Bridges Investment Management Inc. Lowers Position in Copart, Inc. (NASDAQ:CPRT)

Bridges Investment Management Inc. decreased its holdings in shares of Copart, Inc. (NASDAQ:CPRT - Free Report) by 4.7% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 822,519 shares of the business services provider's stock after selling 40,763 shares during the period. Bridges Investment Management Inc. owned about 0.09% of Copart worth $46,546,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also recently modified their holdings of the company. BI Asset Management Fondsmaeglerselskab A S increased its stake in Copart by 289.6% in the 4th quarter. BI Asset Management Fondsmaeglerselskab A S now owns 34,322 shares of the business services provider's stock worth $1,970,000 after buying an additional 25,512 shares in the last quarter. Sowell Financial Services LLC purchased a new stake in shares of Copart during the 1st quarter worth approximately $604,000. Tsai Capital Corp boosted its position in shares of Copart by 13.3% during the 4th quarter. Tsai Capital Corp now owns 61,689 shares of the business services provider's stock valued at $3,540,000 after acquiring an additional 7,230 shares during the last quarter. Voleon Capital Management LP bought a new position in shares of Copart during the 4th quarter valued at approximately $1,314,000. Finally, Handelsbanken Fonder AB grew its holdings in shares of Copart by 53.3% in the first quarter. Handelsbanken Fonder AB now owns 854,336 shares of the business services provider's stock valued at $48,347,000 after purchasing an additional 297,210 shares in the last quarter. 85.78% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on CPRT. JPMorgan Chase & Co. decreased their price target on shares of Copart from $60.00 to $55.00 and set a "neutral" rating on the stock in a research note on Friday, May 23rd. Argus cut shares of Copart from a "buy" rating to a "hold" rating in a research note on Friday, March 14th. Finally, Stephens assumed coverage on shares of Copart in a research report on Tuesday. They set an "equal weight" rating and a $50.00 target price on the stock.

Copart Trading Down 1.8%

NASDAQ:CPRT traded down $0.87 during midday trading on Wednesday, hitting $47.64. 7,218,319 shares of the company traded hands, compared to its average volume of 4,900,750. The firm has a market capitalization of $46.07 billion, a P/E ratio of 31.34 and a beta of 1.07. The firm's fifty day moving average is $53.82 and its 200-day moving average is $55.94. Copart, Inc. has a 12-month low of $47.33 and a 12-month high of $64.38.

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 for the quarter, meeting the consensus estimate of $0.42. Copart had a net margin of 32.21% and a return on equity of 18.20%. The business had revenue of $1.21 billion for the quarter, compared to the consensus estimate of $1.23 billion. During the same quarter in the prior year, the firm posted $0.39 earnings per share. The business's revenue for the quarter was up 7.5% on a year-over-year basis. On average, research analysts expect that Copart, Inc. will post 1.57 EPS for the current fiscal year.

Insider Buying and Selling at Copart

In other Copart news, Director Steven D. Cohan sold 94,997 shares of the stock in a transaction on Monday, April 14th. The stock was sold at an average price of $60.01, for a total value of $5,700,769.97. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders own 9.68% of the company's stock.

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.