Copart (NASDAQ:CPRT) Stock Rating Reaffirmed as "Outperform" by BNP Paribas Exane

Key Points

• BNP Paribas Exane reaffirmed its “Outperform” rating on Copart and raised its price target from $40 to $43, implying approximately 58% upside from the prior close.
• Analyst sentiment is broadly positive, with Copart holding a “Moderate Buy” consensus rating and an average price target of $37.80, despite some downgrades and sell ratings.
• Copart shares recently traded at $27.25 after the company reported quarterly revenue of $1.15 billion, which exceeded estimates, while adjusted earnings per share of $0.35 fell short of consensus.

Copart (NASDAQ:CPRT - Get Free Report)'s stock had its "outperform" rating reiterated by stock analysts at BNP Paribas Exane in a research note issued to investors on Monday, Benzinga reports. They presently have a $43.00 price objective on the business services provider's stock, up from their previous price objective of $40.00. BNP Paribas Exane's price objective would indicate a potential upside of 57.77% from the stock's previous close.

A number of other equities research analysts also recently issued reports on CPRT. Weiss Ratings reaffirmed a "sell (d+)" rating on shares of Copart in a research report on Wednesday, July 29th. Freedom Broker reduced their target price on Copart from $39.00 to $36.00 and set a "buy" rating on the stock in a report on Monday, September 14th. Stephens reissued an "equal weight" rating and set a $35.00 price target on shares of Copart in a research report on Thursday, August 20th. HSBC lowered shares of Copart from a "buy" rating to a "hold" rating and set a $36.00 price target on the stock. in a report on Wednesday, September 16th. Finally, Barrington Research raised shares of Copart from a "market perform" rating to an "outperform" rating and set a $40.00 price objective for the company in a research report on Friday, September 11th. Two equities research analysts have rated the stock with a Strong Buy rating, five have given a Buy rating, three have issued a Hold rating and two have assigned a Sell rating to the company's stock. According to MarketBeat.com, Copart presently has an average rating of "Moderate Buy" and an average target price of $37.80.

Copart Stock Performance

Copart stock traded down $0.34 during trading on Monday, hitting $27.25. The company's stock had a trading volume of 2,826,300 shares, compared to its average volume of 10,224,753. The stock's fifty day moving average is $30.62 and its 200 day moving average is $31.49. Copart has a 1-year low of $26.81 and a 1-year high of $45.89. The stock has a market capitalization of $25.23 billion, a price-to-earnings ratio of 17.60, a P/E/G ratio of 1.34 and a beta of 1.03.

Copart (NASDAQ:CPRT - Get Free Report) last posted its quarterly earnings data on Thursday, September 10th. The business services provider reported $0.35 EPS for the quarter, missing analysts' consensus estimates of $0.38 by ($0.03). The company had revenue of $1.15 billion for the quarter, compared to analyst estimates of $1.14 billion. Copart had a net margin of 31.81% and a return on equity of 15.93%. The company's revenue was up 2.4% compared to the same quarter last year. During the same period in the prior year, the company earned $0.41 EPS. On average, research analysts anticipate that Copart will post 1.65 EPS for the current fiscal year.

Insiders Place Their Bets

In other Copart news, CEO Jeffrey Liaw sold 27,745 shares of the stock in a transaction that occurred on Tuesday, July 28th. The shares were sold at an average price of $30.49, for a total value of $845,945.05. Following the completion of the sale, the chief executive officer owned 99,641 shares of the company's stock, valued at $3,038,054.09. This trade represents a 21.78% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 9.60% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. Janney Montgomery Scott LLC raised its holdings in shares of Copart by 14.0% during the first quarter. Janney Montgomery Scott LLC now owns 333,624 shares of the business services provider's stock worth $11,076,000 after purchasing an additional 41,060 shares during the period. Handelsbanken Fonder AB boosted its holdings in shares of Copart by 6.4% in the 2nd quarter. Handelsbanken Fonder AB now owns 578,452 shares of the business services provider's stock valued at $16,307,000 after buying an additional 34,855 shares during the period. Focus Partners Advisor Solutions LLC bought a new stake in shares of Copart during the 2nd quarter valued at about $1,298,000. Mill Capital Management LLC bought a new stake in shares of Copart during the 2nd quarter valued at about $12,711,000. Finally, Barbara Oil Co. acquired a new stake in Copart during the second quarter worth about $1,585,000. 85.78% of the stock is owned by institutional investors and hedge funds.

About Copart

Copart, Inc NASDAQ: CPRT provides online vehicle auction and remarketing services. The company operates a global marketplace where damaged, recovered, used and other vehicles are sold primarily through online auctions. Its offerings include salvage and clean-title vehicles, with inventory sourced from insurance companies, banks, dealerships, fleet operators, rental companies, government agencies and other organizations.

Copart supports the vehicle remarketing process through inspection, storage, transportation, title processing and auction services.

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