Needham & Company LLC Has Lowered Expectations for CarGurus (NASDAQ:CARG) Stock Price

CarGurus (NASDAQ:CARG - Free Report) had its target price decreased by Needham & Company LLC from $45.00 to $39.00 in a report released on Friday morning,Benzinga reports. Needham & Company LLC currently has a buy rating on the stock.

CARG has been the topic of a number of other reports. JMP Securities reduced their price objective on shares of CarGurus from $43.00 to $38.00 and set a "market outperform" rating on the stock in a research note on Wednesday, April 9th. JPMorgan Chase & Co. cut shares of CarGurus from an "overweight" rating to a "neutral" rating and reduced their price target for the stock from $42.00 to $34.00 in a research report on Thursday, March 27th. Oppenheimer reduced their price target on shares of CarGurus from $44.00 to $42.00 and set an "outperform" rating on the stock in a research report on Monday, February 24th. Finally, UBS Group reduced their price target on shares of CarGurus from $36.00 to $29.00 and set a "neutral" rating on the stock in a research report on Thursday, April 10th. Three analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat.com, CarGurus has an average rating of "Moderate Buy" and a consensus target price of $36.95.

CarGurus Stock Up 10.8%

CARG stock traded up $3.02 during midday trading on Friday, reaching $30.97. The company's stock had a trading volume of 2,891,465 shares, compared to its average volume of 871,771. CarGurus has a 52 week low of $21.65 and a 52 week high of $41.33. The stock has a market cap of $3.23 billion, a PE ratio of 172.07, a price-to-earnings-growth ratio of 1.72 and a beta of 1.45. The business's 50-day simple moving average is $28.73 and its 200-day simple moving average is $33.74.

CarGurus (NASDAQ:CARG - Get Free Report) last announced its quarterly earnings data on Thursday, February 20th. The company reported $0.44 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.50 by ($0.06). CarGurus had a net margin of 2.34% and a return on equity of 27.14%. The business had revenue of $228.54 million during the quarter, compared to the consensus estimate of $231.72 million. As a group, equities analysts forecast that CarGurus will post 1.41 earnings per share for the current fiscal year.

Insider Activity at CarGurus

In related news, COO Samuel Zales sold 10,000 shares of the business's stock in a transaction on Wednesday, April 16th. The shares were sold at an average price of $26.84, for a total value of $268,400.00. Following the sale, the chief operating officer now directly owns 503,382 shares of the company's stock, valued at approximately $13,510,772.88. The trade was a 1.95% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Zachary Emerson Hallowell sold 1,824 shares of the business's stock in a transaction on Thursday, April 17th. The shares were sold at an average price of $26.73, for a total transaction of $48,755.52. Following the completion of the sale, the chief executive officer now directly owns 129,790 shares in the company, valued at $3,469,286.70. This represents a 1.39% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 31,824 shares of company stock valued at $907,856. 16.99% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On CarGurus

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Allspring Global Investments Holdings LLC lifted its position in CarGurus by 16.4% during the 4th quarter. Allspring Global Investments Holdings LLC now owns 244,828 shares of the company's stock worth $8,748,000 after buying an additional 34,555 shares in the last quarter. Los Angeles Capital Management LLC lifted its position in CarGurus by 36.4% during the 4th quarter. Los Angeles Capital Management LLC now owns 87,862 shares of the company's stock worth $3,210,000 after buying an additional 23,445 shares in the last quarter. Summit Global Investments bought a new stake in CarGurus during the 4th quarter worth about $1,150,000. Friedenthal Financial bought a new stake in CarGurus during the 4th quarter worth about $767,000. Finally, Cookson Peirce & Co. Inc. lifted its position in CarGurus by 59.6% during the 4th quarter. Cookson Peirce & Co. Inc. now owns 21,376 shares of the company's stock worth $781,000 after buying an additional 7,982 shares in the last quarter. 86.90% of the stock is owned by institutional investors.

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.