Karooooo (NASDAQ:KARO) Upgraded at Wall Street Zen

Wall Street Zen upgraded shares of Karooooo (NASDAQ:KARO) from a hold rating to a buy rating in a research note released on Saturday morning.

Several other equities analysts also recently commented on the company. Weiss Ratings reiterated a “buy (b-)” rating on shares of Karooooo in a report on Friday, April 24th. Needham & Company LLC boosted their price objective on shares of Karooooo from $60.00 to $70.00 and gave the stock a “buy” rating in a research note on Tuesday, July 14th. Zacks Research upgraded shares of Karooooo from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, July 7th. Roth Capital reaffirmed a “buy” rating and set a $74.00 price objective on shares of Karooooo in a report on Friday, July 17th. Finally, Raymond James Financial raised their target price on shares of Karooooo from $60.00 to $75.00 and gave the company an “outperform” rating in a research note on Friday, July 17th. One investment analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat.com, Karooooo presently has an average rating of “Buy” and an average price target of $73.50.

Karooooo Stock Performance

KARO opened at $64.55 on Friday. The company has a market cap of $1.99 billion, a PE ratio of 32.77 and a beta of 0.85. The stock has a 50-day moving average of $53.78 and a 200-day moving average of $50.22. Karooooo has a 52-week low of $41.25 and a 52-week high of $66.23. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.01 and a current ratio of 1.02.

Karooooo (NASDAQ:KARO) last issued its quarterly earnings data on Thursday, July 16th. The company reported $0.59 EPS for the quarter, beating analysts’ consensus estimates of $0.51 by $0.08. Karooooo had a return on equity of 32.03% and a net margin of 17.74%.The business had revenue of $96.26 million for the quarter. As a group, equities research analysts forecast that Karooooo will post 2.41 earnings per share for the current fiscal year.

Karooooo Increases Dividend

The firm also recently announced an annual dividend, which was paid on Monday, July 27th. Shareholders of record on Friday, July 17th were issued a $1.50 dividend. This is an increase from Karooooo’s previous annual dividend of $1.25. The ex-dividend date of this dividend was Friday, July 17th. This represents a yield of 239.0%. Karooooo’s payout ratio is 76.14%.

Insider Transactions at Karooooo

In other Karooooo news, CEO Isaias Jose Calisto sold 18,630 shares of Karooooo stock in a transaction that occurred on Thursday, July 30th. The stock was sold at an average price of $63.47, for a total value of $1,182,446.10. Following the transaction, the chief executive officer directly owned 17,819,482 shares of the company’s stock, valued at $1,131,002,522.54. The trade was a 0.10% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Over the last quarter, insiders sold 98,476 shares of company stock valued at $6,295,981. Company insiders own 74.73% of the company’s stock.

Institutional Investors Weigh In On Karooooo

Several hedge funds have recently modified their holdings of the business. Capricorn Fund Managers Ltd raised its stake in Karooooo by 39.4% during the 4th quarter. Capricorn Fund Managers Ltd now owns 238,078 shares of the company’s stock valued at $10,833,000 after purchasing an additional 67,322 shares during the last quarter. Marshall Wace LLP grew its position in Karooooo by 699.1% in the 2nd quarter. Marshall Wace LLP now owns 55,602 shares of the company’s stock worth $2,723,000 after purchasing an additional 48,644 shares during the last quarter. Two Sigma Investments LP grew its position in Karooooo by 115.4% in the 3rd quarter. Two Sigma Investments LP now owns 74,130 shares of the company’s stock worth $4,234,000 after purchasing an additional 39,709 shares during the last quarter. Aurora Investment Counsel bought a new position in shares of Karooooo during the 4th quarter worth about $1,651,000. Finally, Russell Investments Group Ltd. bought a new position in shares of Karooooo during the 2nd quarter worth about $1,378,000.

Karooooo Company Profile

Karooooo Ltd is a global provider of telematics software-as-a-service solutions for vehicle and fleet management. Through its flagship platform, the company delivers real-time GPS tracking, stolen vehicle recovery and driver behaviour analytics, enabling commercial fleets and automotive insurers to optimise operations, increase safety and reduce costs.

Karooooo’s SaaS platform integrates proprietary hardware devices with cloud-based analytics and mobile applications. Customers gain access to live vehicle location data, engine diagnostics, route planning tools and customizable reporting dashboards.