Oppenheimer Cuts CarGurus (NASDAQ:CARG) Price Target to $40.00

CarGurus (NASDAQ:CARG) had its price target reduced by Oppenheimer from $42.00 to $40.00 in a research report sent to investors on Tuesday,Benzinga reports. Oppenheimer currently has an outperform rating on the stock.

CARG has been the topic of a number of other research reports. Needham & Company LLC boosted their price objective on shares of CarGurus from $39.00 to $44.00 and gave the company a “buy” rating in a research report on Friday, August 8th. Royal Bank Of Canada restated an “outperform” rating and issued a $42.00 price objective on shares of CarGurus in a research report on Monday, May 12th. JMP Securities reiterated a “market perform” rating and set a $38.00 price target on shares of CarGurus in a research report on Wednesday, July 2nd. Gordon Haskett initiated coverage on shares of CarGurus in a research report on Monday, July 14th. They set a “hold” rating and a $35.00 price target on the stock. Finally, Citigroup reduced their price target on shares of CarGurus from $40.00 to $37.00 and set a “neutral” rating on the stock in a research report on Thursday, July 3rd. Seven analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat, CarGurus currently has a consensus rating of “Hold” and a consensus target price of $38.13.

CarGurus Stock Down 1.1%

Shares of NASDAQ:CARG opened at $31.75 on Tuesday. The stock has a market cap of $3.32 billion, a PE ratio of 25.81, a PEG ratio of 1.57 and a beta of 1.42. The company’s fifty day moving average is $32.68 and its 200 day moving average is $32.00. CarGurus has a 52 week low of $24.65 and a 52 week high of $41.33.

CarGurus (NASDAQ:CARG) last released its quarterly earnings data on Thursday, August 7th. The company reported $0.57 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.54 by $0.03. CarGurus had a net margin of 14.12% and a return on equity of 36.23%. The firm had revenue of $234.03 million for the quarter, compared to analysts’ expectations of $232.29 million. During the same quarter in the previous year, the company earned $0.41 earnings per share. The company’s revenue for the quarter was up 7.0% compared to the same quarter last year. Sell-side analysts anticipate that CarGurus will post 1.41 EPS for the current year.

Insider Buying and Selling at CarGurus

In related news, CTO Matthew Todd Quinn sold 3,789 shares of the business’s stock in a transaction dated Wednesday, July 2nd. The shares were sold at an average price of $33.09, for a total transaction of $125,378.01. Following the sale, the chief technology officer owned 216,877 shares of the company’s stock, valued at $7,176,459.93. The trade was a 1.72% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Zachary Emerson Hallowell sold 1,733 shares of the business’s stock in a transaction dated Thursday, July 17th. The stock was sold at an average price of $33.84, for a total transaction of $58,644.72. Following the sale, the chief executive officer directly owned 117,045 shares in the company, valued at $3,960,802.80. The trade was a 1.46% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 49,049 shares of company stock valued at $1,616,397 over the last three months. 16.99% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On CarGurus

Several hedge funds have recently bought and sold shares of the business. BNP PARIBAS ASSET MANAGEMENT Holding S.A. bought a new position in shares of CarGurus in the second quarter worth approximately $27,000. Private Wealth Asset Management LLC bought a new position in shares of CarGurus in the second quarter worth approximately $29,000. MAI Capital Management lifted its stake in shares of CarGurus by 661.0% in the second quarter. MAI Capital Management now owns 1,172 shares of the company’s stock worth $39,000 after buying an additional 1,018 shares in the last quarter. BI Asset Management Fondsmaeglerselskab A S bought a new position in shares of CarGurus in the first quarter worth approximately $46,000. Finally, Fifth Third Bancorp lifted its stake in shares of CarGurus by 121.7% in the second quarter. Fifth Third Bancorp now owns 1,419 shares of the company’s stock worth $47,000 after buying an additional 779 shares in the last quarter. Institutional investors own 86.90% of the company’s stock.

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.