HB Wealth Management LLC Purchases 42,418 Shares of Copart, Inc. (NASDAQ:CPRT)

Key Points

• HB Wealth Management LLC significantly increased its holdings in Copart, Inc. by 195.5% during the first quarter, owning 64,120 shares valued at approximately $3.6 million by the end of the reporting period.
• CEO Jeffrey Liaw sold 24,088 shares of Copart, a 43.31% decrease in their ownership, following a transaction valued at over $1.1 million.
• Multiple brokerages have adjusted their target prices for Copart, with JPMorgan Chase lowering the target from $60.00 to $55.00 and setting a "neutral" rating.

HB Wealth Management LLC increased its holdings in shares of Copart, Inc. (NASDAQ:CPRT - Free Report) by 195.5% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 64,120 shares of the business services provider's stock after acquiring an additional 42,418 shares during the quarter. HB Wealth Management LLC's holdings in Copart were worth $3,629,000 as of its most recent SEC filing.

A number of other hedge funds have also bought and sold shares of the business. Cloud Capital Management LLC bought a new stake in shares of Copart in the first quarter valued at $26,000. Sunbelt Securities Inc. bought a new stake in shares of Copart during the 4th quarter valued at $31,000. Marshall & Sterling Wealth Advisors Inc. bought a new stake in shares of Copart during the 4th quarter valued at $45,000. Versant Capital Management Inc raised its stake in shares of Copart by 1,567.9% during the 1st quarter. Versant Capital Management Inc now owns 884 shares of the business services provider's stock valued at $50,000 after purchasing an additional 831 shares during the period. Finally, Cornerstone Planning Group LLC raised its stake in shares of Copart by 51.3% during the 1st quarter. Cornerstone Planning Group LLC now owns 829 shares of the business services provider's stock valued at $51,000 after purchasing an additional 281 shares during the period. 85.78% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on the company. Robert W. Baird decreased their price objective on Copart from $64.00 to $55.00 and set an "outperform" rating on the stock in a research note on Thursday, July 17th. Stephens assumed coverage on Copart in a research note on Tuesday, July 8th. They set an "equal weight" rating and a $50.00 price objective on the stock. Finally, JPMorgan Chase & Co. decreased their price objective on Copart from $60.00 to $55.00 and set a "neutral" rating on the stock in a research note on Friday, May 23rd.

Insiders Place Their Bets

In related news, CEO Jeffrey Liaw sold 24,088 shares of the firm's stock in a transaction that occurred on 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 position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 9.68% of the stock is currently owned by company insiders.

Copart Trading Down 0.5%

NASDAQ CPRT traded down $0.23 on Thursday, hitting $46.05. The company's stock had a trading volume of 1,566,443 shares, compared to its average volume of 5,670,264. Copart, Inc. has a 52-week low of $45.52 and a 52-week high of $64.38. The company's 50-day simple moving average is $48.94 and its 200 day simple moving average is $54.74. The firm has a market cap of $44.53 billion, a P/E ratio of 30.32 and a beta of 1.07.

Copart (NASDAQ:CPRT - Get Free Report) last announced its earnings results on Thursday, May 22nd. The business services provider reported $0.42 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.42. Copart had a return on equity of 18.20% and a net margin of 32.21%. The firm had revenue of $1.21 billion during the quarter, compared to analyst estimates of $1.23 billion. During the same quarter in the prior year, the company earned $0.39 EPS. The business's revenue was up 7.5% compared to the same quarter last year. On average, research 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.