Bridges Investment Management Inc. Sells 96,510 Shares of Copart, Inc. $CPRT

Key Points

• Bridges Investment Management Inc. reduced its stake in Copart, Inc. by **11.7%**, selling **96,510 shares** to hold **726,009 shares**, valued at approximately **$35.6 million**.
• Director Thomas N. Tryforos sold **228,840 shares** of Copart stock for over **$10.8 million** at an average price of **$47.54**.
• Analysts have a consensus rating of **"Moderate Buy"** for Copart, with an average price target of **$54.50**, following various adjustments in stock ratings and price targets from different investment firms.

Bridges Investment Management Inc. cut its position in shares of Copart, Inc. (NASDAQ:CPRT - Free Report) by 11.7% in the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 726,009 shares of the business services provider's stock after selling 96,510 shares during the quarter. Bridges Investment Management Inc. owned 0.08% of Copart worth $35,625,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of CPRT. Cloud Capital Management LLC bought a new position in shares of Copart during the first quarter worth about $26,000. Atticus Wealth Management LLC bought a new position in shares of Copart during the second quarter worth about $31,000. Ameritas Advisory Services LLC acquired a new stake in Copart in the 2nd quarter valued at $31,000. Accent Capital Management LLC acquired a new stake in Copart in the 1st quarter valued at $36,000. Finally, GFG Capital LLC acquired a new stake in Copart in the 2nd quarter valued at $37,000. 85.78% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Copart

In other news, Director Thomas N. Tryforos sold 228,840 shares of the business's stock in a transaction dated Monday, September 15th. The shares were sold at an average price of $47.54, for a total transaction of $10,879,053.60. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. 9.68% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on the stock. Robert W. Baird lowered their price target on shares of Copart from $64.00 to $55.00 and set an "outperform" rating on the stock in a research note on Thursday, July 17th. Hsbc Global Res upgraded shares of Copart from a "hold" rating to a "strong-buy" rating in a research note on Thursday, September 4th. Weiss Ratings reiterated a "hold (c)" rating on shares of Copart in a research note on Wednesday, October 8th. Stephens lowered their price target on shares of Copart from $50.00 to $46.00 and set an "equal weight" rating on the stock in a research note on Friday, September 5th. Finally, HSBC set a $62.00 price target on shares of Copart and gave the company a "buy" rating in a research note on Thursday, September 4th. One research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and four have assigned a Hold rating to the company's stock. According to MarketBeat, Copart presently has an average rating of "Moderate Buy" and an average price target of $54.50.

Copart Price Performance

Copart stock opened at $44.56 on Thursday. The firm has a market capitalization of $43.12 billion, a PE ratio of 27.85 and a beta of 1.03. The company's 50-day moving average is $46.68 and its 200-day moving average is $51.06. Copart, Inc. has a fifty-two week low of $43.71 and a fifty-two week high of $64.38.

Copart (NASDAQ:CPRT - Get Free Report) last released its quarterly earnings data on Thursday, September 4th. The business services provider reported $0.41 earnings per share for the quarter, topping the consensus estimate of $0.37 by $0.04. The company had revenue of $1.13 billion for the quarter, compared to analyst estimates of $1.14 billion. Copart had a net margin of 33.41% and a return on equity of 18.17%. Copart's revenue for the quarter was up 2.9% compared to the same quarter last year. During the same period in the previous year, the business earned $0.33 EPS. As a group, 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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