Steinert Langley, Executive Chairman of CarGurus Inc. (NASDAQ: ), recently sold a significant portion of his holdings in the company, according to a recent SEC filing. On January 21 and 22, Langley sold 100,898 shares of Class A Common Stock, netting approximately $3.86 million. Sales were made at prices ranging from $37.775 to $38.64 per share, close to the stock’s current trading price of $39.33. The sale comes as CARG shares have delivered an impressive 67% gain over the past year. According to InvestingPro data, the stock is currently trading near its 52-week high, with analysts maintaining a bullish outlook.
This transaction was made under the pre-arranged trading plan of Rule 10b5-1, which allows insiders to set up a trading plan to sell the shares they own by establishing a predetermined schedule. Following this sale, Langley owns 752,649 shares directly and 31,200 shares indirectly through the Langley Steinert Irrevocable Family Trust, from which his children benefit. Langley expressly excluded beneficial ownership of the shares held by the trust. For in-depth insights on insider trading and comprehensive analysis, including 15 additional ProTips and detailed analysis metrics, visit InvestingPro.
In other recent news, CarGurus has been the center of attention for its strong financial performance and positive analyst outlook. The company reported a 5% year-over-year increase in consolidated revenue to $231 million, with market revenue growing 15% to $204 million. Non-GAAP consolidated EBITDA also saw a significant increase of 33%.
Research firm Needham reiterated a buy rating on the company’s stock and raised its price target to $45, citing CarGurus’ high return on investment and the potential for further growth as dealers increasingly rely on data to run their businesses. Similarly, B.Riley adjusted its price target on CarGurus to $40, maintaining a buy rating due to the company’s strong third-quarter performance. RBC Capital Markets also raised its price target on CarGurus to $42, highlighting the company’s strong Q3 results and margin gains.
These latest developments demonstrate CarGurus’ commitment to growth and strategic expansion. Despite anticipating challenging results in 2025, the company remains optimistic about its growth and product offerings, expecting fourth-quarter revenue between $219 million and $239 million, with market revenue growth expected to be between 14% and 17% year after year. .
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