CarGurus (NASDAQ:CARG) Upgraded to Buy by Zacks Investment Research

Zacks Investment Research upgraded shares of CarGurus (NASDAQ:CARG) from a hold rating to a buy rating in a research report sent to investors on Tuesday, Zacks.com reports. They currently have $37.00 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 equities research analysts also recently issued reports on the stock. Benchmark boosted their price objective on shares of CarGurus from $59.00 to $63.00 and gave the stock a buy rating in a research note on Wednesday, November 10th. BTIG Research boosted their price objective on shares of CarGurus from $36.00 to $43.00 and gave the stock a buy rating in a research note on Wednesday, November 10th. Raymond James boosted their price objective on shares of CarGurus from $38.00 to $41.00 and gave the stock an outperform rating in a research note on Wednesday, November 10th. Jefferies Financial Group upgraded shares of CarGurus from a hold rating to a buy rating and boosted their price objective for the stock from $42.00 to $45.00 in a research note on Friday, January 7th. Finally, Royal Bank of Canada boosted their price objective on shares of CarGurus from $40.00 to $48.00 and gave the stock an outperform rating in a research note on Wednesday, November 10th. One equities research analyst has rated the stock with a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of Buy and a consensus target price of $44.30.

CarGurus stock opened at $31.94 on Tuesday. CarGurus has a 1 year low of $22.63 and a 1 year high of $39.77. The firm has a 50 day moving average price of $35.25 and a 200 day moving average price of $32.10. The company has a market cap of $3.76 billion, a price-to-earnings ratio of 36.30, a PEG ratio of 3.91 and a beta of 1.74.

CarGurus (NASDAQ:CARG) last released its earnings results on Monday, November 8th. The company reported $0.38 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.19 by $0.19. CarGurus had a net margin of 13.72% and a return on equity of 24.54%. The firm had revenue of $222.92 million during the quarter, compared to the consensus estimate of $215.32 million. During the same period in the previous year, the firm earned $0.30 earnings per share. As a group, analysts anticipate that CarGurus will post 0.81 EPS for the current fiscal year.

In related news, COO Samuel Zales sold 10,000 shares of the company’s stock in a transaction on Monday, November 15th. The shares were sold at an average price of $38.47, for a total value of $384,700.00. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Chairman Langley Steinert sold 39,962 shares of the company’s stock in a transaction on Monday, December 13th. The shares were sold at an average price of $35.26, for a total transaction of $1,409,060.12. The disclosure for this sale can be found here. Over the last three months, insiders have sold 520,013 shares of company stock worth $19,011,651. Corporate insiders own 21.72% of the company’s stock.

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. First Mercantile Trust Co. acquired a new stake in CarGurus in the third quarter valued at $26,000. Bank of New York Mellon Corp raised its holdings in shares of CarGurus by 1.9% during the third quarter. Bank of New York Mellon Corp now owns 356,863 shares of the company’s stock worth $11,209,000 after purchasing an additional 6,680 shares during the period. ArrowMark Colorado Holdings LLC raised its holdings in shares of CarGurus by 5.1% during the third quarter. ArrowMark Colorado Holdings LLC now owns 2,138,463 shares of the company’s stock worth $67,169,000 after purchasing an additional 102,883 shares during the period. Cetera Investment Advisers raised its holdings in shares of CarGurus by 48.9% during the third quarter. Cetera Investment Advisers now owns 15,967 shares of the company’s stock worth $502,000 after purchasing an additional 5,241 shares during the period. Finally, BNP Paribas Arbitrage SA raised its holdings in shares of CarGurus by 275.9% during the third quarter. BNP Paribas Arbitrage SA now owns 19,790 shares of the company’s stock worth $622,000 after purchasing an additional 14,526 shares during the period. 81.35% of the stock is currently owned by hedge funds and other institutional investors.

CarGurus Company Profile

Cargurus, Inc engages in the provision of online auto shopping. The firm offers proprietary technology, search algorithms and data analytics to analyze new and used car listings. It operates through the following segments: United States and International. The United States segment derives revenues from marketplace subscriptions, advertising services and other revenues from customers within the United States.

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