Copart, Inc. $CPRT Shares Purchased by Allspring Global Investments Holdings LLC

Key Points

• Allspring Global Investments dramatically increased its Copart position in the first quarter, boosting its stake by 4,135% to 1,809,924 shares worth about $59.8 million.
• Copart posted a solid quarterly earnings beat, reporting $0.43 EPS versus the $0.41 consensus and revenue of $1.24 billion, above expectations of $1.19 billion.
• Despite the positive results, the stock has been under pressure, recently trading near its 52-week low of $27.23, while analysts currently rate it Moderate Buy with a consensus target price of $44.50.

Allspring Global Investments Holdings LLC increased its stake in shares of Copart, Inc. (NASDAQ:CPRT - Free Report) by 4,135.0% in the first quarter, according to its most recent 13F filing with the SEC. The firm owned 1,809,924 shares of the business services provider's stock after purchasing an additional 1,767,187 shares during the period. Allspring Global Investments Holdings LLC owned approximately 0.19% of Copart worth $59,764,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Lodestone Wealth Management LLC acquired a new stake in shares of Copart in the fourth quarter valued at $25,000. Cache Advisors LLC acquired a new position in Copart during the 1st quarter worth about $31,000. Aventura Private Wealth LLC purchased a new position in Copart during the 4th quarter valued at about $33,000. Reflection Asset Management purchased a new position in Copart during the 4th quarter valued at about $34,000. Finally, Board of the Pension Protection Fund acquired a new position in Copart in the 4th quarter valued at about $35,000. Hedge funds and other institutional investors own 85.78% of the company's stock.

Copart Stock Performance

CPRT opened at $27.61 on Friday. Copart, Inc. has a one year low of $27.23 and a one year high of $50.11. The company has a market cap of $25.56 billion, a P/E ratio of 17.15 and a beta of 1.02. The business's 50-day simple moving average is $30.72 and its 200-day simple moving average is $34.48.

Copart (NASDAQ:CPRT - Get Free Report) last posted its earnings results on Thursday, May 21st. The business services provider reported $0.43 earnings per share for the quarter, topping the consensus estimate of $0.41 by $0.02. The firm had revenue of $1.24 billion during the quarter, compared to analysts' expectations of $1.19 billion. Copart had a return on equity of 16.63% and a net margin of 33.48%.The firm's revenue was up 2.1% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.42 earnings per share. As a group, analysts predict that Copart, Inc. will post 1.58 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on the stock. Weiss Ratings cut shares of Copart from a "hold (c-)" rating to a "sell (d+)" rating in a research report on Friday, May 1st. Jefferies Financial Group set a $45.00 target price on shares of Copart in a research note on Friday, May 22nd. Freedom Capital upgraded shares of Copart to a "strong-buy" rating in a report on Friday, June 26th. Finally, Zacks Research raised shares of Copart from a "strong sell" rating to a "hold" rating in a research report on Monday, April 27th. Three equities research analysts have rated the stock with a Strong Buy rating, one has given a Buy rating, three have assigned a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $44.50.

Copart Profile

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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