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

Shares of Karooooo Ltd. (NASDAQ:KARO) have earned an average rating of “Buy” from the seven brokerages that are presently covering the firm, Marketbeat Ratings reports. One research analyst has rated the stock with a hold recommendation, five have assigned a buy recommendation and one has given a strong buy recommendation to the company. The average 1 year price target among brokers that have updated their coverage on the stock in the last year is $73.50.

Several analysts have commented on KARO shares. Weiss Ratings reiterated a “buy (b-)” rating on shares of Karooooo in a research note on Friday, April 24th. Zacks Research raised shares of Karooooo from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, July 7th. Raymond James Financial upped their target price on Karooooo from $60.00 to $75.00 and gave the company an “outperform” rating in a research report on Friday, July 17th. Wall Street Zen downgraded Karooooo from a “buy” rating to a “hold” rating in a research report on Sunday, June 21st. Finally, Roth Capital restated a “buy” rating and set a $74.00 price target on shares of Karooooo in a research report on Friday, July 17th.

Karooooo Trading Up 3.5%

KARO stock opened at $63.34 on Monday. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.01 and a current ratio of 1.02. Karooooo has a one year low of $41.25 and a one year high of $66.19. The company has a market capitalization of $1.96 billion, a PE ratio of 32.15 and a beta of 0.89. The company’s 50 day moving average price is $51.72 and its two-hundred day moving average price is $49.42.

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

Karooooo Increases Dividend

The company also recently declared an annual dividend, which will be paid on Monday, July 27th. Stockholders of record on Friday, July 17th will be given a dividend of $1.50 per share. This represents a dividend yield of 239.0%. The ex-dividend date of this dividend is Friday, July 17th. This is a positive change from Karooooo’s previous annual dividend of $1.25. Karooooo’s dividend payout ratio is presently 76.14%.

Institutional Trading of Karooooo

Several institutional investors and hedge funds have recently bought and sold shares of KARO. Fideuram Asset Management Ireland dac acquired a new stake in Karooooo in the fourth quarter valued at approximately $80,000. Royal Bank of Canada raised its holdings in Karooooo by 852.9% in the 4th quarter. Royal Bank of Canada now owns 2,954 shares of the company’s stock valued at $135,000 after acquiring an additional 2,644 shares during the last quarter. Quantbot Technologies LP acquired a new stake in shares of Karooooo during the 2nd quarter worth $156,000. New York State Common Retirement Fund increased its position in shares of Karooooo by 465.6% in the second quarter. New York State Common Retirement Fund now owns 3,258 shares of the company’s stock worth $160,000 after acquiring an additional 2,682 shares in the last quarter. Finally, State of Tennessee Department of Treasury purchased a new stake in shares of Karooooo during the second quarter valued at approximately $214,000.

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.