Forsta AP Fonden Sells 6,100 Shares of Copart, Inc. (NASDAQ:CPRT)

Key Points

• Forsta AP Fonden reduced its stake in Copart, Inc. by selling 6,100 shares, which represents a 3.3% decrease, leaving the firm with 176,900 shares valued at approximately $10 million.
• CEO Jeffrey Liaw sold 24,088 shares of the company, resulting in a 43.31% decrease in his position, following a stock sale that raised over $1.1 million.
• Analysts have lowered their price targets for Copart, with JPMorgan and Robert W. Baird setting new price objectives of $55.00 amidst a neutral or outperform rating.

Forsta AP Fonden decreased its position in shares of Copart, Inc. (NASDAQ:CPRT - Free Report) by 3.3% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 176,900 shares of the business services provider's stock after selling 6,100 shares during the quarter. Forsta AP Fonden's holdings in Copart were worth $10,011,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of the company. Vanguard Group Inc. lifted its position in Copart by 2.1% during the first quarter. Vanguard Group Inc. now owns 104,263,922 shares of the business services provider's stock worth $5,900,295,000 after purchasing an additional 2,134,890 shares during the period. Principal Financial Group Inc. lifted its holdings in shares of 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 worth $2,230,177,000 after acquiring an additional 1,249,687 shares during the last quarter. Capital World Investors lifted its holdings in shares of Copart by 0.8% in the fourth quarter. Capital World Investors now owns 21,353,932 shares of the business services provider's stock worth $1,225,502,000 after acquiring an additional 169,354 shares during the last quarter. Northern Trust Corp lifted its holdings in shares of Copart by 12.3% in the fourth quarter. Northern Trust Corp now owns 8,865,301 shares of the business services provider's stock worth $508,780,000 after acquiring an additional 971,940 shares during the last quarter. Finally, Royal Bank of Canada lifted its holdings in shares of Copart by 4.2% in the fourth quarter. Royal Bank of Canada now owns 6,151,038 shares of the business services provider's stock worth $353,008,000 after acquiring an additional 246,569 shares during the last quarter. Institutional investors own 85.78% of the company's stock.

Insider Activity at Copart

In other news, CEO Jeffrey Liaw sold 24,088 shares of Copart stock in a transaction 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 sale, the chief executive officer directly owned 31,527 shares in the company, valued at $1,463,798.61. The trade was a 43.31% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 9.68% of the stock is owned by insiders.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on the stock. JPMorgan Chase & Co. dropped their target price on shares of Copart from $60.00 to $55.00 and set a "neutral" rating for the company in a report on Friday, May 23rd. Stephens began coverage on shares of Copart in a report on Tuesday, July 8th. They issued an "equal weight" rating and a $50.00 price objective for the company. Finally, Robert W. Baird dropped their price objective on shares of Copart from $64.00 to $55.00 and set an "outperform" rating for the company in a report on Thursday, July 17th.

Copart Trading Down 0.8%

NASDAQ CPRT traded down $0.40 during mid-day trading on Thursday, hitting $47.26. The company's stock had a trading volume of 1,729,037 shares, compared to its average volume of 5,668,375. Copart, Inc. has a twelve month low of $45.05 and a twelve month high of $64.38. The firm has a market capitalization of $45.69 billion, a price-to-earnings ratio of 31.09 and a beta of 1.04. The company's 50 day simple moving average is $47.67 and its 200 day simple moving average is $54.02.

Copart (NASDAQ:CPRT - Get Free Report) last posted its earnings results on Thursday, May 22nd. The business services provider reported $0.42 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.42. The firm had revenue of $1.21 billion during the quarter, compared to analyst estimates of $1.23 billion. Copart had a net margin of 32.21% and a return on equity of 18.20%. The business's revenue was up 7.5% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.39 EPS. As a group, research analysts forecast that Copart, Inc. will post 1.57 EPS for the current year.

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.