CarGurus (CARG) Earns Buy Rating from Analysts at Oppenheimer

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Oppenheimer assumed coverage on shares of CarGurus (NASDAQ:CARG) in a research note published on Tuesday, MarketBeat.com reports. The firm issued a buy rating and a $42.00 price target on the stock.

Several other research analysts also recently issued reports on the company. BidaskClub downgraded CarGurus from a buy rating to a hold rating in a research report on Saturday, October 13th. SunTrust Banks began coverage on shares of CarGurus in a research note on Monday, November 19th. They set a buy rating and a $49.00 price objective for the company. Zacks Investment Research raised shares of CarGurus from a hold rating to a buy rating and set a $47.00 price objective for the company in a research note on Wednesday, November 14th. Royal Bank of Canada upped their price target on shares of CarGurus from $55.00 to $59.00 and gave the stock an outperform rating in a research report on Thursday, November 8th. Finally, ValuEngine raised shares of CarGurus from a hold rating to a buy rating in a research report on Tuesday, October 9th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and ten have given a buy rating to the company’s stock. CarGurus currently has a consensus rating of Buy and an average price target of $49.00.

NASDAQ:CARG traded down $0.06 during trading hours on Tuesday, reaching $36.02. 676,708 shares of the stock were exchanged, compared to its average volume of 565,775. The stock has a market capitalization of $3.96 billion, a price-to-earnings ratio of 300.17, a price-to-earnings-growth ratio of 38.94 and a beta of 1.74. CarGurus has a twelve month low of $28.52 and a twelve month high of $57.25.

CarGurus (NASDAQ:CARG) last posted its quarterly earnings results on Wednesday, November 7th. The company reported $0.08 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.05 by $0.03. The company had revenue of $119.04 million for the quarter, compared to analysts’ expectations of $112.70 million. CarGurus had a return on equity of 9.82% and a net margin of 11.78%. CarGurus’s quarterly revenue was up 43.4% on a year-over-year basis. During the same period last year, the firm earned $0.02 earnings per share. As a group, equities analysts predict that CarGurus will post 0.13 earnings per share for the current fiscal year.

In related news, insider Oliver Ian Chrzan sold 20,000 shares of the company’s stock in a transaction that occurred on Wednesday, January 9th. The shares were sold at an average price of $35.84, for a total value of $716,800.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Langley Steinert sold 117,406 shares of the company’s stock in a transaction that occurred on Thursday, January 3rd. The shares were sold at an average price of $32.65, for a total transaction of $3,833,305.90. The disclosure for this sale can be found here. Over the last three months, insiders have sold 2,090,170 shares of company stock valued at $81,199,238. Company insiders own 51.03% of the company’s stock.

Large investors have recently modified their holdings of the stock. NEXT Financial Group Inc purchased a new stake in shares of CarGurus in the 3rd quarter valued at approximately $206,000. CIBC Asset Management Inc purchased a new stake in shares of CarGurus in the 3rd quarter valued at approximately $209,000. LPL Financial LLC purchased a new stake in shares of CarGurus in the 3rd quarter valued at approximately $234,000. United Services Automobile Association purchased a new stake in shares of CarGurus in the 3rd quarter valued at approximately $240,000. Finally, Calamos Advisors LLC purchased a new stake in shares of CarGurus in the 3rd quarter valued at approximately $292,000. Institutional investors and hedge funds own 68.67% of the company’s stock.

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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Analyst Recommendations for CarGurus (NASDAQ:CARG)

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