Burgundy Asset Management Ltd. Acquires 52,938 Shares of Copart, Inc. $CPRT

Key Points

• Burgundy Asset Management Ltd. increased its holdings in Copart, Inc. by 7.3%, owning 780,701 shares valued at approximately $44.18 million.
• Several hedge funds, including Nuveen LLC and Fiera Capital Corp, have also significantly adjusted their stakes in Copart, leading to a total of 85.78% of the stock being owned by institutional investors.
• Analysts have mixed forecasts for Copart's stock, with target prices ranging from $50.00 to $55.00 following recent reports, indicating a cautious outlook.

Burgundy Asset Management Ltd. grew its stake in Copart, Inc. (NASDAQ:CPRT - Free Report) by 7.3% during the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 780,701 shares of the business services provider's stock after purchasing an additional 52,938 shares during the quarter. Burgundy Asset Management Ltd. owned approximately 0.08% of Copart worth $44,180,000 at the end of the most recent reporting period.

Other large investors have also bought and sold shares of the company. Cloud Capital Management LLC bought a new position in Copart during the 1st quarter valued at $26,000. Sunbelt Securities Inc. bought a new position in Copart during the 4th quarter valued at $31,000. Accent Capital Management LLC bought a new position in shares of Copart in the first quarter valued at approximately $36,000. Financial Network Wealth Advisors LLC grew its holdings in shares of Copart by 152.6% in the first quarter. Financial Network Wealth Advisors LLC now owns 783 shares of the business services provider's stock valued at $44,000 after acquiring an additional 473 shares in the last quarter. Finally, SouthState Corp bought a new position in shares of Copart in the first quarter valued at approximately $45,000. 85.78% of the stock is currently owned by institutional investors.

Copart Stock Up 0.1%

CPRT traded up $0.07 on Thursday, hitting $47.68. The company's stock had a trading volume of 3,764,455 shares, compared to its average volume of 5,694,147. The company's 50 day simple moving average is $47.38 and its 200-day simple moving average is $53.66. The firm has a market cap of $46.10 billion, a P/E ratio of 31.37 and a beta of 1.04. Copart, Inc. has a 12 month low of $45.05 and a 12 month high of $64.38.

Copart (NASDAQ:CPRT - Get Free Report) last posted its earnings results on Thursday, May 22nd. The business services provider reported $0.42 earnings per share for the quarter, hitting analysts' consensus estimates of $0.42. The business had revenue of $1.21 billion for the quarter, compared to analyst estimates of $1.23 billion. Copart had a net margin of 32.21% and a return on equity of 18.20%. Copart's revenue was up 7.5% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.39 EPS. Equities analysts predict that Copart, Inc. will post 1.57 earnings per share for the current fiscal year.

Insider Transactions at Copart

In other Copart news, CEO Jeffrey Liaw sold 24,088 shares of Copart stock in a transaction that occurred on Tuesday, July 15th. The shares were sold at an average price of $46.43, for a total transaction 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 $1,463,798.61. The trade was a 43.31% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 9.68% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on CPRT shares. JPMorgan Chase & Co. reduced their target price on Copart from $60.00 to $55.00 and set a "neutral" rating for the company in a report on Friday, May 23rd. Stephens started coverage on Copart in a report on Tuesday, July 8th. They issued an "equal weight" rating and a $50.00 target price for the company. Finally, Robert W. Baird reduced their target price on Copart from $64.00 to $55.00 and set an "outperform" rating for the company in a report on Thursday, July 17th. One equities research analyst has rated the stock with a Buy rating and three have assigned a Hold rating to the company's stock. According to data from MarketBeat, the company has a consensus rating of "Hold" and an average target price of $53.33.

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.