Cargurus executive chair sells $264,811 in stock

Steinert Langley, the Executive Chair of CarGurus , Inc. (NASDAQ:CARG), has recently sold shares of the company’s Class A Common Stock. The sales, which were executed on February 27, 2025, amounted to a total of $264,811. The shares were sold at a weighted average price of $31.125 per share, with the actual transaction prices ranging from $30.70 to $31.57. The stock, currently trading at $32.19, has shown strong momentum with a 40.7% return over the past year, though it remains down 15.8% year-to-date. According to InvestingPro analysis, the company maintains robust financial health with impressive gross profit margins of 83.7%.

The transactions were conducted under a pre-arranged Rule 10b5-1 trading plan. This plan allows company insiders to set up a predetermined schedule for selling stocks, providing a measure of protection against potential accusations of insider trading.

In one of the transactions, Langley sold 7,643 shares directly owned, reducing his direct holdings to 1,120,019 shares. An additional 865 shares were sold indirectly through The Langley Steinert Irrevocable Family Trust, of which his children are beneficiaries. Despite the indirect sale, Langley disclaims beneficial ownership of these shares.

These transactions provide a glimpse into the trading activities of CarGurus’ top executive, offering investors insight into his current stock holdings and disposition strategies.

In other recent news, CarGurus reported its fourth-quarter 2024 earnings, exceeding expectations with an earnings per share (EPS) of $0.55, surpassing the forecasted $0.52. However, the company’s revenue was slightly below expectations, coming in at $229 million against a forecast of $231.85 million. Analysts have responded to these results with adjustments in stock price targets. BTIG reduced its price target for CarGurus to $40, maintaining a Buy rating, while Citi also lowered its target to $40, keeping a Neutral rating. JMP analysts decreased their target to $43 but maintained a Market Outperform rating, noting the company’s mixed fourth-quarter results.

The company is undergoing executive changes as well, with CFO Elisa Palazzo set to step down in March 2025, and CEO Jason Trevisan taking on additional roles temporarily. Despite the revenue miss, CarGurus’ marketplace revenue grew by 15% year-over-year, indicating strong demand. Looking ahead, CarGurus anticipates first-quarter 2025 revenue to be between $216 million and $236 million, which is below the consensus estimate of $239 million. The company plans to focus on product innovation and expanding its international presence to drive future growth.

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