Bowie Capital Management LLC Buys 118,943 Shares of Copart, Inc. (NASDAQ:CPRT)

Key Points

• Bowie Capital Management LLC increased its stake in Copart, Inc. by 6.7%, owning 1,894,445 shares valued at approximately $107.2 million, making it the seventh largest holding in their portfolio.
• The company recently had changes in ownership from other large investors, with Nuveen LLC making a new stake worth $267.7 million and American Century Companies Inc. increasing its holdings by 63.9% during the first quarter.
• Copart's stock has seen price target adjustments, with Robert W. Baird and JPMorgan Chase & Co. lowering their price objectives from $64.00 to $55.00, indicating a shift in market sentiment towards the company's future performance.

Bowie Capital Management LLC grew its stake in Copart, Inc. (NASDAQ:CPRT - Free Report) by 6.7% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 1,894,445 shares of the business services provider's stock after purchasing an additional 118,943 shares during the quarter. Copart comprises approximately 5.0% of Bowie Capital Management LLC's holdings, making the stock its 7th largest holding. Bowie Capital Management LLC owned 0.20% of Copart worth $107,207,000 as of its most recent SEC filing.

A number of other large investors also recently made changes to their positions in the stock. Nuveen LLC bought a new stake in shares of Copart in the 1st quarter valued at $267,723,000. Fiera Capital Corp increased its holdings in Copart by 195.6% during the 1st quarter. Fiera Capital Corp now owns 3,992,610 shares of the business services provider's stock worth $225,942,000 after purchasing an additional 2,642,100 shares in the last quarter. Vanguard Group Inc. increased its holdings in Copart by 2.1% during the 1st quarter. Vanguard Group Inc. now owns 104,263,922 shares of the business services provider's stock worth $5,900,295,000 after purchasing an additional 2,134,890 shares in the last quarter. JPMorgan Chase & Co. increased its holdings in Copart by 15.9% during the 1st quarter. JPMorgan Chase & Co. now owns 15,345,768 shares of the business services provider's stock worth $868,417,000 after purchasing an additional 2,106,656 shares in the last quarter. Finally, American Century Companies Inc. increased its holdings in Copart by 63.9% during the 1st quarter. American Century Companies Inc. now owns 3,832,465 shares of the business services provider's stock worth $216,879,000 after purchasing an additional 1,494,457 shares in the last quarter. Institutional investors and hedge funds own 85.78% of the company's stock.

Insider Transactions at Copart

In related news, CEO Jeffrey Liaw sold 24,088 shares of the firm's stock in a transaction dated Tuesday, July 15th. The shares were sold at an average price of $46.43, for a total value of $1,118,405.84. Following the completion of the sale, the chief executive officer directly owned 31,527 shares in the company, valued at approximately $1,463,798.61. This trade represents a 43.31% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Company insiders own 9.68% of the company's stock.

Analysts Set New Price Targets

Several brokerages have recently weighed in on CPRT. Robert W. Baird decreased their price objective on Copart from $64.00 to $55.00 and set an "outperform" rating for the company in a report on Thursday, July 17th. Stephens began coverage on Copart in a report on Tuesday, July 8th. They issued an "equal weight" rating and a $50.00 price objective for the company. Finally, JPMorgan Chase & Co. decreased their price objective on Copart from $60.00 to $55.00 and set a "neutral" rating for the company in a report on Friday, May 23rd.

Copart Price Performance

Shares of NASDAQ CPRT opened at $47.08 on Friday. The stock has a market capitalization of $45.52 billion, a price-to-earnings ratio of 30.97 and a beta of 1.04. The business has a 50-day moving average of $47.55 and a 200-day moving average of $53.88. Copart, Inc. has a fifty-two week low of $45.05 and a fifty-two week high of $64.38.

Copart (NASDAQ:CPRT - Get Free Report) last announced its quarterly earnings data on Thursday, May 22nd. The business services provider reported $0.42 earnings per share for the quarter, meeting the consensus estimate of $0.42. Copart had a return on equity of 18.20% and a net margin of 32.21%. The company had revenue of $1.21 billion during the quarter, compared to analysts' expectations of $1.23 billion. During the same quarter last year, the company earned $0.39 EPS. Copart's revenue for the quarter was up 7.5% compared to the same quarter last year. On average, sell-side analysts expect that Copart, Inc. will post 1.57 EPS for the current 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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