56,600 Copart, Inc. $CPRT Shares Sold by Canoe Financial LP

Key Points

• Canoe Financial reduced its Copart stake by 28.7%, selling 56,600 shares in the third quarter and retaining 140,827 shares valued at approximately $3.84 million. Institutional investors and hedge funds collectively own 85.78% of Copart.
• Analysts maintain a generally positive outlook, with Copart receiving a consensus “Moderate Buy” rating and an average price target of $37.80, despite several target reductions and mixed ratings.
• Copart shares opened at $27.58, near their one-year low, while the company’s latest quarterly results showed revenue growth of 2.4% year over year but earnings per share of $0.35, below the $0.38 consensus estimate. The CEO and a director also recently sold shares.

Canoe Financial LP cut its holdings in shares of Copart, Inc. (NASDAQ:CPRT - Free Report) by 28.7% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 140,827 shares of the business services provider's stock after selling 56,600 shares during the quarter. Canoe Financial LP's holdings in Copart were worth $3,843,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of CPRT. C M Bidwell & Associates Ltd. bought a new position in Copart during the second quarter worth $25,000. Byrne Asset Management LLC acquired a new position in Copart during the 3rd quarter valued at $25,000. Cache Advisors LLC acquired a new position in Copart during the 1st quarter valued at $31,000. Versant Capital Management Inc boosted its holdings in Copart by 110.9% in the 2nd quarter. Versant Capital Management Inc now owns 947 shares of the business services provider's stock valued at $27,000 after purchasing an additional 498 shares during the period. Finally, Cherry Tree Wealth Management LLC boosted its holdings in Copart by 14,062.5% in the 2nd quarter. Cherry Tree Wealth Management LLC now owns 1,133 shares of the business services provider's stock valued at $32,000 after purchasing an additional 1,125 shares during the period. 85.78% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several analysts have issued reports on CPRT shares. Stephens restated an "equal weight" rating and issued 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 objective for the company. in a research report on Wednesday, September 16th. 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 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. Finally, Freedom Capital raised Copart to a "strong-buy" rating in a research report on Friday, June 26th. Two research analysts have rated the stock with a Strong Buy rating, five have issued a Buy rating, three have given a Hold rating and two have given a Sell rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $37.80.

Copart Trading Down 0.9%

Shares of NASDAQ CPRT opened at $27.58 on Thursday. The business has a fifty day simple moving average of $29.99 and a 200 day simple moving average of $30.69. The firm has a market capitalization of $25.55 billion, a price-to-earnings ratio of 17.79, a PEG ratio of 1.36 and a beta of 1.06. Copart, Inc. has a one year low of $25.72 and a one year high of $45.76.

Copart (NASDAQ:CPRT - Get Free Report) last posted its quarterly earnings results on Thursday, September 10th. The business services provider reported $0.35 earnings per share for the quarter, missing analysts' consensus estimates of $0.38 by ($0.03). The business had revenue of $1.15 billion for the quarter, compared to analyst estimates of $1.14 billion. Copart had a return on equity of 15.93% and a net margin of 31.81%. The firm's quarterly revenue was up 2.4% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.41 EPS. On average, research analysts anticipate that Copart, Inc. will post 1.63 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, CEO Jeffrey Liaw sold 27,745 shares of the firm's stock in a transaction dated Tuesday, July 28th. The shares were sold at an average price of $30.49, for a total transaction 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. This trade represents a 21.78% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Diane Morefield sold 20,000 shares of Copart 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 sale, the director owned 50,000 shares in the company, valued at approximately $1,383,000. This trade represents a 28.57% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Corporate insiders own 9.60% of the company's stock.

About Copart

Copart, Inc is a provider of online vehicle auction and remarketing services. The company operates a digital marketplace that connects vehicle sellers with a broad network of buyers, including licensed dismantlers, rebuilders, used-car dealers, exporters and individual consumers.

Copart primarily sells vehicles that have been damaged, declared total losses by insurers, repossessed, donated or otherwise designated for resale. Its services also include vehicle storage, transportation, towing coordination, title processing, inspection and auction support.

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