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

Langley Steinert, Executive Chair of CarGurus, sold Class A Common Stock in multiple transactions on March 26 and 27, 2025, under a pre-arranged Rule 10b5-1 trading plan.

Summary

• Langley Steinert, the Executive Chair of CarGurus, Inc., reported the sale of Class A Common Stock on March 26 and 27, 2025.
• The sales were executed under a Rule 10b5-1 trading plan.
• On March 26, 2025, Steinert sold 20,640 shares at a weighted average price of $31.332, with individual prices ranging from $31.05 to $31.96.
• An additional 2,291 shares held by The Langley Steinert Irrevocable Family Trust were sold on the same day at the same weighted average price.
• On March 27, 2025, Steinert sold 392 shares at a weighted average price of $28.43, with prices ranging from $28.06 to $29.0599.
• Further sales on March 27, 2025, included 20,045 shares at a weighted average price of $29.6625 (ranging from $29.06 to $30.0599) and 203 shares at a weighted average price of $30.0832 (ranging from $30.06 to $30.11).
• Additionally, 42 shares held by The Langley Steinert Irrevocable Family Trust were sold at a weighted average price of $28.43, 2,227 shares at a weighted average price of $29.6625, and 22 shares at a weighted average price of $30.0832 on March 27, 2025.
• Following these transactions, Steinert directly owns 1,014,567 shares of Class A Common Stock and may be deemed to indirectly own 56,433 shares held by the family trust, although he disclaims beneficial ownership of these trust-held shares.

Sentiment

Score: 5

Explanation: The sentiment is neutral as the transactions are part of a pre-planned trading strategy and do not necessarily reflect a change in the executive's confidence in the company.

Industry Context

This filing reflects routine insider trading activity under a pre-arranged trading plan, which is a common practice among corporate executives to diversify their holdings and avoid accusations of trading on non-public information. The sales do not necessarily indicate a negative outlook on the company's future prospects.

Comparison to Industry Standards

• It is common for executives at publicly traded companies like CarGurus to utilize 10b5-1 trading plans to manage their stock sales.
• Comparable companies such as AutoTrader or Cars.com would likely see similar filings from their executives.
• The size and frequency of the sales are within typical ranges for executives managing their personal portfolios.

Stakeholder Impact

• The stock sales could create temporary downward pressure on the stock price, potentially impacting shareholders.
• The sales are unlikely to have a direct impact on employees, customers, suppliers, or creditors.

Key Dates

Keywords

CarGurus, Langley Steinert, Class A Common Stock, Rule 10b5-1, Executive Chair, insider trading, Form 4, share sale