Copart (NASDAQ:CPRT) Given New $55.00 Price Target at JPMorgan Chase & Co.

Copart (NASDAQ:CPRT - Get Free Report) had its price target reduced by analysts at JPMorgan Chase & Co. from $60.00 to $55.00 in a research note issued to investors on Friday,Benzinga reports. The brokerage currently has a "neutral" rating on the business services provider's stock. JPMorgan Chase & Co.'s price target would indicate a potential upside of 1.01% from the company's previous close.

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

Copart Stock Down 10.2%

CPRT traded down $6.21 during midday trading on Friday, hitting $54.45. The company had a trading volume of 3,208,802 shares, compared to its average volume of 4,442,555. The company has a market capitalization of $52.60 billion, a price-to-earnings ratio of 36.59 and a beta of 1.20. The stock's 50 day moving average price is $58.89 and its 200 day moving average price is $58.23. Copart has a 52 week low of $48.05 and a 52 week 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 analysts' consensus estimates of $0.42. Copart had a return on equity of 19.31% and a net margin of 32.27%. The firm had revenue of $1.21 billion during the quarter, compared to analysts' expectations of $1.23 billion. During the same quarter last year, the firm posted $0.39 earnings per share. The company's revenue for the quarter was up 7.5% compared to the same quarter last year. Research analysts predict that Copart will post 1.57 EPS for the current year.

Insider Activity

In other news, Director Steven D. Cohan sold 94,997 shares of the business's stock in a transaction that occurred on Monday, April 14th. The stock was sold at an average price of $60.01, for a total transaction of $5,700,769.97. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director James E. Meeks sold 100,000 shares of the firm's stock in a transaction that occurred on Wednesday, March 19th. The shares were sold at an average price of $54.00, for a total value of $5,400,000.00. The disclosure for this sale can be found here. Insiders sold a total of 200,000 shares of company stock valued at $11,401,000 in the last ninety days. 9.68% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Copart

Several hedge funds have recently added to or reduced their stakes in the stock. Cloud Capital Management LLC bought a new position in shares of Copart in the first quarter worth approximately $26,000. Sandy Spring Bank lifted its position in Copart by 59.5% in the 4th quarter. Sandy Spring Bank now owns 472 shares of the business services provider's stock valued at $27,000 after acquiring an additional 176 shares in the last quarter. Sunbelt Securities Inc. purchased a new stake in Copart during the 4th quarter valued at $31,000. Accent Capital Management LLC bought a new stake in shares of Copart in the 1st quarter worth $36,000. Finally, Financial Network Wealth Advisors LLC increased its holdings in shares of Copart by 152.6% in the 1st quarter. Financial Network Wealth Advisors LLC now owns 783 shares of the business services provider's stock worth $44,000 after purchasing an additional 473 shares in the last quarter. 85.78% of the stock is owned by institutional investors.

About Copart

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.

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