CarGurus (NASDAQ:CARG) Price Target Cut to $29.00 by Analysts at UBS Group

CarGurus (NASDAQ:CARG) had its price target cut by stock analysts at UBS Group from $36.00 to $29.00 in a research note issued on Thursday,Benzinga reports. The firm currently has a “neutral” rating on the stock. UBS Group’s price target suggests a potential upside of 8.92% from the stock’s previous close.

Several other analysts have also commented on the company. JPMorgan Chase & Co. lowered CarGurus from an “overweight” rating to a “neutral” rating and cut their price objective for the stock from $42.00 to $34.00 in a report on Thursday, March 27th. JMP Securities cut their target price on shares of CarGurus from $43.00 to $38.00 and set a “market outperform” rating for the company in a research report on Wednesday. Oppenheimer decreased their price objective on CarGurus from $44.00 to $42.00 and set an “outperform” rating on the stock in a research note on Monday, February 24th. Finally, Needham & Company LLC restated a “buy” rating and set a $45.00 target price on shares of CarGurus in a research note on Friday, February 21st. Three investment analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, CarGurus has a consensus rating of “Moderate Buy” and an average target price of $37.14.

CarGurus Stock Down 4.7 %

CarGurus stock traded down $1.32 during trading hours on Thursday, hitting $26.63. The stock had a trading volume of 435,902 shares, compared to its average volume of 851,267. The stock’s 50-day moving average price is $32.56 and its 200-day moving average price is $34.15. The stock has a market capitalization of $2.78 billion, a P/E ratio of 148.76, a price-to-earnings-growth ratio of 1.72 and a beta of 1.46. CarGurus has a 12-month low of $21.18 and a 12-month high of $41.33.

CarGurus (NASDAQ:CARG) last issued its earnings results on Thursday, February 20th. The company reported $0.44 earnings per share for the quarter, missing analysts’ consensus estimates of $0.50 by ($0.06). CarGurus had a return on equity of 27.14% and a net margin of 2.34%. The business had revenue of $228.54 million during the quarter, compared to analysts’ expectations of $231.72 million. On average, research analysts expect that CarGurus will post 1.41 EPS for the current fiscal year.

Insider Buying and Selling

In other CarGurus news, COO Samuel Zales sold 10,000 shares of the stock in a transaction on Monday, March 17th. The shares were sold at an average price of $30.78, for a total transaction of $307,800.00. Following the completion of the transaction, the chief operating officer now owns 390,025 shares in the company, valued at $12,004,969.50. This trade represents a 2.50 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Zachary Emerson Hallowell sold 2,203 shares of the stock in a transaction dated Friday, January 17th. The shares were sold at an average price of $38.12, for a total transaction of $83,978.36. Following the completion of the transaction, the chief executive officer now directly owns 115,983 shares of the company’s stock, valued at approximately $4,421,271.96. The trade was a 1.86 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 32,203 shares of company stock worth $1,158,978. Corporate insiders own 17.20% of the company’s stock.

Institutional Investors Weigh In On CarGurus

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. grew its holdings in CarGurus by 2.4% during the 4th quarter. Vanguard Group Inc. now owns 9,686,886 shares of the company’s stock valued at $353,959,000 after purchasing an additional 225,430 shares during the last quarter. Wellington Management Group LLP grew its stake in shares of CarGurus by 12.7% during the fourth quarter. Wellington Management Group LLP now owns 7,145,350 shares of the company’s stock valued at $261,091,000 after buying an additional 802,602 shares during the last quarter. State Street Corp raised its holdings in shares of CarGurus by 4.8% in the third quarter. State Street Corp now owns 3,298,894 shares of the company’s stock worth $99,066,000 after buying an additional 151,862 shares during the period. Geode Capital Management LLC raised its holdings in shares of CarGurus by 3.8% in the third quarter. Geode Capital Management LLC now owns 2,055,145 shares of the company’s stock worth $61,728,000 after buying an additional 74,730 shares during the period. Finally, Arrowstreet Capital Limited Partnership lifted its stake in shares of CarGurus by 168.7% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 1,524,478 shares of the company’s stock worth $55,704,000 after acquiring an additional 957,035 shares during the last quarter. Hedge funds and other institutional investors own 86.90% of the company’s stock.

About CarGurus

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.