Needham & Company LLC Cuts CarGurus (NASDAQ:CARG) Price Target to $37.00

CarGurus (NASDAQ:CARG) had its price objective decreased by Needham & Company LLC from $44.00 to $37.00 in a research note published on Thursday, Marketbeat Ratings reports. Needham & Company LLC currently has a buy rating on the stock.

Several other equities analysts have also recently commented on the company. Citigroup upped their price target on CarGurus from $37.00 to $41.00 and gave the company a “neutral” rating in a report on Tuesday, October 28th. BTIG Research upped their target price on CarGurus from $39.00 to $44.00 and gave the company a “buy” rating in a research note on Tuesday, December 30th. JPMorgan Chase & Co. lifted their price target on shares of CarGurus from $38.00 to $43.00 and gave the stock a “neutral” rating in a research note on Tuesday, October 14th. Jefferies Financial Group boosted their price target on shares of CarGurus from $42.00 to $45.00 and gave the company a “buy” rating in a report on Thursday, December 11th. Finally, DA Davidson set a $37.50 price objective on shares of CarGurus in a research note on Monday, November 17th. Five investment analysts have rated the stock with a Buy rating and eight have given a Hold rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $40.23.

CarGurus Price Performance

NASDAQ:CARG opened at $28.61 on Thursday. CarGurus has a one year low of $24.65 and a one year high of $40.37. The company has a fifty day moving average price of $35.94 and a 200 day moving average price of $35.15. The stock has a market cap of $2.73 billion, a P/E ratio of 19.46, a PEG ratio of 1.08 and a beta of 1.35.

CarGurus (NASDAQ:CARG) last posted its quarterly earnings data on Thursday, November 6th. The company reported $0.57 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.55 by $0.02. CarGurus had a net margin of 16.41% and a return on equity of 41.31%. The company had revenue of $238.70 million for the quarter, compared to the consensus estimate of $234.57 million. During the same quarter in the previous year, the firm posted $0.45 EPS. The business’s revenue was up 3.2% compared to the same quarter last year. As a group, equities research analysts anticipate that CarGurus will post 1.41 EPS for the current year.

Insider Transactions at CarGurus

In related news, insider Jennifer Ladd Hanson sold 2,358 shares of the firm’s stock in a transaction on Wednesday, December 31st. The stock was sold at an average price of $38.10, for a total transaction of $89,839.80. Following the completion of the sale, the insider directly owned 50,466 shares of the company’s stock, valued at $1,922,754.60. This trade represents a 4.46% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Jason Trevisan sold 16,548 shares of CarGurus stock in a transaction on Tuesday, December 23rd. The shares were sold at an average price of $39.02, for a total value of $645,702.96. Following the completion of the transaction, the chief executive officer owned 630,483 shares of the company’s stock, valued at approximately $24,601,446.66. The trade was a 2.56% decrease in their position. The SEC filing for this sale provides additional information. Over the last 90 days, insiders sold 49,003 shares of company stock valued at $1,858,494. Corporate insiders own 16.99% of the company’s stock.

Institutional Trading of CarGurus

A number of hedge funds and other institutional investors have recently made changes to their positions in CARG. BNP PARIBAS ASSET MANAGEMENT Holding S.A. bought a new stake in CarGurus during the 2nd quarter worth about $27,000. Private Wealth Asset Management LLC acquired a new position in shares of CarGurus during the second quarter worth approximately $29,000. Farther Finance Advisors LLC lifted its position in shares of CarGurus by 71.1% during the third quarter. Farther Finance Advisors LLC now owns 1,066 shares of the company’s stock worth $40,000 after purchasing an additional 443 shares in the last quarter. MAI Capital Management grew its stake in shares of CarGurus by 661.0% during the second quarter. MAI Capital Management now owns 1,172 shares of the company’s stock valued at $39,000 after purchasing an additional 1,018 shares during the last quarter. Finally, Brown Brothers Harriman & Co. acquired a new stake in shares of CarGurus in the third quarter valued at approximately $46,000. 86.90% of the stock is currently owned by institutional investors and hedge funds.

CarGurus Company Profile

CarGurus, Inc operates an online automotive marketplace designed to connect buyers and sellers of new and used vehicles. Through its proprietary search engine and data-driven pricing tools, the platform enables consumers to compare listings, assess fair market values and locate local dealers offering competitive deals. CarGurus also provides detailed vehicle history reports, dealer reviews and financing options to streamline the car-shopping process for both private parties and franchised dealerships.

The company’s core product offerings include Instant Market Value (IMV), which leverages pricing algorithms to help buyers identify over- or under-priced vehicles, as well as dealer subscription services that grant automotive retailers access to lead generation tools, targeted advertising and dynamic pricing insights.