Copart, Inc. $CPRT Shares Sold by Intech Investment Management LLC

Key Points

• Intech Investment Management LLC reduced its stake in Copart, Inc. by 20.6%, owning 77,818 shares after selling 20,178 shares during the 1st quarter, with their holdings valued at $4.4 million.
• CEO Jeffrey Liaw sold 24,088 shares of Copart stock for over $1.1 million, representing a significant 43.31% decrease in his ownership in the company.
• Equities analysts have lowered price targets for Copart shares, with JPMorgan reducing it from $60.00 to $55.00, while HSBC upgraded the stock to a "strong-buy" with a target of $62.00.

Intech Investment Management LLC reduced its position in shares of Copart, Inc. (NASDAQ:CPRT - Free Report) by 20.6% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 77,818 shares of the business services provider's stock after selling 20,178 shares during the period. Intech Investment Management LLC's holdings in Copart were worth $4,404,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also made changes to their positions in the company. Cloud Capital Management LLC acquired a new stake in shares of Copart during the 1st quarter valued at approximately $26,000. Sunbelt Securities Inc. acquired a new stake in shares of Copart during the 4th quarter valued at approximately $31,000. Accent Capital Management LLC acquired a new stake in shares of Copart during the 1st quarter valued at approximately $36,000. Financial Network Wealth Advisors LLC raised its position in shares of Copart by 152.6% during the 1st quarter. Financial Network Wealth Advisors LLC now owns 783 shares of the business services provider's stock valued at $44,000 after acquiring an additional 473 shares in the last quarter. Finally, SouthState Corp acquired a new stake in Copart in the first quarter worth $45,000. 85.78% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, CEO Jeffrey Liaw sold 24,088 shares of the firm's stock in a transaction dated Tuesday, July 15th. The stock was sold at an average price of $46.43, for a total transaction of $1,118,405.84. Following the completion of the transaction, the chief executive officer owned 31,527 shares of the company's stock, valued at $1,463,798.61. This trade represents a 43.31% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 9.68% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on CPRT shares. JPMorgan Chase & Co. reduced their price target on shares of Copart from $60.00 to $55.00 and set a "neutral" rating for the company in a report on Friday, May 23rd. Stephens lowered 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, September 5th. Robert W. Baird lowered 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. Hsbc Global Res upgraded shares of Copart from a "hold" rating to a "strong-buy" rating in a research report on Thursday, September 4th. Finally, HSBC set a $62.00 price target on shares of Copart and gave the stock a "buy" rating in a research report on Thursday, September 4th. One investment 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, Copart presently has an average rating of "Moderate Buy" and an average target price of $54.50.

Copart Stock Performance

Shares of CPRT opened at $48.40 on Friday. The firm has a market capitalization of $46.80 billion, a price-to-earnings ratio of 30.25 and a beta of 1.03. Copart, Inc. has a one year low of $45.05 and a one year high of $64.38. The stock's fifty day moving average is $47.39 and its 200-day moving average is $52.50.

Copart (NASDAQ:CPRT - Get Free Report) last issued its quarterly earnings results on Thursday, September 4th. The business services provider reported $0.41 EPS for the quarter, beating analysts' consensus estimates of $0.37 by $0.04. Copart had a return on equity of 18.17% and a net margin of 33.41%.The company had revenue of $1.13 billion for the quarter, compared to analyst estimates of $1.14 billion. During the same period last year, the company earned $0.33 earnings per share. The company's quarterly revenue was up 2.9% compared to the same quarter last year. Analysts forecast that Copart, Inc. will post 1.57 EPS for the current fiscal year.

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.

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