Alta Capital Management LLC Purchases 26,022 Shares of Copart, Inc. $CPRT

Key Points

• Alta Capital Management LLC increased its stake in Copart, Inc. by 4.2% in Q2, owning a total of 642,285 shares now valued at $31.5 million.
• Institutional investors hold 85.78% of Copart's stock, with notable increases in holdings from firms such as Fiera Capital Corp and Nuveen LLC.
• Copart recently reported $1.13 billion in revenue for the last quarter, a 2.9% increase year-over-year, with earnings per share of $0.41, surpassing analyst estimates.

Alta Capital Management LLC raised its position in shares of Copart, Inc. (NASDAQ:CPRT - Free Report) by 4.2% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 642,285 shares of the business services provider's stock after purchasing an additional 26,022 shares during the period. Copart accounts for approximately 1.8% of Alta Capital Management LLC's portfolio, making the stock its 22nd largest holding. Alta Capital Management LLC owned 0.07% of Copart worth $31,517,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of the company. Nuveen LLC bought a new position in shares of Copart in the first quarter worth $267,723,000. Fiera Capital Corp boosted its holdings in shares of Copart by 195.6% in the first quarter. Fiera Capital Corp now owns 3,992,610 shares of the business services provider's stock worth $225,942,000 after acquiring an additional 2,642,100 shares during the period. PineStone Asset Management Inc. boosted its holdings in shares of Copart by 56.4% in the second quarter. PineStone Asset Management Inc. now owns 6,407,471 shares of the business services provider's stock worth $314,415,000 after acquiring an additional 2,310,067 shares during the period. Amundi boosted its holdings in shares of Copart by 32.5% in the first quarter. Amundi now owns 9,380,026 shares of the business services provider's stock worth $531,256,000 after acquiring an additional 2,299,192 shares during the period. Finally, Vanguard Group Inc. boosted its holdings in shares of Copart by 2.1% in the first quarter. Vanguard Group Inc. now owns 104,263,922 shares of the business services provider's stock worth $5,900,295,000 after acquiring an additional 2,134,890 shares during the period. 85.78% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

CPRT has been the subject of a number of analyst reports. Weiss Ratings reaffirmed a "hold (c)" rating on shares of Copart in a report on Wednesday, October 8th. Robert W. Baird dropped their price objective on Copart from $64.00 to $55.00 and set an "outperform" rating for the company in a research note on Thursday, July 17th. HSBC set a $62.00 price objective on Copart and gave the company a "buy" rating in a research note on Thursday, September 4th. Stephens dropped their price objective on Copart from $50.00 to $46.00 and set an "equal weight" rating for the company in a research note on Friday, September 5th. Finally, Hsbc Global Res raised Copart from a "hold" rating to a "strong-buy" rating in a research note on Thursday, September 4th. One investment analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and four have issued a Hold rating to the company. Based on data from MarketBeat.com, Copart presently has a consensus rating of "Moderate Buy" and a consensus target price of $54.50.

Insiders Place Their Bets

In other news, Director Thomas N. Tryforos sold 228,840 shares of the business's stock in a transaction that occurred on Monday, September 15th. The stock was sold at an average price of $47.54, for a total value of $10,879,053.60. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 9.68% of the company's stock.

Copart Trading Down 0.5%

CPRT opened at $44.56 on Thursday. The company has a market cap of $43.12 billion, a P/E ratio of 27.85 and a beta of 1.03. The business's 50-day moving average price is $46.68 and its 200-day moving average price is $51.06. Copart, Inc. has a 12 month low of $43.71 and a 12 month high of $64.38.

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

Copart Profile

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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