Geode Capital Management LLC Raises Stock Holdings in Copart, Inc. $CPRT

Key Points

• Geode Capital Management increased its Copart stake by 0.6% in the fourth quarter, holding 23.26 million shares worth about $906.8 million at quarter-end.
• Several other institutional investors also boosted positions, and overall 85.78% of Copart’s stock is now held by hedge funds and other institutions.
• Copart’s latest earnings beat expectations, but Wall Street remains cautious: analysts currently have a Hold consensus and an average price target of $44.50, while the stock recently traded near $32.77.

Geode Capital Management LLC boosted its stake in Copart, Inc. (NASDAQ:CPRT - Free Report) by 0.6% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 23,255,161 shares of the business services provider's stock after buying an additional 131,703 shares during the period. Geode Capital Management LLC owned approximately 2.40% of Copart worth $906,836,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of CPRT. Brighton Jones LLC increased its holdings in Copart by 92.1% in the 4th quarter. Brighton Jones LLC now owns 14,215 shares of the business services provider's stock valued at $816,000 after purchasing an additional 6,817 shares during the last quarter. Geneos Wealth Management Inc. increased its holdings in Copart by 365.8% in the 1st quarter. Geneos Wealth Management Inc. now owns 1,118 shares of the business services provider's stock valued at $63,000 after purchasing an additional 878 shares during the last quarter. Jump Financial LLC acquired a new stake in Copart in the 2nd quarter valued at approximately $2,677,000. Sei Investments Co. increased its holdings in Copart by 110.0% in the 2nd quarter. Sei Investments Co. now owns 900,330 shares of the business services provider's stock valued at $44,179,000 after purchasing an additional 471,571 shares during the last quarter. Finally, Treasurer of the State of North Carolina increased its holdings in Copart by 3.5% in the 2nd quarter. Treasurer of the State of North Carolina now owns 413,083 shares of the business services provider's stock valued at $20,270,000 after purchasing an additional 13,860 shares during the last quarter. 85.78% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

CPRT has been the subject of several research reports. Robert W. Baird set a $48.00 target price on shares of Copart and gave the company an "outperform" rating in a report on Friday, February 20th. Jefferies Financial Group set a $45.00 target price on Copart in a report on Friday, May 22nd. Barclays restated an "underweight" rating and set a $32.00 target price (down from $33.00) on shares of Copart in a report on Monday, February 23rd. JPMorgan Chase & Co. lowered their target price on Copart from $45.00 to $34.00 and set a "neutral" rating for the company in a report on Monday, February 23rd. Finally, Weiss Ratings cut Copart from a "hold (c-)" rating to a "sell (d+)" rating in a report on Friday, May 1st. Two analysts have rated the stock with a Strong Buy rating, one has assigned a Buy rating, three have issued a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat, Copart currently has a consensus rating of "Hold" and a consensus price target of $44.50.

Insider Buying and Selling

In other Copart news, CEO Jeffrey Liaw sold 26,213 shares of the business's stock in a transaction that occurred on Wednesday, April 15th. The shares were sold at an average price of $33.18, for a total transaction of $869,747.34. Following the completion of the transaction, the chief executive officer owned 79,532 shares in the company, valued at $2,638,871.76. The trade was a 24.79% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 9.60% of the stock is owned by company insiders.

Copart Price Performance

Shares of NASDAQ CPRT opened at $32.77 on Friday. The stock's 50-day moving average is $33.22 and its two-hundred day moving average is $36.91. Copart, Inc. has a 1-year low of $32.20 and a 1-year high of $52.23. The company has a market cap of $31.57 billion, a price-to-earnings ratio of 20.35 and a beta of 1.02.

Copart (NASDAQ:CPRT - Get Free Report) last issued its quarterly earnings results on Thursday, May 21st. The business services provider reported $0.43 earnings per share for the quarter, topping the consensus estimate of $0.41 by $0.02. Copart had a return on equity of 16.63% and a net margin of 33.48%.The company had revenue of $1.24 billion for the quarter, compared to the consensus estimate of $1.19 billion. During the same quarter in the prior year, the business earned $0.42 EPS. Copart's revenue was up 2.1% on a year-over-year basis. Equities research analysts anticipate that Copart, Inc. will post 1.58 earnings per share for the current fiscal year.

About Copart

Copart NASDAQ: CPRT is a global provider of online vehicle auction and remarketing services, focused primarily on the sale of salvage and clean-title vehicles. The company operates a technology-driven auction platform that connects sellers — including insurance companies, vehicle finance firms, rental car companies, dealerships and fleet owners — with a broad buyer base consisting of vehicle dismantlers, recyclers, rebuilders and retail buyers. Copart's business model centers on efficient vehicle disposition using digital bidding and logistics services to maximize recovery value for its clients.

Core services include hosting live and timed online auctions, vehicle listing and inspection support, title processing, and transportation and storage solutions.

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