Needham & Company LLC Increases Sonic Automotive (NYSE:SAH) Price Target to $100.00

Sonic Automotive (NYSE:SAH) had its price objective raised by research analysts at Needham & Company LLC from $74.00 to $100.00 in a note issued to investors on Thursday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Needham & Company LLC’s price objective points to a potential upside of 35.96% from the company’s previous close.

Other analysts have also recently issued research reports about the stock. Stephens upgraded shares of Sonic Automotive from a “hold” rating to a “strong-buy” rating in a research note on Friday, January 24th. Seaport Res Ptn upgraded shares of Sonic Automotive from a “hold” rating to a “strong-buy” rating in a research report on Thursday, November 21st. JPMorgan Chase & Co. dropped their target price on Sonic Automotive from $75.00 to $74.00 and set an “overweight” rating on the stock in a research report on Friday, January 17th. Finally, StockNews.com raised Sonic Automotive from a “hold” rating to a “buy” rating in a report on Wednesday. One analyst has rated the stock with a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, Sonic Automotive currently has a consensus rating of “Buy” and an average price target of $78.00.

Sonic Automotive Stock Performance

NYSE SAH opened at $73.55 on Thursday. The firm has a market cap of $2.51 billion, a P/E ratio of 13.09 and a beta of 1.68. Sonic Automotive has a 52-week low of $47.82 and a 52-week high of $76.78. The business’s 50-day moving average price is $68.03 and its 200 day moving average price is $62.76. The company has a quick ratio of 0.35, a current ratio of 1.11 and a debt-to-equity ratio of 1.87.

Sonic Automotive (NYSE:SAH) last released its earnings results on Wednesday, February 12th. The company reported $1.51 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.46 by $0.05. Sonic Automotive had a return on equity of 21.27% and a net margin of 1.41%. On average, equities research analysts expect that Sonic Automotive will post 5.54 earnings per share for the current year.

Hedge Funds Weigh In On Sonic Automotive

Several hedge funds have recently bought and sold shares of SAH. Smartleaf Asset Management LLC boosted its position in Sonic Automotive by 515.4% during the fourth quarter. Smartleaf Asset Management LLC now owns 480 shares of the company’s stock worth $30,000 after purchasing an additional 402 shares in the last quarter. Canada Pension Plan Investment Board acquired a new position in shares of Sonic Automotive during the 4th quarter worth $51,000. Point72 Asia Singapore Pte. Ltd. boosted its position in shares of Sonic Automotive by 100.3% in the 3rd quarter. Point72 Asia Singapore Pte. Ltd. now owns 1,196 shares of the company’s stock worth $70,000 after buying an additional 599 shares in the last quarter. R Squared Ltd acquired a new stake in Sonic Automotive in the 4th quarter valued at about $72,000. Finally, Aster Capital Management DIFC Ltd increased its holdings in Sonic Automotive by 1,429.7% during the 4th quarter. Aster Capital Management DIFC Ltd now owns 1,545 shares of the company’s stock valued at $98,000 after acquiring an additional 1,444 shares in the last quarter. 46.92% of the stock is owned by hedge funds and other institutional investors.

About Sonic Automotive

Sonic Automotive, Inc operates as an automotive retailer in the United States. It operates in three segments, Franchised Dealerships, EchoPark, and Powersports. The Franchised Dealerships segment is involved in the sale of new and used cars and light trucks, and replacement parts; provision of vehicle maintenance, manufacturer warranty repair, and paint and collision repair services; and arrangement of extended warranties, service contracts, financing, insurance, and other aftermarket products for its guests.