Steinert Langley, executive chairman of CarGurus Inc. (NASDAQ:), recently sold a significant portion of its stakes in the company, according to a recent SEC filing. On January 21 and 22, Langley sold a total of 100,898 shares of Class A common stock, for a net amount of approximately $3.86 million. The sales were executed at prices ranging from $37.775 to $38.64 per share, close to the current stock price of $39.33. The sale comes as CARG stock has returned an impressive 67% over the past year. According to InvestPro According to the data, the stock is currently trading near its 52-week high, with analysts maintaining a bullish outlook.
These transactions were completed under a pre-established trading plan under Rule 10b5-1, which allows insiders to establish a trading plan to sell the shares they own by establishing a pre-determined schedule. As a result of these sales, Langley owns 752,649 shares directly and 31,200 shares indirectly through the Langley Steinert Irrevocable Family Trust, of which his children are beneficiaries. Langley explicitly disclaimed beneficial ownership of the shares held by the trust. For more in-depth insider transaction insights and full analysis, including 15 additional ProTips and detailed valuation metrics, visit InvestPro.
In other recent news, CarGurus has been the center of attention due to its strong financial performance and positive analyst outlook. The company reported a 5% year-over-year increase in consolidated revenue to $231 million, while market revenue increased 15% to $204 million. Consolidated non-GAAP adjusted EBITDA also saw a significant increase of 33%.
Research firm Needham reiterated a buy rating on the company’s shares and raised its price target to $45, citing CarGurus’ superior ROI and potential for further growth as dealerships build increasingly relying on data to manage their activities. Likewise, B.Riley adjusted his price target for CarGurus to $40, maintaining a Buy rating due to the company’s strong third-quarter performance. RBC Capital Markets also increased its price target for CarGurus to $42, highlighting the company’s strong third-quarter results and margin gains.
These recent developments reflect CarGurus’ commitment to growth and strategic expansion. Despite expecting challenging 2025 results, the company remains optimistic about its growth drivers and product offering, expecting fourth-quarter revenue in the range of $219 million to $239 million, with market revenue growth expected to be between 14% and 17% year over year. .
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