JPMorgan Chase & Co. Issues Pessimistic Forecast for CarGurus (NASDAQ:CARG) Stock Price

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

Other equities analysts have also recently issued research reports about the company. Weiss Ratings cut CarGurus from a “buy (b-)” rating to a “hold (c+)” rating in a report on Friday, October 23rd. BTIG Research lifted their target price on CarGurus from $40.00 to $41.00 and gave the stock a “buy” rating in a research report on Friday, August 7th. B. Riley Financial reiterated a “buy” rating on shares of CarGurus in a research report on Friday, August 7th. Wall Street Zen raised shares of CarGurus from a “hold” rating to a “buy” rating in a research note on Saturday, October 31st. Finally, Needham & Company LLC upped their price target on shares of CarGurus from $43.00 to $44.00 and gave the stock a “buy” rating in a report on Friday, August 7th. One equities research 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 stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $39.75.

CarGurus Stock Performance

Shares of NASDAQ:CARG opened at $33.74 on Friday. CarGurus has a 12 month low of $26.39 and a 12 month high of $41.22. The company has a market capitalization of $3.01 billion, a price-to-earnings ratio of 17.04, a PEG ratio of 1.20 and a beta of 1.22. The firm’s 50-day moving average is $32.17 and its 200 day moving average is $32.85.

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

Insider Transactions at CarGurus

In other CarGurus news, COO Samuel Zales sold 10,000 shares of the firm’s stock in a transaction on Monday, November 2nd. The stock was sold at an average price of $32.33, for a total transaction of $323,300.00. Following the transaction, the chief operating officer directly owned 419,735 shares in the company, valued at $13,570,032.55. This trade represents a 2.33% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CMO Dafna Sarnoff sold 7,234 shares of CarGurus stock in a transaction on Friday, October 2nd. The shares were sold at an average price of $29.62, for a total value of $214,271.08. Following the sale, the chief marketing officer directly owned 94,884 shares of the company’s stock, valued at approximately $2,810,464.08. This trade represents a 7.08% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 82,846 shares of company stock valued at $2,803,095 in the last ninety days. Corporate insiders own 18.19% of the company’s stock.

Hedge Funds Weigh In On CarGurus

Institutional investors have recently made changes to their positions in the company. Russell Investments Group Ltd. lifted its position in shares of CarGurus by 14.9% in the 3rd quarter. Russell Investments Group Ltd. now owns 277,349 shares of the company’s stock worth $8,642,000 after purchasing an additional 35,876 shares during the period. Eurizon Capital SGR S.p.A. bought a new position in shares of CarGurus during the third quarter valued at approximately $25,000. Gagnon Securities LLC boosted its stake in shares of CarGurus by 0.4% during the third quarter. Gagnon Securities LLC now owns 368,573 shares of the company’s stock valued at $11,485,000 after purchasing an additional 1,500 shares in the last quarter. Maryland State Retirement & Pension System increased its holdings in CarGurus by 53.6% during the third quarter. Maryland State Retirement & Pension System now owns 16,892 shares of the company’s stock valued at $526,000 after buying an additional 5,896 shares during the period. Finally, Ritholtz Wealth Management increased its holdings in CarGurus by 8.5% during the third quarter. Ritholtz Wealth Management now owns 12,827 shares of the company’s stock valued at $400,000 after buying an additional 1,003 shares during the period. 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.