Zacks: Brokerages Expect CarGurus, Inc. (NASDAQ:CARG) Will Post Quarterly Sales of $281.06 Million

Wall Street analysts expect CarGurus, Inc. (NASDAQ:CARG) to post $281.06 million in sales for the current quarter, Zacks reports. Five analysts have made estimates for CarGurus’ earnings. The lowest sales estimate is $278.68 million and the highest is $283.60 million. CarGurus reported sales of $151.55 million during the same quarter last year, which would suggest a positive year-over-year growth rate of 85.5%. The company is expected to issue its next quarterly earnings report on Thursday, February 10th.

According to Zacks, analysts expect that CarGurus will report full-year sales of $893.08 million for the current financial year, with estimates ranging from $890.71 million to $895.60 million. For the next financial year, analysts anticipate that the business will report sales of $1.26 billion, with estimates ranging from $1.14 billion to $1.49 billion. Zacks’ sales averages are an average based on a survey of analysts that follow CarGurus.

CarGurus (NASDAQ:CARG) last announced its earnings results on Monday, November 8th. The company reported $0.38 EPS for the quarter, topping the Zacks’ consensus estimate of $0.19 by $0.19. CarGurus had a return on equity of 24.54% and a net margin of 13.72%. During the same period in the previous year, the company posted $0.30 EPS.

A number of research firms have commented on CARG. Zacks Investment Research cut CarGurus from a “buy” rating to a “hold” rating in a report on Monday, October 25th. TheStreet raised CarGurus from a “c+” rating to a “b-” rating in a report on Monday, August 30th. Benchmark raised their price target on CarGurus from $59.00 to $63.00 and gave the company a “buy” rating in a report on Wednesday, November 10th. Royal Bank of Canada raised their price target on CarGurus from $40.00 to $48.00 and gave the company an “outperform” rating in a report on Wednesday, November 10th. Finally, BTIG Research raised their price target on CarGurus from $36.00 to $43.00 and gave the company a “buy” rating in a report on Wednesday, November 10th. Three research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat.com, CarGurus presently has a consensus rating of “Buy” and an average price target of $42.70.

In related news, Chairman Langley Steinert sold 27,988 shares of CarGurus stock in a transaction dated Monday, August 30th. The stock was sold at an average price of $31.17, for a total value of $872,385.96. Following the completion of the transaction, the chairman now owns 1,333,702 shares in the company, valued at $41,571,491.34. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, General Counsel Kathleen Bender Patton sold 16,497 shares of CarGurus stock in a transaction dated Thursday, October 14th. The stock was sold at an average price of $35.14, for a total value of $579,704.58. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 672,657 shares of company stock valued at $22,940,127. Company insiders own 21.72% of the company’s stock.

Several large investors have recently made changes to their positions in CARG. First Trust Advisors LP boosted its position in shares of CarGurus by 24.4% during the first quarter. First Trust Advisors LP now owns 92,854 shares of the company’s stock valued at $3,720,000 after buying an additional 18,225 shares during the period. Amundi Pioneer Asset Management Inc. purchased a new position in shares of CarGurus during the first quarter valued at approximately $296,000. Dimensional Fund Advisors LP boosted its position in shares of CarGurus by 12.6% during the first quarter. Dimensional Fund Advisors LP now owns 978,273 shares of the company’s stock valued at $23,312,000 after buying an additional 109,274 shares during the period. Nuveen Asset Management LLC boosted its position in shares of CarGurus by 6.3% during the first quarter. Nuveen Asset Management LLC now owns 816,359 shares of the company’s stock valued at $19,453,000 after buying an additional 48,635 shares during the period. Finally, Ameriprise Financial Inc. raised its stake in shares of CarGurus by 11.5% during the first quarter. Ameriprise Financial Inc. now owns 136,443 shares of the company’s stock valued at $3,247,000 after acquiring an additional 14,019 shares in the last quarter. Institutional investors and hedge funds own 78.57% of the company’s stock.

NASDAQ:CARG traded down $0.06 on Monday, reaching $36.10. 400,308 shares of the company’s stock traded hands, compared to its average volume of 1,157,599. The stock has a 50-day simple moving average of $34.43 and a 200-day simple moving average of $30.16. The firm has a market cap of $4.25 billion, a PE ratio of 41.02, a P/E/G ratio of 4.64 and a beta of 1.81. CarGurus has a 12 month low of $22.63 and a 12 month high of $39.76.

CarGurus Company Profile

Cargurus, Inc engages in the provision of online auto shopping. The firm offers proprietary technology, search algorithms and data analytics to analyze new and used car listings. It operates through the following segments: United States and International. The United States segment derives revenues from marketplace subscriptions, advertising services and other revenues from customers within the United States.

Featured Story: Blue-Chip Stocks

Get a free copy of the Zacks research report on CarGurus (CARG)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Earnings History and Estimates for CarGurus (NASDAQ:CARG)

Receive News & Ratings for CarGurus Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for CarGurus and related companies with MarketBeat.com's FREE daily email newsletter.