Form 4: CarGurus Executive Chair Langley Steinert Sells Shares Under 10b5-1 Plan

Langley Steinert, Executive Chair of CarGurus, sold shares of Class A Common Stock between May 1 and May 5, 2025, under a pre-arranged Rule 10b5-1 trading plan.

Summary

• Langley Steinert, the Executive Chair of CarGurus, Inc., executed multiple sales of Class A Common Stock between May 1, 2025, and May 5, 2025.
• These transactions were conducted under a Rule 10b5-1 trading plan.
• On May 1, 2025, Steinert sold 19,065 shares at a weighted average price of $28.1331, and 2,116 shares held indirectly by The Langley Steinert Irrevocable Family Trust.
• On May 2, 2025, he sold 20,640 shares at a weighted average price of $28.1303, and 2,291 shares held indirectly by The Langley Steinert Irrevocable Family Trust.
• On May 5, 2025, Steinert sold 20,640 shares at a weighted average price of $28.2304, and 2,291 shares held indirectly by The Langley Steinert Irrevocable Family Trust.
• Following these transactions, Steinert directly owns 794,185 shares of Class A Common Stock and indirectly owns 33,200 shares through a family trust.
• The sales were executed at varying prices within specified ranges, and detailed information about the number of shares sold at each price is available upon request.

Sentiment

Score: 5

Explanation: The document is a standard SEC filing detailing stock sales by an executive. It doesn't inherently convey positive or negative sentiment, as it's a routine disclosure.

Industry Context

Executive share sales are a common occurrence and are often viewed in the context of overall company performance and insider sentiment. The use of a 10b5-1 plan suggests the sales were pre-planned and not based on immediate market conditions.

Comparison to Industry Standards

• Executive stock sales are a normal part of corporate governance.
• Comparable companies such as AutoTrader or Cars.com also see regular Form 4 filings from their executives.
• The volume and frequency of these sales are within typical ranges for executives managing their personal portfolios.

Stakeholder Impact

• The stock sales could have a minor impact on shareholder sentiment, but the existence of a 10b5-1 plan mitigates concerns about insider trading or a lack of confidence in the company.
• The impact on employees, customers, suppliers, and creditors is likely to be negligible.

Key Dates

Keywords

CarGurus, Langley Steinert, Class A Common Stock, Rule 10b5-1, Executive Chair, Share Sale, Beneficial Ownership, SEC Form 4