Envestnet Asset Management Inc. Increases Stock Position in Copart, Inc. (NASDAQ:CPRT)

Envestnet Asset Management Inc. increased its position in Copart, Inc. (NASDAQ:CPRT - Free Report) by 1.8% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 4,151,771 shares of the business services provider's stock after buying an additional 73,157 shares during the quarter. Envestnet Asset Management Inc. owned 0.43% of Copart worth $234,949,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also bought and sold shares of the company. Drake & Associates LLC grew its position in Copart by 13.1% during the first quarter. Drake & Associates LLC now owns 8,360 shares of the business services provider's stock valued at $473,000 after acquiring an additional 971 shares during the last quarter. Crew Capital Management Ltd. grew its position in Copart by 3.9% during the first quarter. Crew Capital Management Ltd. now owns 14,994 shares of the business services provider's stock valued at $849,000 after acquiring an additional 569 shares during the last quarter. Cloud Capital Management LLC bought a new position in Copart during the first quarter valued at approximately $26,000. Wayfinding Financial LLC bought a new position in Copart during the first quarter valued at approximately $65,000. Finally, IFM Investors Pty Ltd grew its position in Copart by 11.1% during the first quarter. IFM Investors Pty Ltd now owns 169,429 shares of the business services provider's stock valued at $8,878,000 after acquiring an additional 16,947 shares during the last quarter. Hedge funds and other institutional investors own 85.78% of the company's stock.

Insider Buying and Selling

In related news, Director Steven D. Cohan sold 94,997 shares of the firm's 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 9.68% of the stock is owned by insiders.

Analysts Set New Price Targets

CPRT has been the topic of a number of recent research reports. Stephens initiated coverage on shares of Copart in a research report on Tuesday. They set an "equal weight" rating and a $50.00 price target on the stock. JPMorgan Chase & Co. reduced their price target on shares of Copart from $60.00 to $55.00 and set a "neutral" rating on the stock in a research report on Friday, May 23rd. Finally, Argus lowered Copart from a "buy" rating to a "hold" rating in a research note on Friday, March 14th.

Copart Trading Up 0.7%

Shares of NASDAQ:CPRT traded up $0.35 during trading on Thursday, reaching $47.99. 7,779,785 shares of the company traded hands, compared to its average volume of 4,917,760. The firm has a market capitalization of $46.40 billion, a price-to-earnings ratio of 31.57 and a beta of 1.07. Copart, Inc. has a 52-week low of $47.33 and a 52-week high of $64.38. The business's fifty day moving average is $53.31 and its 200-day moving average is $55.81.

Copart (NASDAQ:CPRT - Get Free Report) last released its quarterly earnings data on Thursday, May 22nd. The business services provider reported $0.42 earnings per share for the quarter, meeting analysts' consensus estimates 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 firm posted $0.39 earnings per share. The business's quarterly revenue was up 7.5% compared to the same quarter last year. On average, sell-side analysts predict that Copart, Inc. will post 1.57 earnings per share 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.