JPMorgan Chase & Co. Issues Pessimistic Forecast for CarGurus (NASDAQ:CARG) Stock Price

CarGurus (NASDAQ:CARG) had its target price reduced by JPMorgan Chase & Co. from $42.00 to $37.00 in a note issued to investors on Friday, Benzinga reports. The firm currently has a “neutral” rating on the stock. JPMorgan Chase & Co.‘s target price indicates a potential upside of 9.66% from the company’s current price.

A number of other research analysts have also recently commented on CARG. BTIG Research increased their target price on CarGurus from $40.00 to $41.00 and gave the company a “buy” rating in a research note on Friday, August 7th. Oppenheimer lifted their price target on CarGurus from $38.00 to $44.00 and gave the stock an “outperform” rating in a research note on Wednesday, August 12th. Wall Street Zen upgraded CarGurus from a “hold” rating to a “buy” rating in a report on Saturday, October 31st. B. Riley Financial reiterated a “buy” rating on shares of CarGurus in a report on Friday, August 7th. Finally, Needham & Company LLC increased their price objective on CarGurus from $43.00 to $44.00 and gave the company a “buy” rating in a research report on Friday, August 7th. 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 stock. Based on data from MarketBeat.com, CarGurus presently has a consensus rating of “Moderate Buy” and a consensus price target of $39.75.

CarGurus Price Performance

Shares of NASDAQ:CARG opened at $33.74 on Friday. The company’s fifty day moving average price is $32.17 and its 200-day moving average price is $32.85. The firm has a market capitalization of $3.01 billion, a price-to-earnings ratio of 17.04, a PEG ratio of 1.20 and a beta of 1.22. CarGurus has a one year low of $26.39 and a one year high of $41.22.

CarGurus (NASDAQ:CARG) last posted its quarterly earnings data on Thursday, November 5th. The company reported $0.70 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.66 by $0.04. CarGurus had a net margin of 18.51% and a return on equity of 68.43%. The company had revenue of $258.37 million during the quarter, compared to the consensus estimate of $256.46 million. During the same period in the previous year, the firm posted $0.57 EPS. The firm’s revenue was up 8.2% compared to the same quarter last year. As a group, equities research analysts expect that CarGurus will post 2.17 EPS for the current year.

Insider Buying and Selling at CarGurus

In other news, Director Greg M. Schwartz sold 10,000 shares of CarGurus stock in a transaction dated Wednesday, August 12th. The stock was sold at an average price of $36.07, for a total value of $360,700.00. Following the transaction, the director owned 8,716 shares in the company, valued at approximately $314,386.12. The trade was a 53.43% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CTO Matthew Quinn sold 3,824 shares of the business’s stock in a transaction dated Friday, October 2nd. The shares were sold at an average price of $29.62, for a total value of $113,266.88. Following the completion of the sale, the chief technology officer directly owned 220,193 shares of the company’s stock, valued at approximately $6,522,116.66. This trade represents a 1.71% decrease in their position. 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 quarter, insiders sold 82,846 shares of company stock valued at $2,803,095. 18.19% of the stock is currently owned by insiders.

Hedge Funds Weigh In On CarGurus

Several institutional investors and hedge funds have recently bought and sold shares of CARG. Bank of New York Mellon Corp purchased a new position in CarGurus in the 2nd quarter worth approximately $15,631,000. Pale Fire Capital SE purchased a new stake in shares of CarGurus during the second quarter valued at approximately $13,112,000. Lazard Asset Management LLC boosted its stake in shares of CarGurus by 180.8% during the first 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 during the period. Assenagon Asset Management S.A. grew its holdings in shares of CarGurus by 159.5% in the third 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 last quarter. Finally, Bessemer Group Inc. grew its holdings in shares of CarGurus by 18.2% in the first 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 last quarter. 86.90% of the stock is currently owned by institutional investors.

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.