Sonic Automotive (NYSE:SAH) Price Target Raised to $100.00 at Needham & Company LLC

Sonic Automotive (NYSE:SAH) had its target price hoisted by investment analysts at Needham & Company LLC from $74.00 to $100.00 in a research note issued on Thursday,Benzinga reports. The firm currently has a “buy” rating on the stock. Needham & Company LLC’s price objective would suggest a potential upside of 39.63% from the stock’s previous close.

Several other equities research analysts also recently weighed in on the stock. Seaport Res Ptn raised shares of Sonic Automotive from a “hold” rating to a “strong-buy” rating in a report on Thursday, November 21st. Stephens upgraded shares of Sonic Automotive from a “hold” rating to a “strong-buy” rating in a research report on Friday, January 24th. JPMorgan Chase & Co. lowered their price objective on shares of Sonic Automotive from $75.00 to $74.00 and set an “overweight” rating on the stock in a research note on Friday, January 17th. Finally, StockNews.com upgraded Sonic Automotive from a “hold” rating to a “buy” rating in a research report on Wednesday. One investment analyst has rated the stock with a hold rating, four have given a buy rating and two have given a strong buy rating to the stock. According to MarketBeat.com, Sonic Automotive has a consensus rating of “Buy” and an average target price of $72.40.

Sonic Automotive Price Performance

NYSE SAH opened at $71.62 on Thursday. The company has a 50-day moving average price of $67.79 and a two-hundred day moving average price of $62.56. Sonic Automotive has a 52 week low of $47.82 and a 52 week high of $76.78. The stock has a market cap of $2.45 billion, a price-to-earnings ratio of 12.74 and a beta of 1.68. The company has a current ratio of 1.11, a quick ratio of 0.35 and a debt-to-equity ratio of 1.87.

Sonic Automotive (NYSE:SAH) last issued its quarterly earnings data on Wednesday, February 12th. The company reported $1.51 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.46 by $0.05. Sonic Automotive had a return on equity of 21.27% and a net margin of 1.41%. Analysts forecast that Sonic Automotive will post 5.54 EPS for the current year.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in SAH. Phocas Financial Corp. bought a new stake in shares of Sonic Automotive during the 3rd quarter worth $3,645,000. Denali Advisors LLC lifted its holdings in shares of Sonic Automotive by 111.2% during the fourth quarter. Denali Advisors LLC now owns 87,100 shares of the company’s stock valued at $5,518,000 after purchasing an additional 45,857 shares during the last quarter. Harbor Capital Advisors Inc. boosted its position in shares of Sonic Automotive by 124.7% in the 3rd quarter. Harbor Capital Advisors Inc. now owns 55,383 shares of the company’s stock valued at $3,239,000 after purchasing an additional 30,731 shares during the period. JPMorgan Chase & Co. increased its stake in Sonic Automotive by 52.1% in the 4th quarter. JPMorgan Chase & Co. now owns 80,957 shares of the company’s stock worth $5,129,000 after purchasing an additional 27,726 shares in the last quarter. Finally, Assenagon Asset Management S.A. acquired a new stake in Sonic Automotive during the 3rd quarter worth about $1,244,000. Institutional investors and hedge funds own 46.92% of the company’s stock.

About Sonic Automotive

Sonic Automotive, Inc operates as an automotive retailer in the United States. It operates in three segments, Franchised Dealerships, EchoPark, and Powersports. The Franchised Dealerships segment is involved in the sale of new and used cars and light trucks, and replacement parts; provision of vehicle maintenance, manufacturer warranty repair, and paint and collision repair services; and arrangement of extended warranties, service contracts, financing, insurance, and other aftermarket products for its guests.