Steinert Langley, the Executive Chair of CarGurus , Inc. (NASDAQ:CARG), recently sold a significant portion of his holdings 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, netting approximately $3.86 million. The sales were executed at prices ranging from $37.775 to $38.64 per share, close to the stock's current trading price of $39.33. This sale comes as CARG shares have delivered an impressive 67% return over the past year. According to InvestingPro data, the stock is currently trading near its 52-week high, with analysts maintaining a bullish outlook.
These transactions were carried out under a pre-arranged Rule 10b5-1 trading plan, which allows insiders to set up a trading plan for selling stocks they own by establishing a predetermined schedule. Following these sales, Langley holds 752,649 shares directly and 31,200 shares indirectly through The Langley Steinert Irrevocable Family Trust, where his children are beneficiaries. Langley has explicitly disclaimed beneficial ownership of the shares held by the trust. For deeper insights into insider transactions and comprehensive analysis, including 15 additional ProTips and detailed valuation metrics, visit InvestingPro.
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-on-year increase in consolidated revenue to $231 million, with marketplace revenue growing by 15% to $204 million. Non-GAAP consolidated adjusted EBITDA also saw a significant rise of 33%.
Research firm Needham reiterated a Buy rating on the company's stock and raised its price target to $45, citing CarGurus' superior return on investments and the potential for further growth as dealers increasingly rely on data to drive their businesses. Similarly, B.Riley adjusted its price target for CarGurus to $40, maintaining a Buy rating due to the company's robust third-quarter performance. RBC (TSX:RY) Capital Markets also increased its price target for CarGurus to $42, highlighting the company's strong Q3 results and margin gains.
These recent developments reflect CarGurus' commitment to growth and strategic expansion. Despite anticipating challenging results in 2025, the company remains optimistic about its growth drivers and product offerings, expecting a fourth-quarter revenue between $219 million and $239 million, with marketplace revenue growth expected to be between 14% and 17% year-over-year.
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