CarGurus (NASDAQ:CARG) Price Target Cut to $37.00 by Analysts at JPMorgan Chase & Co.

CarGurus (NASDAQ:CARG) had its price target trimmed by JPMorgan Chase & Co. from $42.00 to $37.00 in a report issued on Friday morning,Benzinga reports. The brokerage currently has a neutral rating on the stock.

Several other brokerages also recently issued reports on CARG. UBS Group reduced their price objective on CarGurus from $40.00 to $35.00 and set a “neutral” rating on the stock in a research report on Wednesday, October 7th. Needham & Company LLC lifted their price objective on CarGurus from $43.00 to $44.00 and gave the stock a “buy” rating in a research report on Friday, August 7th. Royal Bank Of Canada cut their target price on shares of CarGurus from $42.00 to $41.00 and set an “outperform” rating for the company in a research note on Friday. Barclays reduced their target price on shares of CarGurus from $41.00 to $38.00 and set an “overweight” rating on the stock in a report on Tuesday, October 6th. Finally, Wall Street Zen raised shares of CarGurus from a “hold” rating to a “buy” rating in a research note on Saturday, October 31st. One investment analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and six have issued a Hold rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $39.75.

CarGurus Price Performance

Shares of CARG opened at $33.74 on Friday. The firm has a 50 day simple moving average of $32.17 and a 200-day simple moving average of $32.85. CarGurus has a 1-year low of $26.39 and a 1-year high of $41.22. The stock has a market cap of $3.01 billion, a price-to-earnings ratio of 17.04, a price-to-earnings-growth ratio of 1.20 and a beta of 1.22.

CarGurus (NASDAQ:CARG) last posted its earnings results on Thursday, November 5th. The company reported $0.70 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.66 by $0.04. The firm had revenue of $258.37 million for the quarter, compared to analyst estimates of $256.46 million. CarGurus had a return on equity of 68.43% and a net margin of 18.51%. CarGurus’s revenue was up 8.2% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.57 EPS. On average, equities analysts expect that CarGurus will post 2.17 earnings per share for the current fiscal year.

Insider Activity at CarGurus

In other news, CMO Dafna Sarnoff sold 17,151 shares of the stock in a transaction dated Thursday, August 13th. The shares were sold at an average price of $37.00, for a total transaction of $634,587.00. Following the transaction, the chief marketing officer directly owned 109,668 shares in the company, valued at $4,057,716. This represents a 13.52% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CTO Matthew Quinn sold 3,824 shares of the stock in a transaction dated Friday, October 2nd. The stock was sold at an average price of $29.62, for a total transaction of $113,266.88. Following the transaction, the chief technology officer owned 220,193 shares in the company, valued at approximately $6,522,116.66. The trade was a 1.71% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders have sold 82,846 shares of company stock worth $2,803,095. Corporate insiders own 18.19% of the company’s stock.

Hedge Funds Weigh In On CarGurus

Large investors have recently bought and sold shares of the stock. Bank of New York Mellon Corp purchased a new position in shares of CarGurus in the 2nd quarter worth about $15,631,000. Pale Fire Capital SE acquired a new position in shares of CarGurus in the 2nd quarter valued at about $13,112,000. Lazard Asset Management LLC lifted its stake in shares of CarGurus by 180.8% in the 1st quarter. Lazard Asset Management LLC now owns 445,868 shares of the company’s stock valued at $15,182,000 after purchasing an additional 287,067 shares in the last quarter. Assenagon Asset Management S.A. grew its holdings in shares of CarGurus by 159.5% during the 3rd quarter. Assenagon Asset Management S.A. now owns 351,886 shares of the company’s stock worth $10,965,000 after purchasing an additional 216,304 shares during the period. Finally, Bessemer Group Inc. grew its holdings in shares of CarGurus by 18.2% during the 1st quarter. Bessemer Group Inc. now owns 1,085,061 shares of the company’s stock worth $36,945,000 after purchasing an additional 166,954 shares during the period. Hedge funds and other institutional investors own 86.90% of the company’s stock.

About CarGurus

CarGurus, Inc operates an online automotive marketplace that helps consumers research and compare vehicles and connect with dealerships. Its website and mobile apps feature new and used vehicle listings, search tools, vehicle information and pricing insights designed to help shoppers evaluate available cars.

The company also provides dealerships with products and services to market inventory and engage with potential buyers through its platform. CarGurus was founded in 2006 by Langley Steinert, who previously co-founded TripAdvisor, and is headquartered in Cambridge, Massachusetts.

CarGurus serves customers and dealerships in the United States, Canada and the United Kingdom.