CarGurus (NASDAQ:CARG) Lifted to “Buy” at Zacks Investment Research

Zacks Investment Research upgraded shares of CarGurus (NASDAQ:CARG) from a hold rating to a buy rating in a research note published on Tuesday morning, Zacks.com reports. They currently have $40.00 target price on the stock.

According to Zacks, “CarGurus, Inc. is an online automotive marketplace connecting buyers and sellers of new and used cars. The company uses proprietary technology, search algorithms and data analytics. It operates primarily in Canada, the United Kingdom and Germany. CarGurus, Inc.is based in CAMBRIDGE, United States. “

Several other brokerages also recently issued reports on CARG. Cowen assumed coverage on TrueCar in a research note on Monday, May 20th. They set a hold rating and a $7.00 target price on the stock. DA Davidson set a $54.00 price objective on CarGurus and gave the stock a buy rating in a research note on Tuesday, March 26th. TheStreet raised Third Point Reinsurance from a d+ rating to a c- rating in a research note on Tuesday, May 14th. SunTrust Banks reduced their price objective on EOG Resources to $120.00 and set a buy rating on the stock in a research note on Wednesday, June 12th. Finally, Benchmark reaffirmed a buy rating and issued a $18.00 price objective on shares of TEGNA in a research note on Friday, May 10th. Two analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. The company has a consensus rating of Buy and an average target price of $48.92.

CARG stock opened at $37.43 on Tuesday. The company’s 50-day moving average is $35.83. The stock has a market cap of $4.15 billion, a PE ratio of 65.84, a P/E/G ratio of 4.14 and a beta of 1.83. CarGurus has a twelve month low of $30.29 and a twelve month high of $57.25. The company has a current ratio of 2.74, a quick ratio of 2.74 and a debt-to-equity ratio of 0.25.

CarGurus (NASDAQ:CARG) last issued its earnings results on Thursday, May 9th. The company reported $0.12 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.03 by $0.09. The company had revenue of $135.30 million for the quarter, compared to the consensus estimate of $129.54 million. CarGurus had a return on equity of 18.43% and a net margin of 13.94%. The firm’s quarterly revenue was up 37.2% on a year-over-year basis. During the same quarter last year, the company earned $0.06 EPS. As a group, equities analysts forecast that CarGurus will post 0.23 earnings per share for the current year.

In related news, CFO Jason Trevisan sold 7,000 shares of the business’s stock in a transaction on Monday, April 15th. The stock was sold at an average price of $40.80, for a total transaction of $285,600.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, General Counsel Kathleen Bender Patton sold 2,413 shares of the business’s stock in a transaction on Thursday, June 13th. The shares were sold at an average price of $35.80, for a total value of $86,385.40. The disclosure for this sale can be found here. In the last three months, insiders have sold 3,003,225 shares of company stock worth $111,922,092. Corporate insiders own 34.51% of the company’s stock.

A number of institutional investors and hedge funds have recently bought and sold shares of CARG. NumerixS Investment Technologies Inc purchased a new position in CarGurus during the 4th quarter valued at $30,000. DekaBank Deutsche Girozentrale purchased a new position in CarGurus during the 1st quarter valued at $136,000. Raymond James Trust N.A. purchased a new position in CarGurus during the 1st quarter valued at $203,000. Calamos Advisors LLC purchased a new position in CarGurus during the 1st quarter valued at $210,000. Finally, Xact Kapitalforvaltning AB purchased a new position in CarGurus during the 1st quarter valued at $212,000. Institutional investors own 74.79% of the company’s stock.

About CarGurus

CarGurus, Inc operates an online automotive marketplace connecting buyers and sellers of new and used cars in the United States, Canada, the United Kingdom, Germany, Italy, and Spain. The company provides consumers an online automotive marketplace where they can search for new and used car listings from its dealers, as well as sell their car in the United States marketplace.

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