Citigroup Cuts CarGurus (NASDAQ:CARG) Price Target to $37.00

CarGurus (NASDAQ:CARG) had its price target lowered by Citigroup from $40.00 to $37.00 in a report published on Thursday morning,Benzinga reports. The brokerage currently has a neutral rating on the stock.

Several other research analysts have also weighed in on CARG. UBS Group increased their target price on CarGurus from $29.00 to $33.00 and gave the stock a “neutral” rating in a research report on Friday, May 9th. JPMorgan Chase & Co. lowered CarGurus from an “overweight” rating to a “neutral” rating and cut their target price for the stock from $42.00 to $34.00 in a research report on Thursday, March 27th. Needham & Company LLC cut their target price on CarGurus from $45.00 to $39.00 and set a “buy” rating on the stock in a research report on Friday, May 9th. Royal Bank Of Canada reaffirmed an “outperform” rating and issued a $42.00 target price on shares of CarGurus in a research report on Monday, May 12th. Finally, JMP Securities reaffirmed a “market perform” rating and issued a $38.00 target price on shares of CarGurus in a research report on Wednesday. Six research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat, CarGurus has an average rating of “Moderate Buy” and an average price target of $37.86.

CarGurus Stock Up 0.1%

Shares of CarGurus stock opened at $33.68 on Thursday. CarGurus has a fifty-two week low of $21.65 and a fifty-two week high of $41.33. The firm has a market cap of $3.52 billion, a PE ratio of 96.22, a P/E/G ratio of 1.65 and a beta of 1.44. The business’s fifty day moving average is $31.52 and its two-hundred day moving average is $32.83.

CarGurus (NASDAQ:CARG) last issued its quarterly earnings results on Thursday, May 8th. The company reported $0.46 earnings per share for the quarter, topping analysts’ consensus estimates of $0.42 by $0.04. CarGurus had a return on equity of 32.54% and a net margin of 4.28%. The company had revenue of $225.16 million for the quarter, compared to analyst estimates of $226.72 million. During the same quarter in the prior year, the company posted $0.32 EPS. The business’s revenue for the quarter was up 4.3% compared to the same quarter last year. Equities research analysts anticipate that CarGurus will post 1.41 EPS for the current year.

Insider Transactions at CarGurus

In other news, CEO Zachary Emerson Hallowell sold 4,369 shares of the firm’s stock in a transaction dated Wednesday, July 2nd. The stock was sold at an average price of $33.09, for a total transaction of $144,570.21. Following the completion of the sale, the chief executive officer directly owned 121,584 shares in the company, valued at $4,023,214.56. This trade represents a 3.47% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CTO Matthew Todd Quinn sold 3,789 shares of the firm’s stock in a transaction dated Wednesday, July 2nd. The shares were sold at an average price of $33.09, for a total value of $125,378.01. Following the sale, the chief technology officer owned 216,877 shares of the company’s stock, valued at $7,176,459.93. This represents a 1.72% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 51,661 shares of company stock worth $1,557,243 in the last quarter. 16.99% of the stock is owned by corporate insiders.

Institutional Trading of CarGurus

Several large investors have recently modified their holdings of CARG. BI Asset Management Fondsmaeglerselskab A S acquired a new stake in shares of CarGurus during the first quarter valued at about $46,000. GeoWealth Management LLC bought a new position in shares of CarGurus during the fourth quarter worth about $49,000. Signaturefd LLC lifted its position in shares of CarGurus by 83.9% during the first quarter. Signaturefd LLC now owns 1,751 shares of the company’s stock worth $51,000 after purchasing an additional 799 shares during the last quarter. Blue Trust Inc. lifted its position in shares of CarGurus by 49.8% during the first quarter. Blue Trust Inc. now owns 2,494 shares of the company’s stock worth $73,000 after purchasing an additional 829 shares during the last quarter. Finally, Versant Capital Management Inc lifted its position in shares of CarGurus by 695.4% during the first quarter. Versant Capital Management Inc now owns 2,593 shares of the company’s stock worth $76,000 after purchasing an additional 2,267 shares during the last quarter. 86.90% of the stock is currently owned by institutional investors and hedge funds.

CarGurus Company Profile

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.