Clare Market Investments LLC Invests $312,000 in Copart, Inc. $CPRT

Key Points

• Clare Market Investments LLC acquired 6,350 shares of Copart, Inc. valued at approximately $312,000 in the second quarter, marking a new position for the institutional investor.
• CEO Jeffrey Liaw sold 24,088 shares valued over $1.1 million, resulting in a 43.31% decrease in his ownership of the company's stock.
• Analysts have mixed forecasts for Copart's stock, with target prices ranging from $46.00 to $64.00 and an average consensus rating of "Moderate Buy."

Clare Market Investments LLC purchased a new position in Copart, Inc. (NASDAQ:CPRT - Free Report) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 6,350 shares of the business services provider's stock, valued at approximately $312,000.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Cloud Capital Management LLC purchased a new position in Copart during the first quarter valued at $26,000. Sunbelt Securities Inc. purchased a new position in shares of Copart in the fourth quarter valued at about $31,000. Atticus Wealth Management LLC purchased a new position in shares of Copart in the second quarter valued at about $31,000. Accent Capital Management LLC purchased a new position in shares of Copart in the first quarter valued at about $36,000. Finally, Financial Network Wealth Advisors LLC lifted its position in shares of Copart by 152.6% in the first quarter. Financial Network Wealth Advisors LLC now owns 783 shares of the business services provider's stock valued at $44,000 after acquiring an additional 473 shares in the last quarter. 85.78% of the stock is currently owned by hedge funds and other institutional investors.

Copart Price Performance

Shares of NASDAQ:CPRT traded up $0.39 during trading hours on Friday, hitting $45.85. 20,163,202 shares of the company's stock traded hands, compared to its average volume of 7,097,659. Copart, Inc. has a 1 year low of $45.05 and a 1 year high of $64.38. The business has a fifty day moving average price of $47.22 and a 200-day moving average price of $52.19. The firm has a market capitalization of $44.33 billion, a P/E ratio of 28.66 and a beta of 1.03.

Copart (NASDAQ:CPRT - Get Free Report) last announced its earnings results on Thursday, September 4th. The business services provider reported $0.41 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.37 by $0.04. The business had revenue of $1.13 billion during the quarter, compared to analyst estimates of $1.14 billion. Copart had a return on equity of 18.17% and a net margin of 33.41%.The company's revenue for the quarter was up 2.9% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.33 earnings per share. As a group, equities analysts predict that Copart, Inc. will post 1.57 earnings per share for the current year.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on CPRT shares. Robert W. Baird lowered their price objective on Copart from $64.00 to $55.00 and set an "outperform" rating on the stock in a research report on Thursday, July 17th. HSBC set a $62.00 target price on Copart and gave the stock a "buy" rating in a report on Thursday, September 4th. Hsbc Global Res raised Copart from a "hold" rating to a "strong-buy" rating in a report on Thursday, September 4th. Finally, Stephens reduced their target price on Copart from $50.00 to $46.00 and set an "equal weight" rating on the stock in a report on Friday, September 5th. One analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and three have issued a Hold rating to the company. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $54.50.

Insider Buying and Selling

In related news, CEO Jeffrey Liaw sold 24,088 shares of the business's stock in a transaction that occurred on Tuesday, July 15th. The stock was sold at an average price of $46.43, for a total value of $1,118,405.84. Following the completion of the sale, the chief executive officer owned 31,527 shares in the company, valued at approximately $1,463,798.61. The trade was a 43.31% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Thomas N. Tryforos sold 228,840 shares of the business's stock in a transaction that occurred on Monday, September 15th. The shares were sold at an average price of $47.54, for a total value of $10,879,053.60. The disclosure for this sale can be found here. 9.68% of the stock is currently owned by insiders.

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.