CarGurus (CARG) Rating Increased to Buy at ValuEngine

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CarGurus (NASDAQ:CARG) was upgraded by equities researchers at ValuEngine from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Tuesday.

A number of other analysts have also commented on the stock. Benchmark upped their price objective on shares of CarGurus from $42.00 to $44.00 and gave the company a “buy” rating in a research note on Sunday, May 6th. Zacks Investment Research raised shares of CarGurus from a “sell” rating to a “buy” rating and set a $35.00 price objective for the company in a research note on Tuesday, May 1st. JMP Securities raised shares of CarGurus from a “market perform” rating to an “outperform” rating and set a $55.00 price objective for the company in a research note on Wednesday, August 8th. Royal Bank of Canada raised shares of CarGurus from a “sector perform” rating to an “outperform” rating and set a $33.00 price objective for the company in a research note on Wednesday, August 8th. Finally, DA Davidson raised shares of CarGurus from a “neutral” rating to a “buy” rating and set a $41.00 price objective for the company in a research note on Tuesday, May 1st. They noted that the move was a valuation call. Three investment analysts have rated the stock with a hold rating, six have given a buy rating and one has given a strong buy rating to the stock. CarGurus has an average rating of “Buy” and an average target price of $44.17.

CARG stock opened at $49.20 on Tuesday. CarGurus has a one year low of $25.85 and a one year high of $56.17. The stock has a market cap of $5.47 billion and a price-to-earnings ratio of 411.75.

CarGurus (NASDAQ:CARG) last posted its quarterly earnings data on Tuesday, August 7th. The company reported $0.06 EPS for the quarter, beating analysts’ consensus estimates of $0.02 by $0.04. CarGurus had a net margin of 10.34% and a return on equity of 12.60%. The company had revenue of $110.33 million during the quarter, compared to analyst estimates of $103.84 million. equities research analysts predict that CarGurus will post 0.1 EPS for the current fiscal year.

In other news, VP Thomas Michael Caputo sold 3,094 shares of the stock in a transaction that occurred on Thursday, July 5th. The shares were sold at an average price of $35.72, for a total value of $110,517.68. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Stephen Kaufer sold 400,000 shares of the stock in a transaction that occurred on Thursday, June 7th. The stock was sold at an average price of $33.11, for a total transaction of $13,244,000.00. The disclosure for this sale can be found here. Insiders sold 3,106,509 shares of company stock valued at $127,697,133 over the last three months. 51.03% of the stock is owned by insiders.

Hedge funds and other institutional investors have recently bought and sold shares of the company. TD Asset Management Inc. lifted its position in shares of CarGurus by 66.0% in the second quarter. TD Asset Management Inc. now owns 68,471 shares of the company’s stock worth $2,378,000 after purchasing an additional 27,220 shares in the last quarter. Millennium Management LLC purchased a new stake in shares of CarGurus in the first quarter worth approximately $499,000. First Interstate Bank lifted its position in shares of CarGurus by 100,560.0% in the second quarter. First Interstate Bank now owns 5,033 shares of the company’s stock worth $175,000 after purchasing an additional 5,028 shares in the last quarter. Wells Fargo & Company MN purchased a new stake in shares of CarGurus in the first quarter worth approximately $2,629,000. Finally, BBT Capital Management LLC purchased a new stake in shares of CarGurus in the second quarter worth approximately $5,033,000. 63.29% of the stock is owned by institutional investors and hedge funds.

CarGurus Company Profile

CarGurus, Inc operates an online automotive marketplace connecting buyers and sellers of new and used cars worldwide. The company's marketplace enables users with third-party validation on pricing, dealer reputation, and other information. As of June 30, 2017, it had an active dealer network of approximately 40,000 dealers; and approximately 5.4 million car listings.

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To view ValuEngine’s full report, visit ValuEngine’s official website.

Analyst Recommendations for CarGurus (NASDAQ:CARG)

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