JMP Securities Issues Pessimistic Forecast for CarGurus (NASDAQ:CARG) Stock Price

CarGurus (NASDAQ:CARG - Free Report) had its price target decreased by JMP Securities from $43.00 to $38.00 in a research report released on Wednesday,Benzinga reports. JMP Securities currently has a market outperform rating on the stock.

Several other research firms have also recently weighed in on CARG. JPMorgan Chase & Co. cut CarGurus from an "overweight" rating to a "neutral" rating and cut their price target for the company from $42.00 to $34.00 in a report on Thursday, March 27th. Needham & Company LLC restated a "buy" rating and issued a $45.00 price target on shares of CarGurus in a research report on Friday, February 21st. Finally, Oppenheimer lowered their price objective on shares of CarGurus from $44.00 to $42.00 and set an "outperform" rating for the company in a research report on Monday, February 24th. Three equities research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $37.14.

CarGurus Trading Down 0.8 %

CARG stock traded down $0.22 during midday trading on Wednesday, reaching $26.78. 363,309 shares of the company's stock traded hands, compared to its average volume of 853,762. CarGurus has a 52-week low of $21.18 and a 52-week high of $41.33. The stock's 50-day moving average is $32.09 and its 200 day moving average is $34.14. The stock has a market cap of $2.80 billion, a P/E ratio of 148.79, a PEG ratio of 1.72 and a beta of 1.46.

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CarGurus (NASDAQ:CARG - Get Free Report) last issued its quarterly earnings results on Thursday, February 20th. The company reported $0.44 earnings per share (EPS) 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. As a group, research analysts expect that CarGurus will post 1.41 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, COO Samuel Zales sold 20,000 shares of the stock in a transaction on Monday, February 3rd. The stock was 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 of the company's stock, valued at approximately $15,344,959. This represents a 4.76 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Zachary Emerson Hallowell sold 2,203 shares of CarGurus stock in a transaction dated 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 of the company's stock, 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 32,203 shares of company stock worth $1,158,978 in the last ninety days. 17.20% of the stock is owned by company insiders.

Hedge Funds Weigh In On CarGurus

Several institutional investors have recently bought and sold shares of CARG. Louisiana State Employees Retirement System boosted its position in CarGurus by 0.7% during the 4th quarter. Louisiana State Employees Retirement System now owns 42,500 shares of the company's stock valued at $1,553,000 after acquiring an additional 300 shares in the last quarter. Summit Investment Advisors Inc. raised its holdings in CarGurus by 4.9% in the fourth quarter. Summit Investment Advisors Inc. now owns 9,075 shares of the company's stock worth $332,000 after purchasing an additional 423 shares in the last quarter. Principal Securities Inc. raised its stake in shares of CarGurus by 82.7% during the 4th quarter. Principal Securities Inc. now owns 937 shares of the company's stock worth $34,000 after acquiring an additional 424 shares in the last quarter. Fifth Third Bancorp lifted its position in CarGurus by 100.0% during 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 during the last quarter. Finally, QRG Capital Management Inc. boosted its position in shares of CarGurus by 6.6% in the 4th quarter. QRG Capital Management Inc. now owns 7,687 shares of the company's stock worth $281,000 after purchasing an additional 475 shares in the last quarter. 86.90% of the stock is owned by hedge funds and other 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.