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

CarGurus (NASDAQ:CARG - Get Free Report) had its price target decreased by investment analysts at Oppenheimer from $44.00 to $42.00 in a report issued on Monday,Benzinga reports. The firm presently has an "outperform" rating on the stock. Oppenheimer's price target indicates a potential upside of 36.59% from the stock's current price.

Several other equities research analysts have also recently issued reports on CARG. JMP Securities reaffirmed a "market outperform" rating and set a $46.00 price target on shares of CarGurus in a research note on Monday, December 16th. Citigroup upgraded shares of CarGurus from a "hold" rating to a "strong-buy" rating in a research report on Monday, November 11th. B. Riley boosted their price target on CarGurus from $30.00 to $40.00 and gave the company a "buy" rating in a report on Monday, November 11th. Royal Bank of Canada increased their price target on CarGurus from $30.00 to $42.00 and gave the stock an "outperform" rating in a research note on Monday, November 11th. Finally, JPMorgan Chase & Co. lifted their price objective on CarGurus from $40.00 to $42.00 and gave the company an "overweight" rating in a research report on Friday, February 21st. Two analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat, CarGurus presently has an average rating of "Moderate Buy" and a consensus target price of $38.41.

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CarGurus Stock Performance

NASDAQ:CARG traded down $0.46 during mid-day trading on Monday, hitting $30.75. 1,537,546 shares of the company's stock traded hands, compared to its average volume of 943,020. The company has a market cap of $3.19 billion, a PE ratio of 170.84, a price-to-earnings-growth ratio of 1.72 and a beta of 1.59. The firm's 50 day simple moving average is $37.43 and its 200 day simple moving average is $33.90. CarGurus has a 1 year low of $21.18 and a 1 year high of $41.33.

CarGurus (NASDAQ:CARG - Get Free Report) last released its quarterly 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). The company had revenue of $228.54 million during the quarter, compared to analyst estimates of $231.72 million. CarGurus had a return on equity of 27.14% and a net margin of 2.34%. On average, research analysts expect that CarGurus will post 1.41 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other CarGurus news, CTO Matthew Todd Quinn sold 4,678 shares of the business's stock in a transaction that occurred on Friday, January 3rd. The shares were sold at an average price of $35.78, for a total transaction of $167,378.84. Following the completion of the sale, the chief technology officer now directly owns 195,795 shares in the company, valued at $7,005,545.10. The trade was a 2.33 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CMO Dafna Sarnoff sold 10,570 shares of the firm's stock in a transaction on Friday, January 3rd. The shares were sold at an average price of $35.78, for a total transaction of $378,194.60. Following the completion of the transaction, the chief marketing officer now directly owns 95,261 shares in the company, valued at approximately $3,408,438.58. This represents a 9.99 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 59,388 shares of company stock worth $2,204,338 over the last three months. 17.20% of the stock is owned by insiders.

Institutional Trading of CarGurus

Several large investors have recently added to or reduced their stakes in CARG. Point72 Hong Kong Ltd purchased a new stake in shares of CarGurus in the third quarter worth about $28,000. Signaturefd LLC lifted its position in CarGurus by 81.3% during the 3rd quarter. Signaturefd LLC now owns 959 shares of the company's stock worth $29,000 after acquiring an additional 430 shares in the last quarter. Global Retirement Partners LLC boosted its holdings in CarGurus by 198.5% in the 4th quarter. Global Retirement Partners LLC now owns 800 shares of the company's stock worth $29,000 after acquiring an additional 532 shares during the period. Fifth Third Bancorp grew its position in CarGurus by 100.0% in the fourth quarter. Fifth Third Bancorp now owns 912 shares of the company's stock valued at $33,000 after acquiring an additional 456 shares in the last quarter. Finally, Principal Securities Inc. raised its stake in shares of CarGurus by 82.7% during the fourth quarter. Principal Securities Inc. now owns 937 shares of the company's stock valued at $34,000 after purchasing an additional 424 shares during the period. 86.90% of the stock is currently owned by institutional investors and hedge funds.

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.