No one knows the inner workings of a company better than those in the boardroom. That's why digging deeper can be worthwhile when an insider buys or sells. And, today it's been disclosed that a director of an S&P/ASX 200 Index (ASX: XJO) company converted some shares to cash.

The company in question is up a market-beating 58% over the last year. At the same time, calendar year revenue for this $13 billion behemoth business has grown from $599 million at the end of 2022 to $980 million by the end of 2023.

So, who is taking some of their chips off the table while business is booming?

A change of director's interest notice published this morning reveals which ASX 200 shares have been kicked to the curb.

According to the notice, CAR Group Ltd (ASX: CAR) co-founder and non-executive director Walter Pisciotta sold 110,915 shares in the company. The transactions took place on the 27 and 28 March, in addition to the 2 April.

The on-market sales amounted to $3.97 million from a company held under a family trust.

It is helpful to give the sale some context. Despite liquidating nearly $4 million worth of shares in this ASX 200 company, Pisciotta still retains a significant financial interest in the online vehicle marketplace.

Even after the sale, Pisciotta holds 8.7 million shares worth $305 million through Clear-Way Investments Pty Ltd. Although, the ownership does not qualify as a substantial holding (more than 5% of shares on issue) — working out to be around 2%.

No information was supplied for why Pisciotta cashed out some of his shares. However, given the relatively small portion of his total stake, it is unlikely due to any change in view on the company's future prospects or quality.

As reported by The Motley Fool last week, CAR Group currently resides in Macquarie's model portfolio. Analysts at the investment bank believe a 7.5% weighting towards the online auto classifieds company is reasonable, yet brand it with a price target of $32.70, 6% below the current $34.87.

The price target given by Goldman Sachs is a little more optimistic. Citing a reasonable valuation, analysts at Goldman slapped this ASX 200 share with a target price of $39.40. This would suggest a potential 13% upside from here.