Farther Finance Advisors LLC Buys 79,312 Shares of Copart, Inc. $CPRT

Key Points

• Farther Finance Advisors LLC increased its Copart stake by 427.8% in the third quarter, acquiring 79,312 additional shares for a total of 97,852 shares valued at approximately $2.67 million.
• Institutional investors own 85.78% of Copart, with several major firms—including BlackRock, Bank of New York Mellon, and Deutsche Bank—recently establishing sizable positions.
• Analysts maintain a consensus “Moderate Buy” rating with a $37.80 price target, despite Copart’s latest quarterly EPS of $0.35 missing estimates of $0.38; revenue rose 2.4% year over year to $1.15 billion.

Farther Finance Advisors LLC raised its position in shares of Copart, Inc. (NASDAQ:CPRT - Free Report) by 427.8% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 97,852 shares of the business services provider's stock after acquiring an additional 79,312 shares during the period. Farther Finance Advisors LLC's holdings in Copart were worth $2,669,000 at the end of the most recent quarter.

A number of other institutional investors also recently made changes to their positions in CPRT. BlackRock Inc. acquired a new stake in Copart in the 2nd quarter worth about $1,908,980,000. Bank of New York Mellon Corp bought a new position in Copart in the second quarter valued at about $488,663,000. Deutsche Bank AG bought a new position in Copart in the second quarter valued at about $436,413,000. Bank of America Corp DE acquired a new position in Copart during the second quarter worth about $191,347,000. Finally, Legal & General Group Plc acquired a new stake in shares of Copart in the 2nd quarter valued at approximately $167,000,000. Institutional investors own 85.78% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages recently commented on CPRT. Barrington Research raised shares of Copart from a "market perform" rating to an "outperform" rating and set a $40.00 price objective for the company in a research note on Friday, September 11th. Robert W. Baird cut their price objective on Copart from $42.00 to $38.00 and set an "outperform" rating on the stock in a report on Friday, September 11th. BNP Paribas Exane reiterated an "outperform" rating and issued a $43.00 target price (up from $40.00) on shares of Copart in a research report on Monday, September 28th. Stephens reiterated an "equal weight" rating and issued a $35.00 target price on shares of Copart in a research report on Thursday, August 20th. Finally, Freedom Capital raised Copart to a "strong-buy" rating in a research note on Friday, June 26th. Two research analysts have rated the stock with a Strong Buy rating, five have given a Buy rating, three have assigned a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat.com, Copart presently has an average rating of "Moderate Buy" and a consensus price target of $37.80.

Insider Activity

In other news, CEO Jeffrey Liaw sold 27,745 shares of the business's stock in a transaction dated Tuesday, July 28th. The stock was sold at an average price of $30.49, for a total value of $845,945.05. Following the transaction, the chief executive officer directly owned 99,641 shares of the company's stock, valued at $3,038,054.09. The trade was a 21.78% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 9.60% of the stock is owned by corporate insiders.

Copart Stock Performance

Shares of NASDAQ CPRT opened at $26.48 on Tuesday. The company has a market capitalization of $24.53 billion, a P/E ratio of 17.08, a price-to-earnings-growth ratio of 1.34 and a beta of 1.06. Copart, Inc. has a 52-week low of $26.39 and a 52-week high of $45.89. The company's 50 day moving average price is $30.27 and its 200-day moving average price is $30.96.

Copart (NASDAQ:CPRT - Get Free Report) last posted its quarterly earnings data on Thursday, September 10th. The business services provider reported $0.35 EPS for the quarter, missing analysts' consensus estimates of $0.38 by ($0.03). The firm had revenue of $1.15 billion during the quarter, compared to the consensus estimate of $1.14 billion. Copart had a net margin of 31.81% and a return on equity of 15.93%. The company's revenue for the quarter was up 2.4% compared to the same quarter last year. During the same period in the prior year, the company posted $0.41 earnings per share. Analysts forecast that Copart, Inc. will post 1.63 earnings per share for the current year.

About Copart

Copart, Inc is a global provider of online vehicle auction and remarketing services. The company primarily sells vehicles that have been damaged, totaled, recovered from theft, or otherwise deemed uneconomical to repair. Its customers include insurance companies, automobile dealers, dismantlers, rebuilders, exporters, rental and finance companies, and members of the general public.

Copart conducts auctions through its online VB3 platform, which connects buyers with vehicles listed at the company's facilities.

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