Copart, Inc. $CPRT Holdings Boosted by Peregrine Investment Management Inc.

Key Points

• Peregrine Investment Management Inc. increased its stake in Copart, Inc. by 16.4% in Q2, now holding over 212,480 shares valued at approximately $10.4 million.
• Copart recently reported $0.41 earnings per share, surpassing estimates, with quarterly revenue of $1.13 billion, reflecting a 2.9% year-over-year increase.
• Insider trading activity included significant sales by Director Thomas N. Tryforos and CEO Jeffrey Liaw, who sold large amounts of stock recently, indicating potential shifts in internal confidence.

Peregrine Investment Management Inc. raised its stake in shares of Copart, Inc. (NASDAQ:CPRT - Free Report) by 16.4% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 212,480 shares of the business services provider's stock after purchasing an additional 30,000 shares during the period. Copart accounts for 6.7% of Peregrine Investment Management Inc.'s holdings, making the stock its 4th biggest position. Peregrine Investment Management Inc.'s holdings in Copart were worth $10,426,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Cloud Capital Management LLC purchased a new position in Copart during the first quarter valued at $26,000. Sunbelt Securities Inc. purchased a new position in Copart during the fourth quarter valued at $31,000. Atticus Wealth Management LLC acquired a new stake in shares of Copart in the second quarter valued at about $31,000. Accent Capital Management LLC acquired a new stake in shares of Copart in the first quarter valued at about $36,000. Finally, Financial Network Wealth Advisors LLC raised its position 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 buying an additional 473 shares during the last quarter. 85.78% of the stock is owned by hedge funds and other institutional investors.

Copart Price Performance

Shares of CPRT opened at $45.28 on Wednesday. Copart, Inc. has a 1-year low of $44.95 and a 1-year high of $64.38. The stock has a market cap of $43.78 billion, a PE ratio of 28.30 and a beta of 1.03. The firm has a 50-day simple moving average of $47.18 and a two-hundred day simple moving average of $52.07.

Copart (NASDAQ:CPRT - Get Free Report) last announced its quarterly earnings results on Thursday, September 4th. The business services provider reported $0.41 earnings per share for the quarter, beating analysts' consensus estimates of $0.37 by $0.04. The business had revenue of $1.13 billion during the quarter, compared to analysts' expectations of $1.14 billion. Copart had a net margin of 33.41% and a return on equity of 18.17%. The business's revenue for the quarter was up 2.9% on a year-over-year basis. During the same period last year, the business earned $0.33 earnings per share. As a group, sell-side analysts expect that Copart, Inc. will post 1.57 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of brokerages have recently commented on CPRT. HSBC set a $62.00 target price on shares of Copart and gave the company a "buy" rating in a research report on Thursday, September 4th. Robert W. Baird reduced their target price on shares of Copart from $64.00 to $55.00 and set an "outperform" rating for the company in a research report on Thursday, July 17th. Stephens reduced their target price on shares of Copart from $50.00 to $46.00 and set an "equal weight" rating for the company in a research report on Friday, September 5th. Finally, Hsbc Global Res upgraded shares of Copart from a "hold" rating to a "strong-buy" rating in a research report on Thursday, September 4th. One investment analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and three have given a Hold rating to the stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $54.50.

Insider Buying and Selling

In related news, Director Thomas N. Tryforos sold 228,840 shares of Copart stock in a transaction that occurred on Monday, September 15th. The shares were sold at an average price of $47.54, for a total value of $10,879,053.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, 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 transaction, the chief executive officer owned 31,527 shares of the company's stock, valued at $1,463,798.61. This trade represents a 43.31% decrease in their position. The disclosure for this sale can be found here. Insiders own 9.68% of the company's stock.

About Copart

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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