BlackRock Inc. Makes New $1.91 Billion Investment in Copart, Inc. $CPRT

BlackRock Inc. bought a new position in shares of Copart, Inc. (NASDAQ:CPRT - Free Report) in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 67,718,347 shares of the business services provider's stock, valued at approximately $1,908,980,000. BlackRock Inc. owned approximately 7.31% of Copart as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors also recently modified their holdings of the company. Versant Capital Management Inc grew its stake in shares of Copart by 110.9% in the second quarter. Versant Capital Management Inc now owns 947 shares of the business services provider's stock valued at $27,000 after acquiring an additional 498 shares in the last quarter. Cache Advisors LLC acquired a new stake in Copart in the 1st quarter worth about $31,000. Reflection Asset Management bought a new stake in Copart in the 4th quarter valued at about $34,000. Elevation Wealth Partners LLC boosted its holdings in Copart by 882.3% in the 2nd quarter. Elevation Wealth Partners LLC now owns 1,218 shares of the business services provider's stock valued at $34,000 after purchasing an additional 1,094 shares during the period. Finally, Triumph Capital Management grew its position in shares of Copart by 424.2% during the 4th quarter. Triumph Capital Management now owns 1,017 shares of the business services provider's stock worth $40,000 after purchasing an additional 823 shares in the last quarter. Institutional investors own 85.78% of the company's stock.

Copart Stock Up 7.4%

CPRT stock opened at $33.85 on Thursday. The company's 50-day moving average price is $29.37 and its two-hundred day moving average price is $32.74. The firm has a market cap of $31.34 billion, a P/E ratio of 21.02 and a beta of 1.01. Copart, Inc. has a 12 month low of $26.81 and a 12 month high of $50.11.

Copart (NASDAQ:CPRT - Get Free Report) last issued its quarterly earnings results on Thursday, May 21st. The business services provider reported $0.43 earnings per share for the quarter, topping analysts' consensus estimates of $0.41 by $0.02. The company had revenue of $1.24 billion during the quarter, compared to the consensus estimate of $1.19 billion. Copart had a net margin of 33.48% and a return on equity of 16.63%. The firm's quarterly revenue was up 2.1% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.42 EPS. Equities analysts predict that Copart, Inc. will post 1.58 EPS for the current year.

Insider Buying and Selling

In other Copart news, CEO Jeffrey Liaw sold 27,745 shares of the business's stock in a transaction that occurred on 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 in the company, valued at $3,038,054.09. The trade was a 21.78% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 9.60% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several research analysts have recently commented on the stock. Zacks Research cut shares of Copart from a "hold" rating to a "strong sell" rating in a report on Tuesday, July 28th. Jefferies Financial Group set a $45.00 price target on Copart in a research report on Friday, May 22nd. Freedom Capital upgraded Copart to a "strong-buy" rating in a research note on Friday, June 26th. Weiss Ratings reaffirmed a "sell (d+)" rating on shares of Copart in a report on Wednesday, July 29th. Finally, Barclays set a $26.00 target price on Copart and gave the company an "underweight" rating in a research report on Tuesday, July 21st. Three analysts have rated the stock with a Strong Buy rating, one has given a Buy rating, two have issued a Hold rating and three have given a Sell rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and a consensus price target of $43.50.

Copart Company Profile

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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