Royal Bank of Canada Raises CarGurus (CARG) Price Target to $59.00

CarGurus (NASDAQ:CARG) had its price target hoisted by Royal Bank of Canada from $55.00 to $59.00 in a report released on Thursday morning, The Fly reports. Royal Bank of Canada currently has an outperform rating on the stock.

A number of other equities research analysts have also issued reports on the company. BidaskClub lowered CarGurus from a buy rating to a hold rating in a research note on Saturday, October 13th. ValuEngine upgraded CarGurus from a hold rating to a buy rating in a research note on Tuesday, October 9th. Zacks Investment Research lowered CarGurus from a buy rating to a hold rating in a research note on Monday, August 13th. Benchmark increased their target price on CarGurus from $44.00 to $50.00 and gave the company a buy rating in a research note on Wednesday, August 8th. Finally, DA Davidson set a $53.00 target price on CarGurus and gave the company a buy rating in a research note on Wednesday, August 8th. Two analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. The stock presently has a consensus rating of Buy and a consensus target price of $53.20.

Shares of CARG stock traded up $0.21 during trading hours on Thursday, reaching $42.03. The company had a trading volume of 1,297,072 shares, compared to its average volume of 728,908. CarGurus has a twelve month low of $28.00 and a twelve month high of $57.25. The firm has a market cap of $4.62 billion and a P/E ratio of 350.25.

CarGurus (NASDAQ:CARG) last posted its earnings results on Wednesday, November 7th. The company reported $0.08 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.05 by $0.03. CarGurus had a return on equity of 12.60% and a net margin of 10.34%. The business had revenue of $119.04 million during the quarter, compared to analyst estimates of $112.70 million. During the same quarter last year, the firm earned $0.02 earnings per share. The company’s revenue for the quarter was up 43.4% compared to the same quarter last year. As a group, research analysts expect that CarGurus will post 0.1 EPS for the current fiscal year.

In other CarGurus news, VP Thomas Michael Caputo sold 3,093 shares of the firm’s stock in a transaction that occurred on Friday, October 5th. The stock was sold at an average price of $49.99, for a total transaction of $154,619.07. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Langley Steinert sold 117,406 shares of the firm’s stock in a transaction that occurred on Wednesday, November 7th. The shares were sold at an average price of $41.55, for a total value of $4,878,219.30. The disclosure for this sale can be found here. In the last quarter, insiders sold 5,916,671 shares of company stock valued at $292,445,963. Insiders own 51.03% of the company’s stock.

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Northern Trust Corp grew its stake in CarGurus by 12.8% during the 1st quarter. Northern Trust Corp now owns 20,129 shares of the company’s stock valued at $775,000 after purchasing an additional 2,292 shares in the last quarter. NEXT Financial Group Inc acquired a new stake in CarGurus during the 3rd quarter valued at approximately $206,000. CIBC Asset Management Inc acquired a new stake in CarGurus during the 3rd quarter valued at approximately $209,000. Millennium Management LLC grew its stake in CarGurus by 33.4% during the 2nd quarter. Millennium Management LLC now owns 17,302 shares of the company’s stock valued at $601,000 after purchasing an additional 4,334 shares in the last quarter. Finally, First Interstate Bank grew its stake in CarGurus by 100,560.0% during the 2nd quarter. First Interstate Bank now owns 5,033 shares of the company’s stock valued at $175,000 after purchasing an additional 5,028 shares in the last quarter. Hedge funds and other institutional investors own 63.35% of the company’s stock.

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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