4,013,460 Shares in Copart, Inc. $CPRT Acquired by Madison Asset Management LLC

Key Points

• Madison Asset Management acquired 4.01 million Copart shares worth approximately $113.1 million, establishing a position equal to 0.43% of the company and 1.3% of the fund’s holdings. Institutional investors collectively own 85.78% of Copart.
• Copart exceeded quarterly expectations, reporting $0.43 in earnings per share versus the $0.41 consensus estimate and $1.24 billion in revenue versus $1.19 billion expected. Revenue increased 2.1% year over year, while analysts project $1.58 in fiscal-year EPS.
• Analyst sentiment remains mixed, with ratings ranging from strong buy to strong sell; the stock carries an overall “Hold” rating and an average price target of $43.50. Meanwhile, CEO Jeffrey Liaw sold 27,745 shares for about $846,000.

Madison Asset Management LLC bought a new position in shares of Copart, Inc. (NASDAQ:CPRT - Free Report) in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 4,013,460 shares of the business services provider's stock, valued at approximately $113,139,000. Copart accounts for 1.3% of Madison Asset Management LLC's holdings, making the stock its 20th largest position. Madison Asset Management LLC owned 0.43% of Copart as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also bought and sold shares of the stock. Brighton Jones LLC raised its position in shares of Copart by 92.1% in the 4th quarter. Brighton Jones LLC now owns 14,215 shares of the business services provider's stock worth $816,000 after acquiring an additional 6,817 shares in the last quarter. Geneos Wealth Management Inc. boosted its position in Copart by 365.8% during the first quarter. Geneos Wealth Management Inc. now owns 1,118 shares of the business services provider's stock valued at $63,000 after purchasing an additional 878 shares in the last quarter. Jump Financial LLC purchased a new position in Copart in the second quarter valued at about $2,677,000. Sei Investments Co. raised its holdings in Copart by 110.0% in the second quarter. Sei Investments Co. now owns 900,330 shares of the business services provider's stock worth $44,179,000 after purchasing an additional 471,571 shares in the last quarter. Finally, Treasurer of the State of North Carolina lifted its position in shares of Copart by 3.5% during the second quarter. Treasurer of the State of North Carolina now owns 413,083 shares of the business services provider's stock valued at $20,270,000 after buying an additional 13,860 shares during the last quarter. Institutional investors own 85.78% of the company's stock.

Copart Price Performance

NASDAQ:CPRT opened at $33.85 on Thursday. The company's fifty day moving average price is $29.37 and its 200-day moving average price is $32.74. The firm has a market capitalization of $31.34 billion, a P/E ratio of 21.02 and a beta of 1.01. Copart, Inc. has a 1-year low of $26.81 and a 1-year high of $50.11.

Copart (NASDAQ:CPRT - Get Free Report) last issued its quarterly earnings data on Thursday, May 21st. The business services provider reported $0.43 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.41 by $0.02. The business had revenue of $1.24 billion during the quarter, compared to analysts' expectations of $1.19 billion. Copart had a return on equity of 16.63% and a net margin of 33.48%.The company's revenue for the quarter was up 2.1% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.42 EPS. Equities analysts anticipate that Copart, Inc. will post 1.58 EPS for the current fiscal year.

Analysts Set New Price Targets

CPRT has been the subject of several recent analyst reports. Jefferies Financial Group set a $45.00 price objective on shares of Copart in a research note on Friday, May 22nd. Weiss Ratings reiterated a "sell (d+)" rating on shares of Copart in a report on Wednesday, July 29th. Zacks Research downgraded Copart from a "hold" rating to a "strong sell" rating in a research note on Tuesday, July 28th. Barclays set a $26.00 target price on Copart and gave the company an "underweight" rating in a research report on Tuesday, July 21st. Finally, Freedom Capital raised Copart to a "strong-buy" rating in a report on Friday, June 26th. Three equities research analysts have rated the stock with a Strong Buy rating, one has assigned a Buy rating, two have given a Hold rating and three have issued a Sell rating to the company. Based on data from MarketBeat, the company has an average rating of "Hold" and an average target price of $43.50.

Insiders Place Their Bets

In other Copart news, CEO Jeffrey Liaw sold 27,745 shares of the business's stock in a transaction that occurred on Tuesday, July 28th. The stock was sold at an average price of $30.49, for a total value of $845,945.05. Following the completion of the transaction, the chief executive officer directly owned 99,641 shares of the company's stock, valued at approximately $3,038,054.09. The trade was a 21.78% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Corporate insiders own 9.60% of the company's stock.

About Copart

Copart NASDAQ: CPRT is a global provider of online vehicle auction and remarketing services, focused primarily on the sale of salvage and clean-title vehicles. The company operates a technology-driven auction platform that connects sellers — including insurance companies, vehicle finance firms, rental car companies, dealerships and fleet owners — with a broad buyer base consisting of vehicle dismantlers, recyclers, rebuilders and retail buyers. Copart's business model centers on efficient vehicle disposition using digital bidding and logistics services to maximize recovery value for its clients.

Core services include hosting live and timed online auctions, vehicle listing and inspection support, title processing, and transportation and storage solutions.

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