Brokerages Set Karooooo Ltd. (NASDAQ:KARO) Price Target at $73.50

Shares of Karooooo Ltd. (NASDAQ:KARO) have received an average rating of “Moderate Buy” from the seven analysts that are currently covering the company, Marketbeat reports. Two research analysts have rated the stock with a hold recommendation and five have given a buy recommendation to the company. The average 1-year target price among brokerages that have issued a report on the stock in the last year is $73.50.

Several research firms recently issued reports on KARO. Raymond James Financial raised their price target on Karooooo from $60.00 to $75.00 and gave the company an “outperform” rating in a report on Friday, July 17th. Wall Street Zen raised Karooooo from a “hold” rating to a “buy” rating in a report on Monday. UBS Group restated a “buy” rating and set a $75.00 target price on shares of Karooooo in a research report on Thursday, July 16th. Roth Capital reiterated a “buy” rating and set a $74.00 price target on shares of Karooooo in a research report on Friday, July 17th. Finally, Freedom Capital downgraded shares of Karooooo from a “strong-buy” rating to a “hold” rating in a research note on Friday, July 17th.

Insider Buying and Selling

In other Karooooo news, CEO Isaias Jose Calisto sold 1,193 shares of the company’s stock in a transaction on Wednesday, August 19th. The shares were sold at an average price of $63.13, for a total transaction of $75,314.09. Following the completion of the sale, the chief executive officer owned 17,646,902 shares in the company, valued at approximately $1,114,048,923.26. The trade was a 0.01% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Over the last three months, insiders have sold 271,056 shares of company stock worth $17,423,394. 74.73% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Karooooo

Several hedge funds have recently added to or reduced their stakes in the stock. DGS Capital Management LLC raised its stake in Karooooo by 5.7% during the 1st quarter. DGS Capital Management LLC now owns 7,359 shares of the company’s stock worth $367,000 after buying an additional 398 shares during the period. Renaissance Technologies LLC increased its holdings in shares of Karooooo by 1.4% in the first quarter. Renaissance Technologies LLC now owns 27,987 shares of the company’s stock worth $1,395,000 after acquiring an additional 400 shares in the last quarter. Lazard Asset Management LLC increased its holdings in shares of Karooooo by 7.5% in the third quarter. Lazard Asset Management LLC now owns 6,139 shares of the company’s stock worth $351,000 after acquiring an additional 430 shares in the last quarter. Bank of America Corp DE raised its position in shares of Karooooo by 17.2% during the second quarter. Bank of America Corp DE now owns 5,100 shares of the company’s stock worth $250,000 after purchasing an additional 750 shares during the period. Finally, Public Employees Retirement System of Ohio acquired a new stake in shares of Karooooo during the second quarter worth about $54,000.

Karooooo Trading Up 2.4%

Shares of NASDAQ KARO opened at $62.87 on Friday. Karooooo has a 1-year low of $41.25 and a 1-year high of $67.14. The company has a market cap of $1.94 billion, a PE ratio of 31.91 and a beta of 0.85. The company has a current ratio of 1.02, a quick ratio of 1.01 and a debt-to-equity ratio of 0.15. The company has a 50-day moving average of $57.90 and a two-hundred day moving average of $51.66.

Karooooo (NASDAQ:KARO) last announced its earnings results on Thursday, July 16th. The company reported $0.59 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.51 by $0.08. The company had revenue of $96.26 million for the quarter. Karooooo had a net margin of 17.74% and a return on equity of 32.03%. As a group, equities analysts expect that Karooooo will post 2.41 earnings per share for the current fiscal year.

Karooooo Company Profile

Karooooo Ltd is a global provider of telematics software-as-a-service solutions for vehicle and fleet management. Through its flagship platform, the company delivers real-time GPS tracking, stolen vehicle recovery and driver behaviour analytics, enabling commercial fleets and automotive insurers to optimise operations, increase safety and reduce costs.

Karooooo’s SaaS platform integrates proprietary hardware devices with cloud-based analytics and mobile applications. Customers gain access to live vehicle location data, engine diagnostics, route planning tools and customizable reporting dashboards.