CarGurus (NASDAQ:CARG) PT Lowered to $21.00 at Needham & Company LLC

CarGurus (NASDAQ:CARGGet Rating) had its price target trimmed by Needham & Company LLC from $27.00 to $21.00 in a report published on Tuesday, The Fly reports. The firm currently has a buy rating on the stock.

Several other brokerages also recently weighed in on CARG. DA Davidson decreased their target price on CarGurus from $34.00 to $30.00 and set a neutral rating for the company in a research note on Tuesday, August 9th. Oppenheimer cut their price target on CarGurus from $32.00 to $23.00 in a report on Friday, September 9th. Raymond James cut their price target on CarGurus from $34.00 to $28.00 and set an outperform rating for the company in a report on Tuesday, August 9th. Royal Bank of Canada dropped their target price on CarGurus from $45.00 to $35.00 and set an outperform rating for the company in a report on Tuesday, August 9th. Finally, Truist Financial dropped their target price on CarGurus from $44.00 to $38.00 and set a buy rating for the company in a report on Tuesday, August 9th. Three research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat.com, CarGurus has an average rating of Moderate Buy and an average price target of $33.18.

CarGurus Stock Performance

CARG opened at $14.90 on Tuesday. The company has a market cap of $1.77 billion, a PE ratio of -14.06, a price-to-earnings-growth ratio of 3.80 and a beta of 1.61. The stock has a 50-day moving average of $20.54 and a 200-day moving average of $27.62. CarGurus has a 52-week low of $14.62 and a 52-week high of $50.03.

CarGurus (NASDAQ:CARGGet Rating) last announced its earnings results on Monday, August 8th. The company reported $0.15 earnings per share for the quarter, beating the consensus estimate of $0.11 by $0.04. CarGurus had a positive return on equity of 20.37% and a negative net margin of 0.90%. The firm had revenue of $511.20 million during the quarter, compared to the consensus estimate of $507.31 million. During the same quarter in the prior year, the company earned $0.29 EPS. The firm’s revenue for the quarter was up 134.7% compared to the same quarter last year. On average, research analysts predict that CarGurus will post 0.31 earnings per share for the current year.

Insider Buying and Selling

In related news, COO Samuel Zales sold 17,707 shares of CarGurus stock in a transaction dated Thursday, July 21st. The stock was sold at an average price of $25.02, for a total transaction of $443,029.14. Following the completion of the transaction, the chief operating officer now owns 392,587 shares in the company, valued at $9,822,526.74. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 14.80% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On CarGurus

A number of hedge funds and other institutional investors have recently bought and sold shares of CARG. Advisor Group Holdings Inc. grew its holdings in CarGurus by 35.7% during the fourth quarter. Advisor Group Holdings Inc. now owns 3,566 shares of the company’s stock worth $120,000 after purchasing an additional 938 shares during the period. Teacher Retirement System of Texas boosted its holdings in shares of CarGurus by 22.4% during the fourth quarter. Teacher Retirement System of Texas now owns 15,428 shares of the company’s stock worth $519,000 after acquiring an additional 2,828 shares during the period. Citigroup Inc. boosted its holdings in shares of CarGurus by 79.1% during the fourth quarter. Citigroup Inc. now owns 31,722 shares of the company’s stock worth $1,067,000 after acquiring an additional 14,006 shares during the period. Ensign Peak Advisors Inc bought a new stake in shares of CarGurus during the fourth quarter worth approximately $453,000. Finally, Charles Schwab Investment Management Inc. boosted its holdings in shares of CarGurus by 3.1% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 638,985 shares of the company’s stock worth $21,496,000 after acquiring an additional 19,312 shares during the period. Institutional investors own 86.18% of the company’s stock.

About CarGurus

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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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