Copart, Inc. $CPRT Shares Acquired by Bowie Capital Management LLC

Key Points

• Bowie Capital Management boosted its Copart stake by 39.3% in Q3 to 2,898,884 shares, making Copart its 4th-largest holding (about $130.4M and ~0.30% of the company).
• Other large institutions also increased exposure—Vanguard now holds ~108.99M shares and Norges Bank established a ~$549.4M position—leaving institutional ownership at about 85.78%.
• Copart missed quarterly expectations (EPS $0.36 vs. $0.39; revenue $1.12B vs. $1.15B), analysts are mixed and the consensus rating is Hold with a $44.40 average price target; meanwhile CEO Jeffrey Liaw sold 25,137 shares, cutting his stake by ~30.99%.

Bowie Capital Management LLC lifted its holdings in Copart, Inc. (NASDAQ:CPRT - Free Report) by 39.3% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,898,884 shares of the business services provider's stock after buying an additional 817,857 shares during the quarter. Copart accounts for 5.7% of Bowie Capital Management LLC's portfolio, making the stock its 4th biggest holding. Bowie Capital Management LLC owned 0.30% of Copart worth $130,363,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Norges Bank acquired a new stake in Copart in the second quarter valued at $549,448,000. Fiera Capital Corp grew its stake in shares of Copart by 75.3% during the 2nd quarter. Fiera Capital Corp now owns 7,000,430 shares of the business services provider's stock worth $343,511,000 after purchasing an additional 3,007,820 shares during the period. First Trust Advisors LP grew its stake in shares of Copart by 75.2% during the 2nd quarter. First Trust Advisors LP now owns 6,579,404 shares of the business services provider's stock worth $322,851,000 after purchasing an additional 2,824,991 shares during the period. Vanguard Group Inc. grew its stake in shares of Copart by 2.4% during the 3rd quarter. Vanguard Group Inc. now owns 108,990,652 shares of the business services provider's stock worth $4,901,310,000 after purchasing an additional 2,581,784 shares during the period. Finally, Jensen Investment Management Inc. increased its holdings in shares of Copart by 39.4% in the 2nd quarter. Jensen Investment Management Inc. now owns 5,315,861 shares of the business services provider's stock valued at $260,849,000 after purchasing an additional 1,503,771 shares in the last quarter. Institutional investors and hedge funds own 85.78% of the company's stock.

Insider Activity

In related news, CEO Jeffrey Liaw sold 25,137 shares of the company's stock in a transaction that occurred on Thursday, January 15th. The stock was sold at an average price of $40.17, for a total value of $1,009,753.29. Following the sale, the chief executive officer owned 55,970 shares of the company's stock, valued at approximately $2,248,314.90. This represents a 30.99% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 9.60% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

A number of analysts recently commented on the stock. Barclays reissued an "underweight" rating and set a $32.00 price objective (down from $33.00) on shares of Copart in a report on Monday, February 23rd. CJS Securities raised shares of Copart to a "strong-buy" rating in a report on Thursday, December 11th. JPMorgan Chase & Co. reduced their price target on shares of Copart from $45.00 to $34.00 and set a "neutral" rating for the company in a research report on Monday, February 23rd. Zacks Research lowered Copart from a "hold" rating to a "strong sell" rating in a research note on Tuesday, February 24th. Finally, Robert W. Baird set a $48.00 price target on Copart and gave the stock an "outperform" rating in a report on Friday, February 20th. Two analysts have rated the stock with a Strong Buy rating, one has assigned a Buy rating, four have given a Hold rating and two have issued a Sell rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Hold" and a consensus price target of $44.40.

Copart Trading Down 0.8%

Shares of NASDAQ CPRT opened at $37.72 on Friday. The company's 50-day moving average price is $39.07 and its 200 day moving average price is $41.87. Copart, Inc. has a 52 week low of $33.81 and a 52 week high of $63.85. The stock has a market cap of $36.34 billion, a price-to-earnings ratio of 23.58 and a beta of 1.09.

Copart (NASDAQ:CPRT - Get Free Report) last announced its quarterly earnings results on Thursday, February 19th. The business services provider reported $0.36 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.39 by ($0.03). The business had revenue of $1.12 billion during the quarter, compared to analysts' expectations of $1.15 billion. Copart had a net margin of 33.76% and a return on equity of 16.68%. The firm's revenue for the quarter was down 3.6% on a year-over-year basis. During the same period last year, the company earned $0.40 EPS. As a group, research analysts expect that Copart, Inc. will post 1.57 earnings per share for the current year.

About Copart

Copart NASDAQ: CPRT is a global provider of online vehicle auction and remarketing services, focused primarily on the sale of salvage and clean-title vehicles. The company operates a technology-driven auction platform that connects sellers — including insurance companies, vehicle finance firms, rental car companies, dealerships and fleet owners — with a broad buyer base consisting of vehicle dismantlers, recyclers, rebuilders and retail buyers. Copart's business model centers on efficient vehicle disposition using digital bidding and logistics services to maximize recovery value for its clients.

Core services include hosting live and timed online auctions, vehicle listing and inspection support, title processing, and transportation and storage solutions.

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