Bowie Capital Management LLC Acquires Shares of 2,313,347 Copart, Inc. $CPRT

Key Points

• Bowie Capital Management acquired 2.31 million Copart shares worth approximately $65.2 million, making Copart about 2.8% of its portfolio and representing roughly 0.25% of the company.
• Analyst sentiment was mixed: Copart received strong-buy and buy ratings alongside hold and sell calls, resulting in a consensus rating of “Hold” and an average price target of $41.67.
• Copart beat quarterly expectations with $0.43 in EPS versus $0.41 forecast and $1.24 billion in revenue, up 2.1% year over year. CEO Jeffrey Liaw separately sold 27,745 shares for approximately $846,000.

Bowie Capital Management LLC acquired a new position in Copart, Inc. (NASDAQ:CPRT - Free Report) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 2,313,347 shares of the business services provider's stock, valued at approximately $65,213,000. Copart makes up about 2.8% of Bowie Capital Management LLC's investment portfolio, making the stock its 17th biggest holding. Bowie Capital Management LLC owned approximately 0.25% of Copart as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in the business. Quadrant Capital Group LLC raised its position in shares of Copart by 1.3% in the 3rd quarter. Quadrant Capital Group LLC now owns 20,693 shares of the business services provider's stock worth $931,000 after acquiring an additional 264 shares in the last quarter. Geneos Wealth Management Inc. raised its holdings in shares of Copart by 23.8% in the second quarter. Geneos Wealth Management Inc. now owns 1,384 shares of the business services provider's stock worth $68,000 after buying an additional 266 shares during the last quarter. Valeo Financial Advisors LLC lifted its position in Copart by 4.6% during the 4th quarter. Valeo Financial Advisors LLC now owns 6,395 shares of the business services provider's stock worth $250,000 after acquiring an additional 282 shares during the period. Parkside Financial Bank & Trust lifted its holdings in shares of Copart by 11.5% during the fourth quarter. Parkside Financial Bank & Trust now owns 2,793 shares of the business services provider's stock worth $109,000 after purchasing an additional 288 shares during the period. Finally, American Trust lifted its stake in Copart by 2.1% during the 3rd quarter. American Trust now owns 14,230 shares of the business services provider's stock valued at $640,000 after acquiring an additional 295 shares during the period. Hedge funds and other institutional investors own 85.78% of the company's stock.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on CPRT. Freedom Capital raised Copart to a "strong-buy" rating in a report on Friday, June 26th. Jefferies Financial Group set a $45.00 target price on shares of Copart in a research report on Friday, May 22nd. Stephens reiterated an "equal weight" rating and set a $35.00 price target on shares of Copart in a research report on Thursday. Weiss Ratings reaffirmed a "sell (d+)" rating on shares of Copart in a research note on Wednesday, July 29th. Finally, Zacks Research downgraded Copart from a "hold" rating to a "strong sell" rating in a research note on Tuesday, July 28th. Three equities research analysts have rated the stock with a Strong Buy rating, one has issued a Buy rating, two have given a Hold rating and three have given a Sell rating to the company. According to MarketBeat.com, the company presently has an average rating of "Hold" and a consensus price target of $41.67.

Copart Trading Up 1.4%

Copart stock opened at $34.33 on Friday. The company has a fifty day simple moving average of $29.43 and a 200-day simple moving average of $32.70. The stock has a market cap of $31.78 billion, a P/E ratio of 21.32 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 earnings results on Thursday, May 21st. The business services provider reported $0.43 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.41 by $0.02. Copart had a net margin of 33.48% and a return on equity of 16.63%. The business had revenue of $1.24 billion during the quarter, compared to analysts' expectations of $1.19 billion. During the same quarter in the prior year, the business posted $0.42 EPS. The company's revenue for the quarter was up 2.1% on a year-over-year basis. As a group, sell-side analysts forecast that Copart, Inc. will post 1.58 earnings per share for the current fiscal year.

Insider Activity

In other news, CEO Jeffrey Liaw sold 27,745 shares of Copart stock in a transaction on Tuesday, July 28th. The shares were sold at an average price of $30.49, for a total value of $845,945.05. Following the transaction, the chief executive officer directly owned 99,641 shares of the company's stock, valued at $3,038,054.09. The trade was a 21.78% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Company insiders own 9.60% of the company's stock.

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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