Zacks: Brokerages Anticipate CarGurus Inc (CARG) Will Post Earnings of $0.05 Per Share

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Equities analysts forecast that CarGurus Inc (NASDAQ:CARG) will announce earnings of $0.05 per share for the current fiscal quarter, Zacks reports. Three analysts have provided estimates for CarGurus’ earnings. CarGurus reported earnings of $0.02 per share in the same quarter last year, which indicates a positive year over year growth rate of 150%. The company is scheduled to report its next quarterly earnings report on Tuesday, November 13th.

According to Zacks, analysts expect that CarGurus will report full-year earnings of $0.23 per share for the current fiscal year, with EPS estimates ranging from $0.22 to $0.24. For the next year, analysts anticipate that the company will post earnings of $0.30 per share, with EPS estimates ranging from $0.27 to $0.34. Zacks Investment Research’s EPS averages are an average based on a survey of sell-side research analysts that follow CarGurus.

CarGurus (NASDAQ:CARG) last issued its quarterly earnings data on Tuesday, August 7th. The company reported $0.06 EPS for the quarter, topping the Zacks’ consensus estimate of $0.02 by $0.04. The firm had revenue of $110.33 million during the quarter, compared to the consensus estimate of $103.84 million. CarGurus had a return on equity of 12.60% and a net margin of 10.34%.

CARG has been the subject of a number of recent research reports. Benchmark upped their price objective on CarGurus from $44.00 to $50.00 and gave the stock a “buy” rating in a research note on Wednesday, August 8th. Zacks Investment Research upgraded CarGurus from a “hold” rating to a “buy” rating and set a $49.00 price objective for the company in a research note on Thursday, August 2nd. BidaskClub upgraded CarGurus from a “buy” rating to a “strong-buy” rating in a research note on Thursday, July 26th. ValuEngine upgraded CarGurus from a “hold” rating to a “buy” rating in a research note on Tuesday. Finally, DA Davidson set a $53.00 price target on CarGurus and gave the stock a “buy” rating in a research note on Wednesday, August 8th. Three analysts have rated the stock with a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The company currently has an average rating of “Buy” and a consensus price target of $44.17.

In other news, major shareholder Argonaut 22 Llc sold 115,465 shares of the stock in a transaction on Monday, June 4th. The stock was sold at an average price of $33.58, for a total value of $3,877,314.70. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Anastasios Parafestas sold 120,000 shares of the stock in a transaction on Tuesday, August 28th. The stock was sold at an average price of $49.89, for a total value of $5,986,800.00. The disclosure for this sale can be found here. In the last three months, insiders sold 3,106,509 shares of company stock valued at $127,697,133. Company insiders own 51.03% of the company’s stock.

Several large investors have recently added to or reduced their stakes in the company. FMR LLC grew its stake in shares of CarGurus by 99.4% in the second quarter. FMR LLC now owns 9,982,100 shares of the company’s stock worth $346,778,000 after purchasing an additional 4,975,737 shares in the last quarter. The Manufacturers Life Insurance Company grew its stake in shares of CarGurus by 13.9% in the first quarter. The Manufacturers Life Insurance Company now owns 3,808,722 shares of the company’s stock worth $146,522,000 after purchasing an additional 466,106 shares in the last quarter. BlackRock Inc. grew its stake in shares of CarGurus by 116,567.5% in the second quarter. BlackRock Inc. now owns 2,625,019 shares of the company’s stock worth $91,193,000 after purchasing an additional 2,622,769 shares in the last quarter. Lord Abbett & CO. LLC boosted its stake in CarGurus by 55.6% during the first quarter. Lord Abbett & CO. LLC now owns 970,288 shares of the company’s stock valued at $37,327,000 after buying an additional 346,567 shares in the last quarter. Finally, Bank of America Corp DE boosted its stake in CarGurus by 877.9% during the second quarter. Bank of America Corp DE now owns 681,579 shares of the company’s stock valued at $23,678,000 after buying an additional 611,878 shares in the last quarter. 63.29% of the stock is owned by institutional investors.

Shares of CARG opened at $49.20 on Monday. The firm has a market cap of $5.47 billion and a P/E ratio of 410.00. CarGurus has a 12 month low of $25.85 and a 12 month high of $56.17.

About CarGurus

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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