Corebridge Financial Inc. Sells 12,312 Shares of Copart, Inc. $CPRT

Key Points

• Corebridge Financial Inc. reduced its stake in Copart, Inc. by 4.0%, selling 12,312 shares in the first quarter, leaving it with 298,990 shares valued at approximately $16.92 million.
• Several institutional investors increased their holdings in Copart significantly during the same quarter, with Kayne Anderson Rudnick Investment Management LLC expanding its position by 475.0%.
• Research analysts have adjusted their price targets for Copart, with Robert W. Baird lowering their estimate from $64.00 to $55.00, indicating a trend of cautious outlook as most analysts give it an average rating of "Hold".

Corebridge Financial Inc. decreased its holdings in Copart, Inc. (NASDAQ:CPRT - Free Report) by 4.0% during the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 298,990 shares of the business services provider's stock after selling 12,312 shares during the period. Corebridge Financial Inc.'s holdings in Copart were worth $16,920,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. Vanguard Group Inc. grew its position 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 acquiring an additional 2,134,890 shares during the last quarter. Principal Financial Group Inc. grew its position in Copart by 3.3% in the first quarter. Principal Financial Group Inc. now owns 39,409,377 shares of the business services provider's stock valued at $2,230,177,000 after acquiring an additional 1,249,687 shares during the last quarter. JPMorgan Chase & Co. grew its position 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. Invesco Ltd. grew its position in Copart by 7.5% in the first quarter. Invesco Ltd. now owns 9,490,237 shares of the business services provider's stock valued at $537,052,000 after acquiring an additional 658,329 shares during the last quarter. Finally, Northern Trust Corp grew its position in Copart by 0.7% in the first quarter. Northern Trust Corp now owns 8,927,156 shares of the business services provider's stock valued at $505,188,000 after acquiring an additional 61,855 shares during the last quarter. Institutional investors and hedge funds own 85.78% of the company's stock.

Insider Buying and Selling at Copart

In other 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 directly owned 31,527 shares in the company, 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 legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 9.68% of the company's stock.

Wall Street Analyst Weigh In

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

Copart Price Performance

NASDAQ CPRT traded up $0.06 on Friday, reaching $48.81. The company had a trading volume of 5,330,175 shares, compared to its average volume of 5,684,712. The firm has a market cap of $47.20 billion, a price-to-earnings ratio of 32.11 and a beta of 1.04. Copart, Inc. has a fifty-two week low of $45.05 and a fifty-two week high of $64.38. The business has a 50 day moving average of $47.39 and a two-hundred day moving average of $53.25.

Copart Company Profile

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.