Copart, Inc. $CPRT Position Trimmed by William Blair Investment Management LLC

Key Points

• William Blair Investment Management cut its Copart stake by 63.2% in the third quarter, selling about 2.0 million shares; it held 1.16 million shares valued at $31.7 million afterward.
• Copart reported quarterly EPS of $0.35, below the $0.38 analyst consensus, while revenue of $1.15 billion exceeded expectations and rose 2.4% year over year.
• Analysts’ average rating was Moderate Buy, with an average price target of $37.90. Shares were trading at $31.83 in the article’s cited session.

William Blair Investment Management LLC decreased its position in Copart, Inc. (NASDAQ:CPRT - Free Report) by 63.2% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,162,650 shares of the business services provider's stock after selling 1,997,328 shares during the quarter. William Blair Investment Management LLC owned 0.13% of Copart worth $31,717,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also modified their holdings of the company. BlackRock Inc. bought a new position in shares of Copart during the 2nd quarter valued at approximately $1,908,980,000. Bank of New York Mellon Corp bought a new stake in Copart in the second quarter worth $488,663,000. Deutsche Bank AG purchased a new stake in Copart during the second quarter valued at $436,413,000. Bank of America Corp DE raised its stake in Copart by 28.7% during the first quarter. Bank of America Corp DE now owns 9,706,517 shares of the business services provider's stock valued at $322,256,000 after purchasing an additional 2,165,708 shares in the last quarter. Finally, Van ECK Associates Corp raised its stake in Copart by 97.9% during the second quarter. Van ECK Associates Corp now owns 9,059,273 shares of the business services provider's stock valued at $255,381,000 after purchasing an additional 4,482,226 shares in the last quarter. 85.78% of the stock is owned by hedge funds and other institutional investors.

Copart Price Performance

Shares of CPRT traded down $0.17 during midday trading on Friday, hitting $31.83. The stock had a trading volume of 7,625,760 shares, compared to its average volume of 12,420,938. Copart, Inc. has a 1 year low of $25.72 and a 1 year high of $41.79. The firm has a market cap of $29.49 billion, a PE ratio of 20.54, a price-to-earnings-growth ratio of 1.57 and a beta of 1.01. The stock's 50 day moving average is $29.38 and its 200 day moving average is $32.00.

Copart (NASDAQ:CPRT - Get Free Report) last released its quarterly earnings results on Thursday, September 10th. The business services provider reported $0.35 EPS for the quarter, missing analysts' consensus estimates of $0.38 by ($0.03). The firm had revenue of $1.15 billion for the quarter, compared to analysts' expectations of $1.14 billion. Copart had a return on equity of 15.93% and a net margin of 31.81%. Copart's revenue for the quarter was up 2.4% on a year-over-year basis. During the same period in the prior year, the firm posted $0.41 earnings per share. As a group, equities research analysts expect that Copart, Inc. will post 1.63 earnings per share for the current fiscal year.

Insider Transactions at Copart

In other Copart news, Director Diane Morefield sold 20,000 shares of the firm's stock in a transaction dated Thursday, October 15th. The shares were sold at an average price of $27.66, for a total value of $553,200.00. Following the completion of the sale, the director owned 50,000 shares of the company's stock, valued at $1,383,000. This trade represents a 28.57% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 9.30% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

CPRT has been the subject of a number of recent research reports. Freedom Broker dropped their price objective on shares of Copart from $39.00 to $36.00 and set a "buy" rating for the company in a research note on Monday, September 14th. Barrington Research raised shares of Copart from a "market perform" rating to an "outperform" rating and set a $40.00 price target for the company in a report on Friday, September 11th. Stephens reiterated an "equal weight" rating and issued a $35.00 price target on shares of Copart in a research report on Thursday, August 20th. Zacks Research raised Copart from a "strong sell" rating to a "hold" rating in a research note on Monday, September 7th. Finally, Weiss Ratings restated a "sell (d+)" rating on shares of Copart in a research report on Tuesday, October 27th. Two analysts have rated the stock with a Strong Buy rating, five have issued a Buy rating, four have issued a Hold rating and two have given a Sell rating to the stock. According to MarketBeat, Copart presently has an average rating of "Moderate Buy" and an average target price of $37.90.

Copart Profile

Copart, Inc. operates an online vehicle auction and remarketing business. Its platform connects sellers with buyers of used and damaged vehicles, including cars, trucks, motorcycles and other equipment. The company serves insurance companies, vehicle dealers, rental and fleet operators, financial institutions and other businesses, as well as individual buyers. Its services include online auctions, vehicle storage, title processing and support with vehicle transportation. Founded in 1982 by Willis Johnson, Copart has expanded from its origins in the United States to serve customers in multiple countries, including markets in North America, Europe and the Middle East.

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