CarGurus (NASDAQ:CARG) Stock Gets Price Target Cut from JPMorgan Chase & Co.

CarGurus (NASDAQ:CARG) had its price objective dropped by analysts at JPMorgan Chase & Co. from $42.00 to $37.00 in a research report issued on Friday, Benzinga reports. The firm currently has a “neutral” rating on the stock. JPMorgan Chase & Co.‘s target price would suggest a potential upside of 9.66% from the company’s previous close.

Several other equities research analysts have also commented on the stock. Oppenheimer increased their price objective on shares of CarGurus from $38.00 to $44.00 and gave the company an “outperform” rating in a research note on Wednesday, August 12th. Citigroup boosted their target price on CarGurus from $32.00 to $39.00 and gave the stock a “neutral” rating in a research note on Friday, August 14th. B. Riley Financial reaffirmed a “buy” rating on shares of CarGurus in a report on Friday, August 7th. Weiss Ratings downgraded CarGurus from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Friday, October 23rd. Finally, UBS Group decreased their price target on CarGurus from $40.00 to $35.00 and set a “neutral” rating for the company in a research report on Wednesday, October 7th. One analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and six have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $39.75.

CarGurus Price Performance

CARG opened at $33.74 on Friday. The company has a market capitalization of $3.01 billion, a price-to-earnings ratio of 17.04, a P/E/G ratio of 1.20 and a beta of 1.22. The firm’s fifty day moving average price is $32.17 and its two-hundred day moving average price is $32.85. CarGurus has a 1 year low of $26.39 and a 1 year high of $41.22.

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

Insiders Place Their Bets

In other news, CTO Matthew Quinn sold 3,824 shares of the stock in a transaction on Friday, October 2nd. The stock was sold at an average price of $29.62, for a total transaction of $113,266.88. Following the completion of the transaction, the chief technology officer owned 220,193 shares in the company, valued at approximately $6,522,116.66. This represents a 1.71% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, COO Samuel Zales sold 10,000 shares of the stock in a transaction on Monday, November 2nd. The stock was sold at an average price of $32.33, for a total value of $323,300.00. Following the transaction, the chief operating officer owned 419,735 shares of the company’s stock, valued at $13,570,032.55. The trade was a 2.33% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders sold 82,846 shares of company stock valued at $2,803,095. Company insiders own 18.19% of the company’s stock.

Institutional Investors Weigh In On CarGurus

Several institutional investors have recently made changes to their positions in CARG. Versant Capital Management Inc increased its stake in CarGurus by 20.2% in the 3rd quarter. Versant Capital Management Inc now owns 2,325 shares of the company’s stock worth $72,000 after acquiring an additional 391 shares during the last quarter. Hennion & Walsh Asset Management Inc. raised its holdings in shares of CarGurus by 1.9% in the 2nd quarter. Hennion & Walsh Asset Management Inc. now owns 24,318 shares of the company’s stock valued at $829,000 after acquiring an additional 459 shares in the last quarter. Ethic Inc. raised its holdings in shares of CarGurus by 4.5% in the 3rd quarter. Ethic Inc. now owns 10,762 shares of the company’s stock valued at $335,000 after acquiring an additional 467 shares in the last quarter. Choreo LLC boosted its position in shares of CarGurus by 3.4% during the 3rd quarter. Choreo LLC now owns 17,688 shares of the company’s stock valued at $551,000 after acquiring an additional 576 shares during the last quarter. Finally, GAMMA Investing LLC boosted its position in shares of CarGurus by 12.9% during the 3rd quarter. GAMMA Investing LLC now owns 5,108 shares of the company’s stock valued at $159,000 after acquiring an additional 585 shares during the last quarter. 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.