CarGurus (NASDAQ:CARG) Receives "Outperform" Rating from Royal Bank of Canada

Royal Bank of Canada reiterated their outperform rating on shares of CarGurus (NASDAQ:CARG - Free Report) in a research report released on Monday morning,Benzinga reports. Royal Bank of Canada currently has a $42.00 price objective on the stock.

A number of other research analysts have also recently issued reports on the stock. UBS Group increased their target price on shares of CarGurus from $29.00 to $33.00 and gave the company a "neutral" rating in a report on Friday, May 9th. JPMorgan Chase & Co. cut CarGurus from an "overweight" rating to a "neutral" rating and reduced their price objective for the stock from $42.00 to $34.00 in a report on Thursday, March 27th. Needham & Company LLC decreased their target price on CarGurus from $45.00 to $39.00 and set a "buy" rating on the stock in a research report on Friday, May 9th. Oppenheimer dropped their price target on CarGurus from $44.00 to $42.00 and set an "outperform" rating for the company in a research report on Monday, February 24th. Finally, JMP Securities decreased 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 report on Wednesday, April 9th. Three investment analysts have rated the stock with a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $36.95.

CarGurus Price Performance

Shares of CarGurus stock traded down $0.44 during trading on Monday, hitting $32.46. 803,509 shares of the stock were exchanged, compared to its average volume of 874,466. The stock has a market cap of $3.39 billion, a price-to-earnings ratio of 180.34, a price-to-earnings-growth ratio of 1.72 and a beta of 1.45. The firm's 50-day moving average price is $28.89 and its 200 day moving average price is $33.78. CarGurus has a 12-month low of $21.65 and a 12-month high of $41.33.

CarGurus (NASDAQ:CARG - Get Free Report) last released its quarterly earnings results on Thursday, May 8th. The company reported $0.46 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.42 by $0.04. CarGurus had a return on equity of 27.14% and a net margin of 2.34%. The firm had revenue of $225.16 million for the quarter, compared to analyst estimates of $226.72 million. During the same quarter last year, the company posted $0.32 earnings per share. The business's revenue was up 4.3% on a year-over-year basis. As a group, research analysts forecast that CarGurus will post 1.41 earnings per share for the current year.

Insider Buying and Selling

In related news, CEO Zachary Emerson Hallowell sold 1,824 shares of the business's stock in a transaction that occurred on Thursday, April 17th. The shares were sold at an average price of $26.73, for a total value 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 approximately $3,469,286.70. The trade was a 1.39% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, COO Samuel Zales sold 10,000 shares of the stock in a transaction that occurred on Monday, March 17th. The stock was sold at an average price of $30.78, for a total transaction of $307,800.00. Following the transaction, the chief operating officer now directly owns 390,025 shares in the company, valued at approximately $12,004,969.50. This represents a 2.50% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 31,824 shares of company stock worth $907,856. 16.99% of the stock is owned by company insiders.

Institutional Trading of CarGurus

Several institutional investors have recently made changes to their positions in CARG. Vanguard Group Inc. increased its stake in CarGurus by 1.0% during the first quarter. Vanguard Group Inc. now owns 9,780,608 shares of the company's stock worth $284,909,000 after acquiring an additional 93,722 shares during the last quarter. Wellington Management Group LLP grew its holdings in shares of CarGurus by 12.7% during the 1st quarter. Wellington Management Group LLP now owns 8,052,180 shares of the company's stock worth $234,560,000 after purchasing an additional 906,830 shares during the period. Invesco Ltd. increased its position in CarGurus by 340.5% during the 1st quarter. Invesco Ltd. now owns 1,606,869 shares of the company's stock worth $46,808,000 after purchasing an additional 1,242,076 shares in the last quarter. Arrowstreet Capital Limited Partnership increased its position in CarGurus by 168.7% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 1,524,478 shares of the company's stock worth $55,704,000 after purchasing an additional 957,035 shares in the last quarter. Finally, Prevatt Capital Ltd raised its holdings in CarGurus by 3.7% in the first quarter. Prevatt Capital Ltd now owns 1,400,000 shares of the company's stock valued at $40,782,000 after buying an additional 50,000 shares during the period. 86.90% of the stock is owned by hedge funds and other institutional investors.

CarGurus Company Profile

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.