Copart, Inc. $CPRT Position Increased by State of Alaska Department of Revenue

Key Points

• The State of Alaska Department of Revenue increased its holdings in Copart, Inc. by 7.6% in Q2, owning 125,268 shares valued at approximately $6.15 million.
• CEO Jeffrey Liaw sold 24,088 shares of Copart at around $46.43 each, significantly reducing his ownership by 43.31%.
• Copart's recent earnings report showed an EPS of $0.41, exceeding analyst expectations, with a revenue of $1.13 billion for the quarter.

State of Alaska Department of Revenue raised its position in shares of Copart, Inc. (NASDAQ:CPRT - Free Report) by 7.6% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 125,268 shares of the business services provider's stock after buying an additional 8,890 shares during the quarter. State of Alaska Department of Revenue's holdings in Copart were worth $6,146,000 at the end of the most recent quarter.

A number of other hedge funds also recently bought and sold shares of the company. Cloud Capital Management LLC acquired a new position in shares of Copart in the 1st quarter valued at about $26,000. Atticus Wealth Management LLC acquired a new position in shares of Copart in the 2nd quarter valued at about $31,000. Accent Capital Management LLC acquired a new position in shares of Copart in the 1st quarter valued at about $36,000. Financial Network Wealth Advisors LLC increased its holdings in shares of Copart by 152.6% in the 1st quarter. Financial Network Wealth Advisors LLC now owns 783 shares of the business services provider's stock valued at $44,000 after purchasing an additional 473 shares during the period. Finally, SouthState Corp acquired a new position in shares of Copart in the 1st quarter valued at about $45,000. 85.78% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Copart

In other Copart news, CEO Jeffrey Liaw sold 24,088 shares of the stock in a transaction that occurred on Tuesday, July 15th. The stock was sold at an average price of $46.43, for a total transaction of $1,118,405.84. Following the transaction, the chief executive officer owned 31,527 shares in the company, valued at $1,463,798.61. This trade represents a 43.31% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Thomas N. Tryforos sold 228,840 shares of the 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 disclosure for this sale can be found here. Company insiders own 9.68% of the company's stock.

Copart Stock Performance

NASDAQ:CPRT opened at $44.87 on Monday. The stock's 50 day moving average price is $47.12 and its 200 day moving average price is $51.90. Copart, Inc. has a 52 week low of $44.67 and a 52 week high of $64.38. The company has a market capitalization of $43.39 billion, a P/E ratio of 28.04 and a beta of 1.03.

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

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on the company. Robert W. Baird dropped their target price on Copart from $64.00 to $55.00 and set an "outperform" rating on the stock in a report on Thursday, July 17th. Stephens dropped their target price on Copart from $50.00 to $46.00 and set an "equal weight" rating on the stock in a report on Friday, September 5th. Hsbc Global Res upgraded Copart from a "hold" rating to a "strong-buy" rating in a report on Thursday, September 4th. Finally, HSBC set a $62.00 price objective on Copart and gave the stock a "buy" rating in a report on Thursday, September 4th. One research 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 company's stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $54.50.

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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