Copart, Inc. $CPRT Stake Cut by Alta Capital Management LLC

Key Points

• Alta Capital Management cut its Copart stake by 15.3% in the fourth quarter, selling 96,604 shares and leaving it with 535,319 shares worth about $21 million.
• Insider selling and mixed institutional activity were notable, as CEO Jeffrey Liaw sold 26,213 shares, while several other institutional investors increased their positions; institutions now own 85.78% of the stock.
• Analysts remain cautious on CPRT, with the consensus rating at “Hold” and an average price target of $44.40, even after recent target cuts and downgraded ratings from some firms.

Alta Capital Management LLC cut its stake in Copart, Inc. (NASDAQ:CPRT - Free Report) by 15.3% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 535,319 shares of the business services provider's stock after selling 96,604 shares during the period. Copart accounts for approximately 1.4% of Alta Capital Management LLC's investment portfolio, making the stock its 23rd largest holding. Alta Capital Management LLC owned 0.06% of Copart worth $20,958,000 at the end of the most recent reporting period.

Several other large investors have also recently added to or reduced their stakes in CPRT. Brighton Jones LLC increased its position in Copart by 92.1% in the fourth quarter. Brighton Jones LLC now owns 14,215 shares of the business services provider's stock worth $816,000 after buying an additional 6,817 shares during the period. Geneos Wealth Management Inc. increased its holdings in shares of Copart by 365.8% during the first quarter. Geneos Wealth Management Inc. now owns 1,118 shares of the business services provider's stock valued at $63,000 after purchasing an additional 878 shares during the period. Jump Financial LLC acquired a new position in shares of Copart during the second quarter valued at $2,677,000. Sei Investments Co. increased its holdings in shares of Copart by 110.0% during the second quarter. Sei Investments Co. now owns 900,330 shares of the business services provider's stock valued at $44,179,000 after purchasing an additional 471,571 shares during the period. Finally, Treasurer of the State of North Carolina increased its holdings in shares of Copart by 3.5% during the second quarter. Treasurer of the State of North Carolina now owns 413,083 shares of the business services provider's stock valued at $20,270,000 after purchasing an additional 13,860 shares during the period. 85.78% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, CEO Jeffrey Liaw sold 26,213 shares of the firm's stock in a transaction dated Wednesday, April 15th. The stock was sold at an average price of $33.18, for a total transaction of $869,747.34. Following the completion of the transaction, the chief executive officer owned 79,532 shares of the company's stock, valued at $2,638,871.76. This trade represents a 24.79% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 9.60% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on the company. JPMorgan Chase & Co. lowered their price target on Copart from $45.00 to $34.00 and set a "neutral" rating on the stock in a report on Monday, February 23rd. Weiss Ratings lowered Copart from a "hold (c-)" rating to a "sell (d+)" rating in a report on Friday, May 1st. Barclays reissued an "underweight" rating and set a $32.00 price target (down from $33.00) on shares of Copart in a report on Monday, February 23rd. Zacks Research raised Copart from a "strong sell" rating to a "hold" rating in a report on Monday, April 27th. Finally, Robert W. Baird set a $48.00 price target on Copart and gave the company an "outperform" rating in a report on Friday, February 20th. Two investment analysts have rated the stock with a Strong Buy rating, one has issued a Buy rating, three have assigned a Hold rating and two have issued a Sell rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus target price of $44.40.

Copart Stock Up 3.5%

Shares of CPRT stock opened at $33.44 on Tuesday. The stock has a 50-day simple moving average of $33.54 and a 200 day simple moving average of $37.43. Copart, Inc. has a fifty-two week low of $32.20 and a fifty-two week high of $63.76. The stock has a market capitalization of $32.21 billion, a P/E ratio of 20.90 and a beta of 1.02.

Copart (NASDAQ:CPRT - Get Free Report) last announced its earnings results on Thursday, February 19th. The business services provider reported $0.36 earnings per share for the quarter, missing the consensus estimate of $0.39 by ($0.03). Copart had a net margin of 33.76% and a return on equity of 16.68%. The firm had revenue of $1.12 billion for the quarter, compared to the consensus estimate of $1.15 billion. During the same period in the prior year, the business earned $0.40 EPS. The company's quarterly revenue was down 3.6% compared to the same quarter last year. On average, sell-side analysts anticipate that Copart, Inc. will post 1.57 earnings per share for the current year.

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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