SunTrust Banks Reiterates “Buy” Rating for CarGurus (NASDAQ:CARG)
CarGurus (NASDAQ:CARG)‘s stock had its “buy” rating reissued by SunTrust Banks in a report issued on Wednesday, AnalystRatings.com reports. They currently have a $54.00 price objective on the stock. SunTrust Banks’ price objective suggests a potential upside of 52.20% from the company’s previous close.
The analysts wrote, “We walked away incrementally more positive following the company’s Investor Day yesterday in Boston, where mgt shared valuable insights into key aspects of the business and answered questions from Analysts and Investors. We believe that CARG should continue to see strong growth trends over the next several years, benefiting from its differentiated/disruptive offering, sustainable competitive advantages and strong execution by mgt. We also find the company’s progress on monetizing Canada and UK encouraging, given the size of the Int’l opportunity and the favorable competitive landscape. A Leadership Team. Besides Langley Steinert (CEO, Founder), we also heard from key Zales, (President, COO), Jason Trevisan (CFO), Sarah Welch (CMO), Kyle Lomeli (CTO) and Tom Caputo (CPO).””
Several other research firms also recently weighed in on CARG. TheStreet downgraded CarGurus from a “c-” rating to a “d+” rating in a research report on Tuesday, May 14th. Zacks Investment Research downgraded CarGurus from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, May 15th. BidaskClub downgraded CarGurus from a “hold” rating to a “sell” rating in a research report on Tuesday, March 26th. BTIG Research dropped their target price on CarGurus to $48.00 and set a “buy” rating for the company in a research report on Wednesday, April 17th. Finally, Citigroup lifted their target price on CarGurus from $45.00 to $52.00 and gave the company a “buy” rating in a research report on Friday, March 1st. Three investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. CarGurus presently has a consensus rating of “Buy” and an average target price of $49.25.
CarGurus (NASDAQ:CARG) last released its earnings results on Thursday, May 9th. The company reported $0.12 earnings per share for the quarter, beating the consensus estimate of $0.03 by $0.09. The company had revenue of $135.30 million during the quarter, compared to the consensus estimate of $129.54 million. CarGurus had a return on equity of 18.43% and a net margin of 13.94%. CarGurus’s revenue was up 37.2% compared to the same quarter last year. During the same period in the previous year, the company posted $0.06 EPS. On average, sell-side analysts forecast that CarGurus will post 0.23 EPS for the current year.
In other news, CEO Langley Steinert sold 117,406 shares of CarGurus stock in a transaction dated Tuesday, April 2nd. The stock was sold at an average price of $40.10, for a total value of $4,707,980.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Anastasios Parafestas sold 109,111 shares of CarGurus stock in a transaction dated Friday, March 15th. The shares were sold at an average price of $38.92, for a total value of $4,246,600.12. The disclosure for this sale can be found here. Insiders sold a total of 3,274,724 shares of company stock valued at $125,957,547 in the last quarter. Company insiders own 34.51% of the company’s stock.
Several institutional investors and hedge funds have recently made changes to their positions in the company. JPMorgan Chase & Co. boosted its position in CarGurus by 209.5% during the 3rd quarter. JPMorgan Chase & Co. now owns 247,319 shares of the company’s stock valued at $13,773,000 after buying an additional 167,404 shares during the period. Rhumbline Advisers boosted its position in CarGurus by 50.2% during the 4th quarter. Rhumbline Advisers now owns 65,084 shares of the company’s stock valued at $2,195,000 after buying an additional 21,745 shares during the period. SG Americas Securities LLC purchased a new stake in CarGurus during the 4th quarter valued at $2,007,000. State Board of Administration of Florida Retirement System boosted its position in CarGurus by 26.4% during the 4th quarter. State Board of Administration of Florida Retirement System now owns 21,702 shares of the company’s stock valued at $732,000 after buying an additional 4,536 shares during the period. Finally, ClariVest Asset Management LLC boosted its position in CarGurus by 63.1% during the 4th quarter. ClariVest Asset Management LLC now owns 41,651 shares of the company’s stock valued at $1,406,000 after buying an additional 16,116 shares during the period. Institutional investors and hedge funds own 74.84% of the company’s stock.
CarGurus Company Profile
CarGurus, Inc operates an online automotive marketplace connecting buyers and sellers of new and used cars in the United States, Canada, the United Kingdom, Germany, Italy, and Spain. The company provides consumers an online automotive marketplace where they can search for new and used car listings from its dealers, as well as sell their car in the United States marketplace.
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