Banque Pictet & Cie SA Sells 8,077 Shares of Copart, Inc. $CPRT

Key Points

• Banque Pictet & Cie SA reduced its stake in Copart, Inc. by 10.8%, selling 8,077 shares, leaving it with a total of 66,658 shares valued at approximately $3.27 million.
• Several hedge funds, including Vanguard Group and JPMorgan Chase, increased their holdings in Copart during the first quarter, indicating strong institutional interest in the company.
• Recent analyst reports show a mixed outlook for Copart, with price target adjustments ranging from $46.00 to $62.00, reflecting varied expectations for the company's performance.

Banque Pictet & Cie SA lessened its holdings in shares of Copart, Inc. (NASDAQ:CPRT - Free Report) by 10.8% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 66,658 shares of the business services provider's stock after selling 8,077 shares during the period. Banque Pictet & Cie SA's holdings in Copart were worth $3,271,000 as of its most recent SEC filing.

A number of other hedge funds have also recently modified their holdings of the business. Vanguard Group Inc. boosted its holdings in shares of Copart by 2.1% during the 1st quarter. Vanguard Group Inc. now owns 104,263,922 shares of the business services provider's stock valued at $5,900,295,000 after buying an additional 2,134,890 shares in the last quarter. Principal Financial Group Inc. boosted its holdings in shares of Copart by 3.3% during the 1st quarter. Principal Financial Group Inc. now owns 39,409,377 shares of the business services provider's stock valued at $2,230,177,000 after buying an additional 1,249,687 shares in the last quarter. JPMorgan Chase & Co. boosted its holdings in shares of Copart by 15.9% during the 1st quarter. JPMorgan Chase & Co. now owns 15,345,768 shares of the business services provider's stock valued at $868,417,000 after buying an additional 2,106,656 shares in the last quarter. Invesco Ltd. raised its position in shares of Copart by 7.5% in the 1st quarter. Invesco Ltd. now owns 9,490,237 shares of the business services provider's stock worth $537,052,000 after purchasing an additional 658,329 shares during the last quarter. Finally, Amundi raised its position in shares of Copart by 32.5% in the 1st quarter. Amundi now owns 9,380,026 shares of the business services provider's stock worth $531,256,000 after purchasing an additional 2,299,192 shares during the last quarter. Institutional investors own 85.78% of the company's stock.

Insider Transactions at Copart

In other Copart news, Director Thomas N. Tryforos sold 228,840 shares of the business's stock in a transaction dated 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 document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Jeffrey Liaw sold 24,088 shares of the business's stock in a transaction dated 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 transaction, the chief executive officer directly owned 31,527 shares of the company's stock, valued at approximately $1,463,798.61. This trade represents a 43.31% decrease in their position. The disclosure for this sale can be found here. 9.68% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

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

Copart Stock Performance

Shares of NASDAQ:CPRT opened at $44.87 on Friday. Copart, Inc. has a fifty-two week low of $44.67 and a fifty-two week high of $64.38. The business has a 50-day simple moving average of $47.12 and a two-hundred day simple moving average of $51.92. The firm has a market cap of $43.39 billion, a price-to-earnings ratio of 28.04 and a beta of 1.03.

Copart (NASDAQ:CPRT - Get Free Report) last issued its earnings results on Thursday, September 4th. The business services provider reported $0.41 earnings per share for the quarter, topping 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 business had revenue of $1.13 billion during the quarter, compared to analyst estimates of $1.14 billion. During the same quarter in the previous year, the firm earned $0.33 EPS. Copart's revenue was up 2.9% on a year-over-year basis. As a group, research analysts predict that Copart, Inc. will post 1.57 earnings per share for the current year.

Copart Company 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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