Charles Schwab Investment Management Inc. Raises Position in Copart, Inc. (NASDAQ:CPRT)

Key Points

• Charles Schwab Investment Management Inc. increased its stake in Copart, Inc. by 4.5% during the first quarter, bringing its total ownership to approximately $325 million.
• Copart received mixed reviews from analysts, with target prices being adjusted downwards by firms such as Robert W. Baird and JPMorgan Chase & Co., indicating market caution around the stock's performance.
• CEO Jeffrey Liaw sold over 24,000 shares of Copart valued at more than $1.1 million, which represents a significant reduction in his ownership stake.

Charles Schwab Investment Management Inc. boosted its position in Copart, Inc. (NASDAQ:CPRT - Free Report) by 4.5% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 5,742,226 shares of the business services provider's stock after purchasing an additional 248,553 shares during the period. Charles Schwab Investment Management Inc. owned 0.59% of Copart worth $324,954,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also bought and sold shares of the company. BI Asset Management Fondsmaeglerselskab A S grew its position in shares of Copart by 289.6% in the 4th quarter. BI Asset Management Fondsmaeglerselskab A S now owns 34,322 shares of the business services provider's stock valued at $1,970,000 after buying an additional 25,512 shares during the last quarter. Sowell Financial Services LLC bought a new stake in shares of Copart during the 1st quarter valued at about $604,000. China Universal Asset Management Co. Ltd. boosted its position in shares of Copart by 52.2% during the 1st quarter. China Universal Asset Management Co. Ltd. now owns 23,862 shares of the business services provider's stock valued at $1,350,000 after purchasing an additional 8,181 shares in the last quarter. Voleon Capital Management LP bought a new stake in shares of Copart during the 4th quarter valued at about $1,314,000. Finally, Handelsbanken Fonder AB boosted its position in shares of Copart by 53.3% during the 1st quarter. Handelsbanken Fonder AB now owns 854,336 shares of the business services provider's stock valued at $48,347,000 after purchasing an additional 297,210 shares in the last quarter. Institutional investors and hedge funds own 85.78% of the company's stock.

Wall Street Analyst Weigh In

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

Insider Transactions at Copart

In related news, CEO Jeffrey Liaw sold 24,088 shares of Copart stock in a transaction on 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 owned 31,527 shares of the company's stock, valued at approximately $1,463,798.61. This trade represents a 43.31% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders own 9.68% of the company's stock.

Copart Stock Up 1.1%

NASDAQ:CPRT traded up $0.51 on Tuesday, hitting $47.20. The stock had a trading volume of 5,108,840 shares, compared to its average volume of 5,696,938. The business's fifty day moving average is $47.80 and its 200 day moving average is $54.11. The company has a market cap of $45.64 billion, a PE ratio of 31.05 and a beta of 1.04. Copart, Inc. has a 52 week low of $45.05 and a 52 week high of $64.38.

Copart (NASDAQ:CPRT - Get Free Report) last released its quarterly earnings data on Thursday, May 22nd. The business services provider reported $0.42 EPS 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 firm had revenue of $1.21 billion during the quarter, compared to the consensus estimate of $1.23 billion. During the same quarter in the previous year, the company posted $0.39 earnings per share. The company's quarterly revenue was up 7.5% on a year-over-year basis. Equities analysts predict that Copart, Inc. will post 1.57 earnings per share for the current fiscal year.

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.