CarGurus’ (CARG) “Market Outperform” Rating Reiterated at JMP Securities

JMP Securities reaffirmed their market outperform rating on shares of CarGurus (NASDAQ:CARG) in a research note released on Monday, Benzinga reports. JMP Securities currently has a $32.00 price target on the stock.

Several other research analysts have also weighed in on the company. Royal Bank of Canada boosted their price target on CarGurus from $27.00 to $30.00 and gave the stock an outperform rating in a research report on Friday, August 9th. B. Riley lifted their target price on CarGurus from $28.00 to $30.00 and gave the stock a buy rating in a research note on Friday, August 9th. Needham & Company LLC lifted their target price on CarGurus from $25.00 to $27.00 and gave the stock a buy rating in a research note on Friday, August 9th. JPMorgan Chase & Co. lifted their target price on CarGurus from $29.00 to $32.00 and gave the stock an overweight rating in a research note on Monday, August 12th. Finally, Citigroup lifted their target price on CarGurus from $24.00 to $27.00 and gave the stock a neutral rating in a research note on Wednesday, July 3rd. Three investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to data from MarketBeat, CarGurus currently has a consensus rating of Moderate Buy and a consensus target price of $29.35.

CarGurus Stock Performance

Shares of CarGurus stock opened at $27.34 on Monday. The business’s 50 day simple moving average is $26.30 and its 200 day simple moving average is $24.56. CarGurus has a 52-week low of $16.70 and a 52-week high of $29.40. The firm has a market cap of $2.83 billion, a PE ratio of 97.64, a P/E/G ratio of 1.32 and a beta of 1.56.

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

Insiders Place Their Bets

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 value of $99,091.98. Following the transaction, the chief technology officer now owns 217,374 shares in the company, valued at $5,414,786.34. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In other 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 value 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 $5,414,786.34. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, COO Samuel Zales sold 25,168 shares of the stock in a transaction that occurred on Tuesday, July 16th. The stock was 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 directly owns 488,083 shares of the company’s stock, valued at $12,929,318.67. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 57,421 shares of company stock worth $1,567,354. Corporate insiders own 17.20% of the company’s stock.

Institutional Trading of CarGurus

A number of large investors have recently bought and sold shares of the company. Vanguard Group Inc. increased its position in CarGurus by 1.1% in the first quarter. Vanguard Group Inc. now owns 10,198,538 shares of the company’s stock worth $235,382,000 after buying an additional 107,244 shares during the last quarter. Wellington Management Group LLP boosted its holdings in shares of CarGurus by 39.6% in the fourth quarter. Wellington Management Group LLP now owns 5,705,962 shares of the company’s stock worth $137,856,000 after acquiring an additional 1,619,076 shares during the period. Dimensional Fund Advisors LP boosted its holdings in shares of CarGurus by 6.1% in the fourth quarter. Dimensional Fund Advisors LP now owns 2,208,420 shares of the company’s stock worth $53,357,000 after acquiring an additional 126,216 shares during the period. Thrivent Financial for Lutherans boosted its holdings in shares of CarGurus by 6.5% in the second quarter. Thrivent Financial for Lutherans now owns 1,461,119 shares of the company’s stock worth $38,282,000 after acquiring an additional 89,346 shares during the period. Finally, Select Equity Group L.P. boosted its holdings in shares of CarGurus by 2.8% in the second quarter. Select Equity Group L.P. now owns 1,145,692 shares of the company’s stock worth $30,017,000 after acquiring an additional 31,431 shares during the period. 86.90% of the stock is 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.