Oppenheimer Cuts CarGurus (NASDAQ:CARG) Price Target to $42.00

CarGurus (NASDAQ:CARG) had its target price reduced by Oppenheimer from $44.00 to $42.00 in a research report released on Monday morning,Benzinga reports. Oppenheimer currently has an outperform rating on the stock.

CARG has been the subject of a number of other research reports. Needham & Company LLC restated a “buy” rating and set a $45.00 target price on shares of CarGurus in a research report on Friday, February 21st. Royal Bank of Canada raised their target price on shares of CarGurus from $30.00 to $42.00 and gave the stock an “outperform” rating in a report on Monday, November 11th. JMP Securities restated a “market outperform” rating and issued a $46.00 price target on shares of CarGurus in a report on Monday, December 16th. JPMorgan Chase & Co. boosted their target price on CarGurus from $40.00 to $42.00 and gave the company an “overweight” rating in a research note on Friday, February 21st. Finally, B. Riley raised their price target on shares of CarGurus from $30.00 to $40.00 and gave the stock a “buy” rating in a research note on Monday, November 11th. Two equities research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $38.41.

CarGurus Stock Up 0.4 %

Shares of CarGurus stock opened at $31.21 on Monday. The stock has a market capitalization of $3.24 billion, a P/E ratio of 173.40, a PEG ratio of 1.72 and a beta of 1.59. The stock has a 50 day moving average price of $37.43 and a two-hundred day moving average price of $33.90. CarGurus has a 12-month low of $21.18 and a 12-month high of $41.33.

CarGurus (NASDAQ:CARG) last issued its quarterly earnings results on Thursday, February 20th. The company reported $0.44 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.50 by ($0.06). The firm had revenue of $228.54 million for the quarter, compared to the consensus estimate of $231.72 million. CarGurus had a net margin of 2.34% and a return on equity of 27.14%. Sell-side analysts anticipate that CarGurus will post 1.41 earnings per share for the current year.

Insider Buying and Selling at CarGurus

In other news, COO Samuel Zales sold 20,000 shares of CarGurus stock in a transaction on Monday, February 3rd. The shares were sold at an average price of $38.36, for a total transaction of $767,200.00. Following the transaction, the chief operating officer now owns 400,025 shares in the company, valued at approximately $15,344,959. The trade was a 4.76 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Zachary Emerson Hallowell sold 2,203 shares of the company’s stock in a transaction that occurred on Friday, January 17th. The shares were sold at an average price of $38.12, for a total value of $83,978.36. Following the completion of the sale, the chief executive officer now owns 115,983 shares in the company, valued at $4,421,271.96. The trade was a 1.86 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 59,388 shares of company stock worth $2,204,338 over the last 90 days. Insiders own 17.20% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in CARG. Arrowstreet Capital Limited Partnership raised its position in CarGurus by 168.7% in the fourth 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 period. Wellington Management Group LLP grew its stake in CarGurus by 12.7% in the 4th quarter. Wellington Management Group LLP now owns 7,145,350 shares of the company’s stock worth $261,091,000 after buying an additional 802,602 shares in the last quarter. Loomis Sayles & Co. L P bought a new stake in CarGurus during the third quarter worth about $21,052,000. No Street GP LP bought a new stake in shares of CarGurus in the 4th quarter worth approximately $25,578,000. Finally, Raymond James Financial Inc. bought a new position in shares of CarGurus in the fourth quarter worth approximately $19,465,000. 86.90% of the stock is owned by institutional investors.

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.