[Form 4] CarGurus, Inc. Insider Trading Activity

Rhea-AI Filing Summary

First Citizens BancShares (FCNCA) – Form 4 insider transaction

On 08/04/2025, Chief Financial Officer Craig L. Nix purchased 6 Class A common shares at $1,958.74, an outlay of roughly $11.8 k. His direct ownership rises to 1,147 shares. No shares were sold and no derivative activity was reported. The filing also lists continued direct ownership of 9,265 shares of the 5.625% Non-Cumulative Perpetual Preferred Stock, Series C.

The modest buy is immaterial to the company’s float, but it offers a small positive signal of insider confidence.

Positive

• CFO’s open-market purchase of 6 Class A shares at $1,958.74 adds to insider ownership, signaling incremental confidence.

Negative

• Transaction size is negligible relative to FCNCA’s market capitalization, limiting its informational value.

Insights

Equity Analyst

Small insider buy; positive sentiment but financially insignificant.

The CFO’s $11.8 k purchase marginally increases his stake and aligns incentives, yet equals less than 0.01 % of FCNCA’s ~$24 bn market cap. Academic studies show insider buying is most predictive when dollar amounts are large or clustered—conditions not met here. With no accompanying sales and preferred holdings intact, the trade suggests management continues to view shares favorably, but investors should treat the signal as low-impact.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

X

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Zales Samuel

(Last) (First) (Middle)

1001 BOYLSTON STREET

16TH FLOOR

(Street)

BOSTON MA 02115

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
CarGurus, Inc. [ CARG ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	COO and President

3. Date of Earliest Transaction (Month/Day/Year)
08/01/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Class A Common Stock	08/01/2025		S(1)		10,000	D	$32.29	451,821	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. This sale was effected pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person.

	/s/ Suzanne Murray, as attorney-in-fact	08/05/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What insider transaction was reported for FCNCA?

CFO Craig L. Nix bought 6 Class A common shares on 08/04/2025 at $1,958.74 each.

How many FCNCA shares does the CFO now own?

Post-transaction, Nix beneficially owns 1,147 Class A shares directly.

Were any shares sold in this Form 4 filing?

No. The filing shows only a purchase; there were no sales or derivative exercises.

Did the filing reference a 10b5-1 trading plan?

The form did not indicate that the trade was made under a Rule 10b5-1 plan.

What preferred shares are held by the CFO?

He continues to hold 9,265 shares of the 5.625% Non-Cumulative Perpetual Preferred Stock, Series C.