Copart, Inc. $CPRT Shares Acquired by Confluence Investment Management LLC

Key Points

• Confluence Investment Management increased its Copart stake by 44.2% in the third quarter, acquiring 129,591 additional shares and bringing its total holdings to 422,532 shares valued at approximately $11.5 million. Institutional investors collectively own 85.78% of Copart.
• Analyst sentiment remains positive overall, with Copart carrying a consensus “Moderate Buy” rating and an average price target of $37.80, despite mixed revisions and individual ratings ranging from “Strong Buy” to “Sell.”
• Copart shares recently traded at $27.09, near their 12-month low, after the company reported quarterly EPS of $0.35—below the $0.38 consensus estimate—while revenue rose 2.4% year over year to $1.15 billion.

Confluence Investment Management LLC lifted its holdings in Copart, Inc. (NASDAQ:CPRT - Free Report) by 44.2% 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 422,532 shares of the business services provider's stock after buying an additional 129,591 shares during the quarter. Confluence Investment Management LLC's holdings in Copart were worth $11,527,000 as of its most recent SEC filing.

Several other large investors have also recently bought and sold shares of the business. Western Pacific Wealth Management LP grew its stake in shares of Copart by 13.8% during the 1st quarter. Western Pacific Wealth Management LP now owns 2,646 shares of the business services provider's stock worth $88,000 after purchasing an additional 320 shares during the period. Claret Asset Management Corp raised its holdings in Copart by 5.1% during the fourth quarter. Claret Asset Management Corp now owns 6,830 shares of the business services provider's stock worth $267,000 after purchasing an additional 329 shares during the last quarter. Alpha Family Trust boosted its position in Copart by 3.4% during the first quarter. Alpha Family Trust now owns 11,010 shares of the business services provider's stock worth $366,000 after purchasing an additional 360 shares in the last quarter. Parallel Advisors LLC boosted its position in Copart by 3.0% during the fourth quarter. Parallel Advisors LLC now owns 12,783 shares of the business services provider's stock worth $500,000 after purchasing an additional 367 shares in the last quarter. Finally, Sequoia Financial Advisors LLC grew its holdings in Copart by 1.3% in the second quarter. Sequoia Financial Advisors LLC now owns 28,547 shares of the business services provider's stock valued at $805,000 after purchasing an additional 369 shares during the last quarter. Hedge funds and other institutional investors own 85.78% of the company's stock.

Insider Buying and Selling

In other Copart news, CEO Jeffrey Liaw sold 27,745 shares of Copart stock in a transaction dated Tuesday, July 28th. The stock was sold at an average price of $30.49, for a total value of $845,945.05. Following the completion of the sale, the chief executive officer owned 99,641 shares in the company, valued at $3,038,054.09. The trade was a 21.78% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Insiders own 9.60% of the company's stock.

Analyst Upgrades and Downgrades

CPRT has been the subject of several research reports. Freedom Capital raised Copart to a "strong-buy" rating in a research note on Friday, June 26th. Zacks Research upgraded shares of Copart from a "strong sell" rating to a "hold" rating in a report on Monday, September 7th. Stephens restated an "equal weight" rating and set a $35.00 target price on shares of Copart in a research report on Thursday, August 20th. Barrington Research raised shares of Copart from a "market perform" rating to an "outperform" rating and set a $40.00 price target on the stock in a report on Friday, September 11th. Finally, Robert W. Baird lowered their price target on shares of Copart from $42.00 to $38.00 and set an "outperform" rating on the stock in a research report on Friday, September 11th. Two research analysts have rated the stock with a Strong Buy rating, five have given a Buy rating, three have given a Hold rating and two have assigned a Sell rating to the company's stock. According to data from MarketBeat.com, Copart currently has a consensus rating of "Moderate Buy" and an average target price of $37.80.

Copart Trading Down 0.7%

Shares of Copart stock traded down $0.20 during mid-day trading on Thursday, hitting $27.09. 2,505,936 shares of the stock were exchanged, compared to its average volume of 10,192,976. The company has a 50-day simple moving average of $30.62 and a 200 day simple moving average of $31.31. The stock has a market capitalization of $25.08 billion, a price-to-earnings ratio of 17.47, a price-to-earnings-growth ratio of 1.32 and a beta of 1.03. Copart, Inc. has a twelve month low of $26.74 and a twelve month high of $45.89.

Copart (NASDAQ:CPRT - Get Free Report) last announced its quarterly earnings data on Thursday, September 10th. The business services provider reported $0.35 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.38 by ($0.03). Copart had a net margin of 31.81% and a return on equity of 15.93%. The firm had revenue of $1.15 billion for the quarter, compared to analysts' expectations of $1.14 billion. During the same period in the previous year, the company posted $0.41 EPS. The business's quarterly revenue was up 2.4% on a year-over-year basis. Equities research analysts forecast that Copart, Inc. will post 1.65 earnings per share for the current fiscal year.

Copart Company Profile

Copart, Inc is a global provider of online vehicle auction and remarketing services. The company primarily sells vehicles that have been damaged, totaled, recovered from theft, or otherwise deemed uneconomical to repair. Its customers include insurance companies, automobile dealers, dismantlers, rebuilders, exporters, rental and finance companies, and members of the general public.

Copart conducts auctions through its online VB3 platform, which connects buyers with vehicles listed at the company's facilities.

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