JPMorgan Chase & Co. Cuts Copart (NASDAQ:CPRT) Price Target to $55.00

Copart (NASDAQ:CPRT - Get Free Report) had its price target cut by research analysts at JPMorgan Chase & Co. from $60.00 to $55.00 in a research note issued to investors on Friday,Benzinga reports. The firm currently has a "neutral" rating on the business services provider's stock. JPMorgan Chase & Co.'s price objective suggests a potential upside of 5.22% from the company's current price.

Separately, Argus lowered Copart from a "buy" rating to a "hold" rating in a research report on Friday, March 14th.

Copart Stock Down 1.0%

NASDAQ:CPRT traded down $0.55 during trading hours on Friday, hitting $52.27. 5,074,866 shares of the stock traded hands, compared to its average volume of 4,560,910. The company has a market cap of $50.50 billion, a price-to-earnings ratio of 35.05 and a beta of 1.20. The stock has a 50 day moving average price of $58.88 and a 200 day moving average price of $58.22. Copart has a 1 year low of $48.05 and a 1 year high of $64.38.

Copart (NASDAQ:CPRT - Get Free Report) last announced its quarterly earnings data on Thursday, May 22nd. The business services provider reported $0.42 EPS for the quarter, meeting the consensus estimate of $0.42. The company had revenue of $1.21 billion for the quarter, compared to the consensus estimate of $1.23 billion. Copart had a return on equity of 19.31% and a net margin of 32.27%. Copart's quarterly revenue was up 7.5% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.39 EPS. Equities analysts forecast that Copart will post 1.57 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, Director James E. Meeks sold 100,000 shares of Copart stock in a transaction that occurred on Wednesday, March 19th. The stock was sold at an average price of $54.00, for a total transaction of $5,400,000.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Steven D. Cohan sold 94,997 shares of the company's stock in a transaction that occurred on Monday, April 14th. The shares were sold at an average price of $60.01, for a total value of $5,700,769.97. The disclosure for this sale can be found here. Insiders sold 200,000 shares of company stock worth $11,401,000 over the last 90 days. 9.68% of the stock is owned by insiders.

Hedge Funds Weigh In On Copart

A number of large investors have recently made changes to their positions in CPRT. Cloud Capital Management LLC acquired a new position in Copart during the 1st quarter valued at $26,000. Sandy Spring Bank boosted its stake in Copart by 59.5% during the fourth quarter. Sandy Spring Bank now owns 472 shares of the business services provider's stock worth $27,000 after buying an additional 176 shares in the last quarter. Sunbelt Securities Inc. bought a new stake in Copart in the 4th quarter valued at $31,000. Accent Capital Management LLC acquired a new stake in shares of Copart during the 1st quarter worth about $36,000. Finally, Financial Network Wealth Advisors LLC increased its holdings in Copart by 152.6% during the 1st quarter. Financial Network Wealth Advisors LLC now owns 783 shares of the business services provider's stock valued at $44,000 after purchasing an additional 473 shares in the last quarter. Institutional investors and hedge funds own 85.78% of the company's stock.

Copart Company Profile

Copart, Inc provides online auctions and vehicle remarketing services. It offers a range of services for processing and selling vehicles over the Internet through its Virtual Bidding Third Generation Internet auction-style sales technology on behalf of vehicle sellers, insurance companies, banks and finance companies, charities, and fleet operators and dealers, as well as individual owners.