DAVENPORT & Co LLC Has $5.65 Million Stake in Copart, Inc. $CPRT

Key Points

• DAVENPORT & Co LLC significantly increased its stake in Copart, Inc. by 466% during the second quarter, owning 115,102 shares worth approximately $5.65 million.
• Copart reported a quarterly earnings per share of $0.41, surpassing the consensus estimate of $0.37, and the company's revenue of $1.13 billion was up 2.9% year-over-year.
• Wall Street analysts have mixed views on Copart, with HSBC setting a target price of $62.00, while others have lowered their targets, indicating a consensus rating of "Moderate Buy" with an average price target of $54.50.

DAVENPORT & Co LLC increased its stake in shares of Copart, Inc. (NASDAQ:CPRT - Free Report) by 466.0% during the second quarter, according to the company in its most recent filing with the SEC. The fund owned 115,102 shares of the business services provider's stock after acquiring an additional 94,765 shares during the period. DAVENPORT & Co LLC's holdings in Copart were worth $5,648,000 as of its most recent filing with the SEC.

A number of other hedge funds have also made changes to their positions in CPRT. Brighton Jones LLC increased its holdings in shares of Copart by 92.1% during the 4th quarter. Brighton Jones LLC now owns 14,215 shares of the business services provider's stock valued at $816,000 after acquiring an additional 6,817 shares during the last quarter. Wesbanco Bank Inc. grew its holdings in Copart by 5.9% in the 1st quarter. Wesbanco Bank Inc. now owns 4,646 shares of the business services provider's stock valued at $263,000 after buying an additional 257 shares during the last quarter. Tounjian Advisory Partners LLC acquired a new stake in Copart in the 1st quarter valued at approximately $635,000. GAMMA Investing LLC grew its holdings in Copart by 21.5% in the 1st quarter. GAMMA Investing LLC now owns 20,352 shares of the business services provider's stock valued at $1,152,000 after buying an additional 3,598 shares during the last quarter. Finally, Handelsbanken Fonder AB grew its holdings in Copart by 53.3% in the 1st quarter. Handelsbanken Fonder AB now owns 854,336 shares of the business services provider's stock valued at $48,347,000 after buying an additional 297,210 shares during the last quarter. Institutional investors and hedge funds own 85.78% of the company's stock.

Copart Trading Down 0.5%

Shares of NASDAQ:CPRT opened at $44.23 on Wednesday. Copart, Inc. has a 1-year low of $44.12 and a 1-year high of $64.38. The firm has a market capitalization of $42.80 billion, a PE ratio of 27.64 and a beta of 1.03. The business's 50 day moving average is $46.89 and its 200-day moving average is $51.49.

Copart (NASDAQ:CPRT - Get Free Report) last announced its quarterly earnings data on Thursday, September 4th. The business services provider reported $0.41 earnings per share for the quarter, topping the consensus estimate of $0.37 by $0.04. Copart had a return on equity of 18.17% and a net margin of 33.41%.The company had revenue of $1.13 billion for the quarter, compared to analyst estimates of $1.14 billion. During the same quarter last year, the firm earned $0.33 EPS. Copart's revenue for the quarter was up 2.9% compared to the same quarter last year. On average, sell-side analysts predict that Copart, Inc. will post 1.57 EPS for the current year.

Wall Street Analyst Weigh In

CPRT has been the topic of a number of research analyst reports. HSBC set a $62.00 target price on Copart and gave the company a "buy" rating in a report on Thursday, September 4th. Hsbc Global Res raised Copart from a "hold" rating to a "strong-buy" rating in a report on Thursday, September 4th. Weiss Ratings reaffirmed a "hold (c)" rating on shares of Copart in a report on Saturday, September 27th. Robert W. Baird lowered their target price on Copart from $64.00 to $55.00 and set an "outperform" rating on the stock in a report on Thursday, July 17th. Finally, Stephens reduced their price objective on Copart from $50.00 to $46.00 and set an "equal weight" rating for the company in a research report on Friday, September 5th. One investment analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and four have issued a Hold rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $54.50.

Insider Activity at Copart

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 in the company, 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 through the SEC website. Also, Director Thomas N. Tryforos sold 228,840 shares of the firm's stock in a transaction that occurred on Monday, September 15th. The stock was sold at an average price of $47.54, for a total value of $10,879,053.60. The disclosure for this sale can be found here. 9.68% of the stock is owned by company insiders.

Copart 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.

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