Needham & Company LLC Lowers CarGurus (NASDAQ:CARG) Price Target to $39.00

CarGurus (NASDAQ:CARG) had its price objective lowered by equities researchers at Needham & Company LLC from $45.00 to $39.00 in a note issued to investors on Friday,Benzinga reports. The firm presently has a “buy” rating on the stock. Needham & Company LLC’s target price would indicate a potential upside of 25.93% from the company’s previous close.

Several other analysts also recently issued reports on the stock. JMP Securities decreased their price objective on shares of CarGurus from $43.00 to $38.00 and set a “market outperform” rating for the company in a research note on Wednesday, April 9th. Oppenheimer cut their price objective on CarGurus from $44.00 to $42.00 and set an “outperform” rating on the stock in a research report on Monday, February 24th. JPMorgan Chase & Co. lowered CarGurus from an “overweight” rating to a “neutral” rating and reduced their target price for the stock from $42.00 to $34.00 in a research note on Thursday, March 27th. Finally, UBS Group cut their price target on shares of CarGurus from $36.00 to $29.00 and set a “neutral” rating on the stock in a report on Thursday, April 10th. Three research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $36.95.

CarGurus Stock Performance

NASDAQ CARG opened at $30.97 on Friday. The business’s 50 day moving average price is $28.73 and its 200-day moving average price is $33.73. CarGurus has a fifty-two week low of $21.65 and a fifty-two week high of $41.33. The company has a market cap of $3.23 billion, a P/E ratio of 172.07, a P/E/G ratio of 1.72 and a beta of 1.45.

CarGurus (NASDAQ:CARG) last posted its quarterly earnings data on Thursday, February 20th. The company reported $0.44 EPS for the quarter, missing the consensus estimate of $0.50 by ($0.06). CarGurus had a return on equity of 27.14% and a net margin of 2.34%. The firm had revenue of $228.54 million for the quarter, compared to analysts’ expectations of $231.72 million. As a group, equities analysts predict that CarGurus will post 1.41 EPS for the current year.

Insider Buying and Selling at CarGurus

In other news, CEO Zachary Emerson Hallowell sold 1,824 shares of the firm’s stock in a transaction dated Thursday, April 17th. The shares were sold at an average price of $26.73, for a total value of $48,755.52. Following the sale, the chief executive officer now directly owns 129,790 shares in the company, valued at approximately $3,469,286.70. This trade represents a 1.39 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, COO Samuel Zales sold 10,000 shares of the business’s stock in a transaction that occurred on Monday, March 17th. The stock was sold at an average price of $30.78, for a total transaction of $307,800.00. Following the transaction, the chief operating officer now owns 390,025 shares of the company’s stock, valued at approximately $12,004,969.50. This trade represents a 2.50 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 31,824 shares of company stock valued at $907,856. 16.99% of the stock is currently owned by corporate insiders.

Institutional Trading of CarGurus

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Louisiana State Employees Retirement System increased its position in CarGurus by 0.7% during the 4th quarter. Louisiana State Employees Retirement System now owns 42,500 shares of the company’s stock valued at $1,553,000 after buying an additional 300 shares in the last quarter. Summit Investment Advisors Inc. grew its position in CarGurus by 4.9% during the 4th quarter. Summit Investment Advisors Inc. now owns 9,075 shares of the company’s stock worth $332,000 after purchasing an additional 423 shares during the last quarter. Principal Securities Inc. increased its stake in CarGurus by 82.7% during the 4th quarter. Principal Securities Inc. now owns 937 shares of the company’s stock valued at $34,000 after purchasing an additional 424 shares in the last quarter. Fifth Third Bancorp raised its holdings in shares of CarGurus by 100.0% in the fourth quarter. Fifth Third Bancorp now owns 912 shares of the company’s stock worth $33,000 after buying an additional 456 shares during the last quarter. Finally, QRG Capital Management Inc. lifted its stake in shares of CarGurus by 6.6% during the fourth quarter. QRG Capital Management Inc. now owns 7,687 shares of the company’s stock worth $281,000 after buying an additional 475 shares during the period. Hedge funds and other institutional investors own 86.90% of the company’s stock.

About CarGurus

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.