Assetmark Inc. Raises Stake in Copart, Inc. $CPRT

Key Points

• Assetmark Inc. raised its stake in Copart by 7.3% in Q4 to 507,255 shares (about 0.05% of the company), worth roughly $19.86 million at quarter-end.
• Several large funds also boosted positions — notably AQR, VanEck and Akre made multi-million-share increases while Vanguard holds 108.99 million shares — leaving institutional investors with about 85.78% ownership of Copart.
• Copart recently missed quarterly estimates (EPS $0.36 vs. $0.39 expected; revenue $1.12B vs. $1.15B) with revenue down 3.6% YoY; the company has a $32.14B market cap, a P/E of 20.85, and a consensus analyst rating of Hold (target $44.40).

Assetmark Inc. raised its stake in Copart, Inc. (NASDAQ:CPRT - Free Report) by 7.3% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 507,255 shares of the business services provider's stock after buying an additional 34,410 shares during the quarter. Assetmark Inc. owned approximately 0.05% of Copart worth $19,859,000 at the end of the most recent quarter.

Several other large investors have also modified their holdings of CPRT. AQR Capital Management LLC lifted its stake in shares of Copart by 298.2% in the 3rd quarter. AQR Capital Management LLC now owns 4,887,359 shares of the business services provider's stock valued at $217,243,000 after purchasing an additional 3,660,031 shares during the last quarter. Van ECK Associates Corp lifted its stake in shares of Copart by 2,266.7% in the 3rd quarter. Van ECK Associates Corp now owns 3,689,003 shares of the business services provider's stock valued at $165,895,000 after purchasing an additional 3,533,133 shares during the last quarter. Akre Capital Management LLC lifted its stake in shares of Copart by 253.1% in the 3rd quarter. Akre Capital Management LLC now owns 4,236,760 shares of the business services provider's stock valued at $190,527,000 after purchasing an additional 3,036,760 shares during the last quarter. Vanguard Group Inc. lifted its stake in shares of Copart by 2.4% in the 3rd quarter. Vanguard Group Inc. now owns 108,990,652 shares of the business services provider's stock valued at $4,901,310,000 after purchasing an additional 2,581,784 shares during the last quarter. Finally, Marshall Wace LLP lifted its stake in Copart by 395.6% during the 3rd quarter. Marshall Wace LLP now owns 2,499,370 shares of the business services provider's stock worth $112,397,000 after acquiring an additional 1,995,074 shares in the last quarter. Institutional investors and hedge funds own 85.78% of the company's stock.

Copart Price Performance

CPRT stock opened at $33.36 on Thursday. The firm has a market capitalization of $32.14 billion, a P/E ratio of 20.85 and a beta of 1.14. The business's 50-day moving average is $35.45 and its two-hundred day moving average is $39.13. Copart, Inc. has a 1 year low of $32.20 and a 1 year high of $63.85.

Copart (NASDAQ:CPRT - Get Free Report) last posted its quarterly earnings results on Thursday, February 19th. The business services provider reported $0.36 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.39 by ($0.03). The company had revenue of $1.12 billion during the quarter, compared to analyst estimates of $1.15 billion. Copart had a net margin of 33.76% and a return on equity of 16.68%. Copart's revenue for the quarter was down 3.6% on a year-over-year basis. During the same period in the prior year, the business earned $0.40 EPS. On average, analysts expect that Copart, Inc. will post 1.57 EPS for the current year.

Analyst Ratings Changes

CPRT has been the topic of several research reports. Weiss Ratings reissued a "hold (c-)" rating on shares of Copart in a research note on Monday, March 23rd. Zacks Research lowered Copart from a "hold" rating to a "strong sell" rating in a research note on Tuesday, February 24th. JPMorgan Chase & Co. decreased their target price on Copart from $45.00 to $34.00 and set a "neutral" rating on the stock in a research note on Monday, February 23rd. Robert W. Baird set a $48.00 target price on Copart and gave the stock an "outperform" rating in a research note on Friday, February 20th. Finally, Barclays reissued an "underweight" rating and set a $32.00 target price (down from $33.00) on shares of Copart in a research note on Monday, February 23rd. Two equities research analysts have rated the stock with a Strong Buy rating, one has given a Buy rating, three have assigned a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of "Hold" and a consensus target price of $44.40.

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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