Alliancebernstein L.P. Lowers Stock Holdings in Copart, Inc. $CPRT

Key Points

• Alliancebernstein L.P. reduced its holdings in Copart, Inc. by 17.5%, selling over 6 million shares, and now holds approximately 28.8 million shares, about 0.6% of its total portfolio.
• Copart's stock currently has a market capitalization of $46.88 billion with a price-to-earnings ratio of 31.89, and its shares opened at $48.48 on Wednesday.
• Analysts have provided mixed ratings for Copart, with one "Buy" rating and three "Hold" ratings, while the average price target is set at $53.33.

Alliancebernstein L.P. decreased its holdings in shares of Copart, Inc. (NASDAQ:CPRT - Free Report) by 17.5% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 28,885,240 shares of the business services provider's stock after selling 6,127,713 shares during the quarter. Copart comprises approximately 0.6% of Alliancebernstein L.P.'s portfolio, making the stock its 27th biggest holding. Alliancebernstein L.P. owned approximately 2.99% of Copart worth $1,634,616,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in CPRT. Western Pacific Wealth Management LP increased its stake in Copart by 6.5% in the first quarter. Western Pacific Wealth Management LP now owns 2,838 shares of the business services provider's stock valued at $161,000 after acquiring an additional 173 shares during the last quarter. Blue Trust Inc. increased its stake in Copart by 13.1% in the first quarter. Blue Trust Inc. now owns 1,510 shares of the business services provider's stock valued at $85,000 after acquiring an additional 175 shares during the last quarter. Western Wealth Management LLC increased its stake in Copart by 4.0% in the first quarter. Western Wealth Management LLC now owns 4,985 shares of the business services provider's stock valued at $282,000 after acquiring an additional 192 shares during the last quarter. Nixon Peabody Trust Co. increased its stake in Copart by 5.0% in the first quarter. Nixon Peabody Trust Co. now owns 4,108 shares of the business services provider's stock valued at $232,000 after acquiring an additional 195 shares during the last quarter. Finally, FSM Wealth Advisors LLC increased its stake in Copart by 4.9% in the first quarter. FSM Wealth Advisors LLC now owns 4,649 shares of the business services provider's stock valued at $263,000 after acquiring an additional 218 shares during the last quarter. Institutional investors own 85.78% of the company's stock.

Insider Buying and Selling at Copart

In related news, CEO Jeffrey Liaw sold 24,088 shares of Copart stock in a transaction on Tuesday, July 15th. The shares were sold at an average price of $46.43, for a total transaction of $1,118,405.84. Following the transaction, the chief executive officer owned 31,527 shares in the company, valued at approximately $1,463,798.61. The trade was a 43.31% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 9.68% of the stock is owned by corporate insiders.

Copart Price Performance

CPRT stock traded down $1.40 during trading on Friday, reaching $48.57. The company had a trading volume of 17,581,629 shares, compared to its average volume of 5,525,177. Copart, Inc. has a 52 week low of $45.05 and a 52 week high of $64.38. The company has a market cap of $46.96 billion, a P/E ratio of 30.36 and a beta of 1.03. The business has a 50 day moving average of $47.47 and a 200 day moving average of $52.77.

Copart (NASDAQ:CPRT - Get Free Report) last announced its earnings results on Thursday, September 4th. The business services provider reported $0.41 earnings per share for the quarter, beating analysts' consensus estimates of $0.37 by $0.04. The business had revenue of $1.13 billion during the quarter, compared to the consensus estimate of $1.14 billion. Copart had a net margin of 33.41% and a return on equity of 18.65%. The business's revenue for the quarter was up 2.9% on a year-over-year basis. During the same quarter last year, the firm earned $0.33 earnings per share. Research analysts expect that Copart, Inc. will post 1.57 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on CPRT shares. HSBC set a $62.00 price target on shares of Copart and gave the company a "buy" rating in a research report on Thursday. Hsbc Global Res upgraded shares of Copart from a "hold" rating to a "strong-buy" rating in a research report on Thursday. Robert W. Baird cut their price target on shares of Copart from $64.00 to $55.00 and set an "outperform" rating for the company in a research report on Thursday, July 17th. JPMorgan Chase & Co. cut their price target on shares of Copart from $60.00 to $55.00 and set a "neutral" rating for the company in a research report on Friday, May 23rd. Finally, Stephens cut their price target on shares of Copart from $50.00 to $46.00 and set an "equal weight" rating for the company in a research report on Friday. One research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and three have given a Hold rating to the company's stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $54.50.

About Copart

Copart, Inc provides online auctions and vehicle remarketing services. It offers a range of services for processing and selling vehicles over the Internet through its Virtual Bidding Third Generation Internet auction-style sales technology on behalf of vehicle sellers, insurance companies, banks and finance companies, charities, and fleet operators and dealers, as well as individual owners.