CarGurus’ (CARG) Buy Rating Reiterated at Needham & Company LLC

Needham & Company LLC reaffirmed their buy rating on shares of CarGurus (NASDAQ:CARG – Get Rating) in a report published on Tuesday morning, TipRanks reports. They currently have a $40.00 price objective on the stock.

A number of other equities research analysts also recently weighed in on CARG. Royal Bank of Canada cut their target price on CarGurus from $56.00 to $45.00 in a research report on Tuesday, May 10th. BTIG Research cut their target price on shares of CarGurus from $40.00 to $33.00 and set a buy rating on the stock in a research note on Tuesday. TheStreet downgraded shares of CarGurus from a b rating to a c rating in a research note on Tuesday, March 22nd. DA Davidson upped their price target on shares of CarGurus from $42.00 to $52.00 and gave the stock a neutral rating in a research note on Friday, March 4th. Finally, Oppenheimer dropped their price target on shares of CarGurus from $45.00 to $38.00 in a research note on Tuesday, May 10th. Two analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of Moderate Buy and an average price target of $43.45.

Shares of CarGurus stock opened at $23.04 on Tuesday. The firm has a market cap of $2.73 billion, a P/E ratio of -31.13, a P/E/G ratio of 2.94 and a beta of 1.56. CarGurus has a fifty-two week low of $20.15 and a fifty-two week high of $50.03. The business has a 50-day moving average price of $27.80 and a 200 day moving average price of $33.69.

CarGurus (NASDAQ:CARG – Get Rating) last posted its earnings results on Monday, May 9th. The company reported $0.36 EPS for the quarter, beating the consensus estimate of $0.35 by $0.01. The company had revenue of $430.60 million during the quarter, compared to analyst estimates of $392.66 million. CarGurus had a return on equity of 22.94% and a net margin of 2.05%. The business’s revenue was up 151.2% compared to the same quarter last year. During the same period in the prior year, the company earned $0.24 earnings per share. On average, equities analysts anticipate that CarGurus will post 0.59 EPS for the current year.

In other CarGurus news, CFO Scot Christopher Fredo sold 2,269 shares of the company’s stock in a transaction dated Monday, April 4th. The shares were sold at an average price of $44.55, for a total transaction of $101,083.95. Following the completion of the sale, the chief financial officer now directly owns 123,822 shares in the company, valued at $5,516,270.10. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, COO Samuel Zales sold 10,000 shares of the stock in a transaction dated Monday, April 18th. The shares were sold at an average price of $41.74, for a total transaction of $417,400.00. Following the completion of the sale, the chief operating officer now owns 403,403 shares of the company’s stock, valued at approximately $16,838,041.22. The disclosure for this sale can be found here. Insiders have sold 13,230 shares of company stock valued at $542,701 over the last 90 days. Corporate insiders own 14.80% of the company’s stock.

A number of large investors have recently bought and sold shares of the stock. Teachers Retirement System of The State of Kentucky raised its position in CarGurus by 2.4% in the first quarter. Teachers Retirement System of The State of Kentucky now owns 125,208 shares of the company’s stock worth $5,316,000 after purchasing an additional 2,880 shares in the last quarter. Bank of America Corp DE raised its position in CarGurus by 3.3% in the first quarter. Bank of America Corp DE now owns 1,179,269 shares of the company’s stock worth $50,072,000 after purchasing an additional 37,893 shares in the last quarter. Sawtooth Solutions LLC acquired a new position in CarGurus in the first quarter worth about $226,000. Avalon Investment & Advisory raised its position in CarGurus by 12.4% in the first quarter. Avalon Investment & Advisory now owns 177,582 shares of the company’s stock worth $7,540,000 after purchasing an additional 19,656 shares in the last quarter. Finally, Virtu Financial LLC raised its position in CarGurus by 17.7% in the first quarter. Virtu Financial LLC now owns 7,257 shares of the company’s stock worth $308,000 after purchasing an additional 1,093 shares in the last quarter.

CarGurus Company Profile (Get Rating)

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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