Rafferty Asset Management LLC Sells 13,753 Shares of Copart, Inc. $CPRT

Key Points

• Rafferty Asset Management LLC reduced its stake in Copart, Inc. by 3.9%, owning 337,618 shares valued at $19.1 million after selling 13,753 shares.
• Major institutional investors like Nuveen LLC and Fiera Capital Corp have significantly increased their positions in Copart, with Fiera growing its stake by 195.6% to nearly 4 million shares.
• Copart's stock has seen recent target price adjustments from analysts, with Robert W. Baird lowering its target from $64 to $55, while JPMorgan reduced theirs from $60 to $55, signaling mixed sentiment among analysts.

Rafferty Asset Management LLC lessened its position in shares of Copart, Inc. (NASDAQ:CPRT - Free Report) by 3.9% during the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 337,618 shares of the business services provider's stock after selling 13,753 shares during the quarter. Rafferty Asset Management LLC's holdings in Copart were worth $19,106,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. Nuveen LLC bought a new position in shares of Copart in the 1st quarter valued at about $267,723,000. Fiera Capital Corp lifted its holdings in Copart by 195.6% in the first quarter. Fiera Capital Corp now owns 3,992,610 shares of the business services provider's stock valued at $225,942,000 after buying an additional 2,642,100 shares during the period. Vanguard Group Inc. lifted its holdings in Copart by 2.1% in the first quarter. Vanguard Group Inc. now owns 104,263,922 shares of the business services provider's stock valued at $5,900,295,000 after buying an additional 2,134,890 shares during the period. JPMorgan Chase & Co. boosted its stake in Copart by 15.9% in the first quarter. JPMorgan Chase & Co. now owns 15,345,768 shares of the business services provider's stock valued at $868,417,000 after acquiring an additional 2,106,656 shares during the last quarter. Finally, Douglass Winthrop Advisors LLC acquired a new stake in Copart during the 1st quarter worth $87,903,000. Institutional investors own 85.78% of the company's stock.

Copart Stock Performance

CPRT stock traded up $0.06 during midday trading on Friday, hitting $48.81. 5,330,175 shares of the company's stock were exchanged, compared to its average volume of 5,555,510. Copart, Inc. has a one year low of $45.05 and a one year high of $64.38. The company has a market cap of $47.20 billion, a PE ratio of 32.11 and a beta of 1.04. The stock's fifty day moving average price is $47.41 and its 200-day moving average price is $53.18.

Analysts Set New Price Targets

CPRT has been the topic of a number of analyst reports. Robert W. Baird cut their price target on Copart from $64.00 to $55.00 and set an "outperform" rating on the stock in a research note on Thursday, July 17th. JPMorgan Chase & Co. dropped their price objective on Copart from $60.00 to $55.00 and set a "neutral" rating for the company in a report on Friday, May 23rd. Finally, Stephens started coverage on Copart in a research note on Tuesday, July 8th. They issued an "equal weight" rating and a $50.00 target price on the stock. One analyst has rated the stock with a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus price target of $53.33.

Insider Buying and Selling at Copart

In other news, CEO Jeffrey Liaw sold 24,088 shares of Copart 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 transaction, the chief executive officer owned 31,527 shares in the company, valued at $1,463,798.61. The trade was a 43.31% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 9.68% of the stock is owned by company insiders.

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.