating to a “buy” rating and lifted their price target for the company from $43.00 to $48.00 in a research report on Monday, March 18th. TheStreet raised shares of CarGurus from a “d+” rating to a “c-” rating in a research report on Tuesday, March 12th. Finally, SunTrust Banks reaffirmed a “buy” rating and set a $52.00 price target on shares of CarGurus in a research report on Thursday, May 9th. One equities research analyst has rated the stock with a hold rating and twelve have assigned a buy rating to the stock. The stock presently has a consensus rating of “Buy” and an average target price of $49.73.

Shares of CARG stock traded down $2.36 during trading on Wednesday, hitting $36.56. 1,731,546 shares of the stock traded hands, compared to its average volume of 781,005. The firm has a market cap of $4.25 billion, a PE ratio of 64.14, a PEG ratio of 34.24 and a beta of 1.86. The company has a debt-to-equity ratio of 0.25, a quick ratio of 2.74 and a current ratio of 2.74. CarGurus has a 52-week low of $30.29 and a 52-week high of $57.25.

CarGurus (NASDAQ:CARG) last released its quarterly earnings results on Thursday, May 9th. The company reported $0.12 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.03 by $0.09. The firm had revenue of $135.30 million for the quarter, compared to analyst estimates of $129.54 million. CarGurus had a net margin of 13.94% and a return on equity of 18.43%. The business’s revenue for the quarter was up 37.2% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.06 EPS. Equities research analysts predict that CarGurus will post 0.22 EPS for the current fiscal year.

In other CarGurus news, CEO Langley Steinert sold 117,406 shares of the business’s stock in a transaction on Monday, March 4th. The shares were sold at an average price of $39.63, for a total value of $4,652,799.78. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, COO Samuel Zales sold 18,000 shares of the business’s stock in a transaction on Monday, May 13th. The stock was sold at an average price of $38.59, for a total transaction of $694,620.00. The disclosure for this sale can be found here. Insiders sold a total of 3,341,010 shares of company stock valued at $132,755,081 in the last quarter. 34.51% of the stock is owned by insiders.

Several large investors have recently bought and sold shares of the business. SEI Investments Co raised its holdings in shares of CarGurus by 38.5% in the first quarter. SEI Investments Co now owns 10,101 shares of the company’s stock valued at $405,000 after buying an additional 2,810 shares during the last quarter. Jefferies Group LLC purchased a new stake in shares of CarGurus in the first quarter valued at about $240,000. Oxford Asset Management LLP raised its holdings in shares of CarGurus by 11.1% in the first quarter. Oxford Asset Management LLP now owns 48,214 shares of the company’s stock valued at $1,931,000 after buying an additional 4,833 shares during the last quarter. Wellington Management Group LLP raised its holdings in shares of CarGurus by 56.2% in the first quarter. Wellington Management Group LLP now owns 3,974,563 shares of the company’s stock valued at $159,220,000 after buying an additional 1,429,467 shares during the last quarter. Finally, Marshall Wace LLP raised its holdings in shares of CarGurus by 2,107.8% in the first quarter. Marshall Wace LLP now owns 155,958 shares of the company’s stock valued at $6,248,000 after buying an additional 148,894 shares during the last quarter. Institutional investors and hedge funds own 72.34% of the company’s stock.

About CarGurus

CarGurus, Inc operates an online automotive marketplace connecting buyers and sellers of new and used cars in the United States, Canada, the United Kingdom, Germany, Italy, and Spain. 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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