Copart, Inc. $CPRT Shares Acquired by NorthCrest Asset Manangement LLC

Key Points

• NorthCrest Asset Management increased its Copart stake by 1,102.2% during the third quarter, owning 184,823 shares valued at approximately $5.04 million. Institutional investors collectively hold 85.78% of Copart’s outstanding shares.
• Analyst sentiment remains positive, with Copart receiving a consensus “Moderate Buy” rating and an average price target of $37.80, despite some analysts maintaining sell or reducing their price targets.
• Copart’s latest quarterly results showed revenue of $1.15 billion, up 2.4% year over year, but earnings per share of $0.35 fell short of the $0.38 consensus estimate. Shares opened at $26.37, near the company’s 52-week low of $26.17.

NorthCrest Asset Manangement LLC lifted its stake in Copart, Inc. (NASDAQ:CPRT - Free Report) by 1,102.2% in the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 184,823 shares of the business services provider's stock after buying an additional 169,449 shares during the period. NorthCrest Asset Manangement LLC's holdings in Copart were worth $5,042,000 at the end of the most recent reporting period.

A number of other hedge funds also recently modified their holdings of the company. Confluence Investment Management LLC increased its stake in Copart by 44.2% in the third quarter. Confluence Investment Management LLC now owns 422,532 shares of the business services provider's stock valued at $11,527,000 after acquiring an additional 129,591 shares during the period. Janney Montgomery Scott LLC lifted its stake in Copart by 14.0% during the first quarter. Janney Montgomery Scott LLC now owns 333,624 shares of the business services provider's stock worth $11,076,000 after purchasing an additional 41,060 shares during the period. Handelsbanken Fonder AB lifted its stake in Copart by 6.4% during the second quarter. Handelsbanken Fonder AB now owns 578,452 shares of the business services provider's stock worth $16,307,000 after purchasing an additional 34,855 shares during the period. MassMutual Private Wealth & Trust FSB boosted its holdings in Copart by 3,034.7% during the third quarter. MassMutual Private Wealth & Trust FSB now owns 200,557 shares of the business services provider's stock valued at $5,471,000 after purchasing an additional 194,159 shares in the last quarter. Finally, Focus Partners Advisor Solutions LLC acquired a new stake in Copart during the second quarter valued at approximately $1,298,000. Institutional investors own 85.78% of the company's stock.

Analyst Upgrades and Downgrades

CPRT has been the topic of several analyst reports. Freedom Capital upgraded Copart to a "strong-buy" rating in a research note on Friday, June 26th. BNP Paribas Exane reiterated an "outperform" rating and issued a $43.00 price target (up from $40.00) on shares of Copart in a research report on Monday, September 28th. JPMorgan Chase & Co. upgraded Copart from a "neutral" rating to an "overweight" rating and increased their price objective for the stock from $32.00 to $40.00 in a research note on Thursday, September 3rd. Weiss Ratings reissued a "sell (d+)" rating on shares of Copart in a report on Wednesday, July 29th. Finally, Robert W. Baird cut their price objective on Copart from $42.00 to $38.00 and set an "outperform" rating for the company in a report on Friday, September 11th. Two research analysts have rated the stock with a Strong Buy rating, five have issued a Buy rating, three have given a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat, Copart currently has a consensus rating of "Moderate Buy" and an average target price of $37.80.

Insider Activity at Copart

In related news, CEO Jeffrey Liaw sold 27,745 shares of the company's 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 approximately $3,038,054.09. This represents a 21.78% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. 9.60% of the stock is currently owned by company insiders.

Copart Price Performance

Shares of NASDAQ CPRT opened at $26.37 on Wednesday. Copart, Inc. has a fifty-two week low of $26.17 and a fifty-two week high of $45.89. The firm has a market capitalization of $24.43 billion, a P/E ratio of 17.01, a P/E/G ratio of 1.30 and a beta of 1.06. The company's 50 day simple moving average is $30.21 and its 200 day simple moving average is $30.92.

Copart (NASDAQ:CPRT - Get Free Report) last released its 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 business had revenue of $1.15 billion for the quarter, compared to analyst estimates of $1.14 billion. Copart had a return on equity of 15.93% and a net margin of 31.81%. Copart's revenue was up 2.4% on a year-over-year basis. During the same period in the prior year, the firm posted $0.41 EPS. Sell-side analysts expect that Copart, Inc. will post 1.63 EPS for the current fiscal year.

About Copart

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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