33,443 Copart, Inc. $CPRT Shares Acquired by CenterBook Partners LP

Key Points

• CenterBook Partners increased its Copart stake by 90.7% in the third quarter, buying 33,443 shares and ending the period with 70,301 shares worth approximately $1.92 million.
• Analysts collectively rate Copart a “Moderate Buy,” with an average price target of $37.90; recent targets ranged from $35 to $43.
• Copart’s latest quarterly revenue rose 2.4% year over year to $1.15 billion, slightly beating estimates, while earnings per share of $0.35 fell short of the $0.38 consensus.

CenterBook Partners LP grew its stake in shares of Copart, Inc. (NASDAQ:CPRT - Free Report) by 90.7% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 70,301 shares of the business services provider's stock after purchasing an additional 33,443 shares during the period. CenterBook Partners LP's holdings in Copart were worth $1,918,000 as of its most recent SEC filing.

A number of other institutional investors have also recently bought and sold shares of CPRT. BlackRock Inc. purchased a new stake in Copart during the second quarter valued at about $1,908,980,000. Bank of New York Mellon Corp acquired a new position in shares of Copart in the second quarter worth about $488,663,000. Deutsche Bank AG acquired a new position in shares of Copart in the second quarter worth about $436,413,000. Bank of America Corp DE increased its position in shares of Copart by 28.7% in the first quarter. Bank of America Corp DE now owns 9,706,517 shares of the business services provider's stock worth $322,256,000 after acquiring an additional 2,165,708 shares in the last quarter. Finally, Van ECK Associates Corp increased its position in shares of Copart by 97.9% in the second quarter. Van ECK Associates Corp now owns 9,059,273 shares of the business services provider's stock worth $255,381,000 after acquiring an additional 4,482,226 shares in the last quarter. Hedge funds and other institutional investors own 85.78% of the company's stock.

Insider Transactions at Copart

In other news, Director Diane Morefield sold 20,000 shares of the business's stock in a transaction dated Thursday, October 15th. The shares were sold at an average price of $27.66, for a total transaction of $553,200.00. Following the transaction, the director owned 50,000 shares in the company, valued at approximately $1,383,000. The trade was a 28.57% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 9.60% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

CPRT has been the subject of a number of research analyst reports. Zacks Research upgraded shares of Copart from a "strong sell" rating to a "hold" rating in a research report on Monday, September 7th. BNP Paribas Exane reissued an "outperform" rating and issued a $43.00 price target (up from $40.00) on shares of Copart in a research note on Monday, September 28th. Barrington Research upgraded Copart from a "market perform" rating to an "outperform" rating and set a $40.00 price objective on the stock in a report on Friday, September 11th. Stephens reaffirmed an "equal weight" rating and set a $35.00 price objective on shares of Copart in a research report on Thursday, August 20th. Finally, Freedom Broker reduced their target price on shares of Copart from $39.00 to $36.00 and set a "buy" rating for the company in a research note on Monday, September 14th. Two investment analysts have rated the stock with a Strong Buy rating, five have issued a Buy rating, four have issued a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $37.90.

Copart Stock Performance

Copart stock opened at $31.95 on Monday. The business's 50-day simple moving average is $29.45 and its 200-day simple moving average is $32.22. The firm has a market capitalization of $29.60 billion, a PE ratio of 20.61, a PEG ratio of 1.56 and a beta of 1.01. Copart, Inc. has a 52 week low of $25.72 and a 52 week high of $42.05.

Copart (NASDAQ:CPRT - Get Free Report) last posted its quarterly earnings data on Thursday, September 10th. The business services provider reported $0.35 earnings per share for the quarter, missing the consensus estimate of $0.38 by ($0.03). Copart had a net margin of 31.81% and a return on equity of 15.93%. The business had revenue of $1.15 billion during the quarter, compared to the consensus estimate of $1.14 billion. During the same period in the prior year, the company posted $0.41 earnings per share. The firm's revenue was up 2.4% compared to the same quarter last year. Research analysts forecast that Copart, Inc. will post 1.63 earnings per share for the current year.

Copart Company Profile

Copart, Inc operates an online vehicle auction and remarketing business. Its platform connects sellers with buyers of used and damaged vehicles, including cars, trucks, motorcycles and other equipment.

The company serves insurance companies, vehicle dealers, rental and fleet operators, financial institutions and other businesses, as well as individual buyers. Its services include online auctions, vehicle storage, title processing and support with vehicle transportation.

Founded in 1982 by Willis Johnson, Copart has expanded from its origins in the United States to serve customers in multiple countries, including markets in North America, Europe and the Middle East.

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