Envestnet Portfolio Solutions Inc. Acquires 48,061 Shares of Copart, Inc. $CPRT

Key Points

• Envestnet Portfolio Solutions increased its Copart stake by 356.9% in the second quarter, purchasing 48,061 additional shares and bringing its holdings to 61,526 shares valued at approximately $1.73 million. Institutional investors collectively own 85.78% of Copart.
• Copart reported quarterly revenue of $1.15 billion, up 2.4% year over year and slightly above estimates, but earnings of $0.35 per share missed the $0.38 consensus forecast.
• Shares opened at $27.59, near their 52-week low, while analysts maintained a consensus “Moderate Buy” rating with an average price target of $37.22. CEO Jeffrey Liaw separately sold 27,745 shares, reducing his direct ownership by 21.78%.

Envestnet Portfolio Solutions Inc. lifted its holdings in Copart, Inc. (NASDAQ:CPRT - Free Report) by 356.9% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 61,526 shares of the business services provider's stock after purchasing an additional 48,061 shares during the quarter. Envestnet Portfolio Solutions Inc.'s holdings in Copart were worth $1,734,000 as of its most recent SEC filing.

Several other large investors have also added to or reduced their stakes in the business. BlackRock Inc. acquired a new position in Copart during the second quarter valued at approximately $1,908,980,000. Capital World Investors raised its stake in shares of Copart by 25.1% during the 4th quarter. Capital World Investors now owns 27,728,398 shares of the business services provider's stock worth $1,085,588,000 after purchasing an additional 5,555,101 shares in the last quarter. Geode Capital Management LLC raised its stake in shares of Copart by 0.6% during the 4th quarter. Geode Capital Management LLC now owns 23,255,161 shares of the business services provider's stock worth $906,836,000 after purchasing an additional 131,703 shares in the last quarter. Bank of New York Mellon Corp boosted its holdings in shares of Copart by 21.7% in the 4th quarter. Bank of New York Mellon Corp now owns 21,982,589 shares of the business services provider's stock valued at $860,618,000 after buying an additional 3,918,610 shares during the last quarter. Finally, Deutsche Bank AG acquired a new stake in shares of Copart in the 2nd quarter valued at approximately $436,413,000. Institutional investors and hedge funds own 85.78% of the company's stock.

Copart Price Performance

Shares of NASDAQ CPRT opened at $27.59 on Friday. The business has a fifty day moving average price of $30.62 and a two-hundred day moving average price of $31.53. The stock has a market capitalization of $25.54 billion, a PE ratio of 17.80, a P/E/G ratio of 1.34 and a beta of 1.03. Copart, Inc. has a fifty-two week low of $26.81 and a fifty-two week high of $45.89.

Copart (NASDAQ:CPRT - Get Free Report) last released its earnings results on Thursday, September 10th. The business services provider reported $0.35 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.38 by ($0.03). Copart had a return on equity of 15.93% and a net margin of 31.81%.The company had revenue of $1.15 billion for the quarter, compared to analyst estimates of $1.14 billion. During the same period last year, the company posted $0.41 earnings per share. The business's revenue for the quarter was up 2.4% compared to the same quarter last year. On average, equities analysts expect that Copart, Inc. will post 1.65 EPS for the current year.

Insider Transactions at Copart

In other Copart news, CEO Jeffrey Liaw sold 27,745 shares of the stock in a transaction dated Tuesday, July 28th. The shares were sold at an average price of $30.49, for a total transaction of $845,945.05. Following the sale, the chief executive officer directly owned 99,641 shares in the company, valued at $3,038,054.09. This represents a 21.78% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 9.60% of the stock is owned by insiders.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on CPRT shares. Zacks Research upgraded shares of Copart from a "strong sell" rating to a "hold" rating in a report on Monday, September 7th. Freedom Capital upgraded shares of Copart to a "strong-buy" rating in a research note on Friday, June 26th. HSBC downgraded shares of Copart from a "buy" rating to a "hold" rating and set a $36.00 price objective for the company. in a research report on Wednesday, September 16th. Robert W. Baird lowered their price objective on shares of Copart from $42.00 to $38.00 and set an "outperform" rating on the stock in a research note on Friday, September 11th. Finally, JPMorgan Chase & Co. raised shares of Copart from a "neutral" rating to an "overweight" rating and upped their target price for the company from $32.00 to $40.00 in a report on Thursday, September 3rd. Two analysts have rated the stock with a Strong Buy rating, four have given a Buy rating, three have assigned a Hold rating and two have issued a Sell rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $37.22.

Copart Profile

Copart, Inc NASDAQ: CPRT provides online vehicle auction and remarketing services. The company operates a global marketplace where damaged, recovered, used and other vehicles are sold primarily through online auctions. Its offerings include salvage and clean-title vehicles, with inventory sourced from insurance companies, banks, dealerships, fleet operators, rental companies, government agencies and other organizations.

Copart supports the vehicle remarketing process through inspection, storage, transportation, title processing and auction services.

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