Independent Solutions Wealth Management LLC Sells 64,429 Shares of Copart, Inc. $CPRT

Key Points

• Independent Solutions Wealth Management LLC reduced its holdings in Copart, Inc. by 93.7% in the 2nd quarter, selling 64,429 shares and retaining only 4,323 shares worth $212,000.
• CEO Jeffrey Liaw and Director Thomas N. Tryforos sold significant shares recently, with Liaw selling 24,088 shares valued at over $1.1 million and Tryforos selling 228,840 shares for nearly $10.9 million.
• Copart reported a quarterly EPS of $0.41, exceeding estimates, and is trading with a market cap of $42.80 billion at a current stock price of $44.23.

Independent Solutions Wealth Management LLC cut its holdings in Copart, Inc. (NASDAQ:CPRT - Free Report) by 93.7% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 4,323 shares of the business services provider's stock after selling 64,429 shares during the period. Independent Solutions Wealth Management LLC's holdings in Copart were worth $212,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in CPRT. Nuveen LLC bought a new position in Copart in the first quarter worth approximately $267,723,000. Fiera Capital Corp raised its position in Copart by 195.6% in the first quarter. Fiera Capital Corp now owns 3,992,610 shares of the business services provider's stock worth $225,942,000 after acquiring an additional 2,642,100 shares during the period. PineStone Asset Management Inc. raised its position in Copart by 56.4% in the second quarter. PineStone Asset Management Inc. now owns 6,407,471 shares of the business services provider's stock worth $314,415,000 after acquiring an additional 2,310,067 shares during the period. Amundi raised its position in Copart by 32.5% in the first quarter. Amundi now owns 9,380,026 shares of the business services provider's stock worth $531,256,000 after acquiring an additional 2,299,192 shares during the period. Finally, Vanguard Group Inc. raised its position in Copart by 2.1% in 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 acquiring an additional 2,134,890 shares during the period. 85.78% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other Copart news, CEO Jeffrey Liaw sold 24,088 shares of Copart stock in a transaction on Tuesday, July 15th. The shares were sold at an average price of $46.43, for a total value of $1,118,405.84. Following the sale, the chief executive officer directly owned 31,527 shares in the company, valued at approximately $1,463,798.61. The trade was a 43.31% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Thomas N. Tryforos sold 228,840 shares of Copart stock in a transaction on Monday, September 15th. The shares were sold at an average price of $47.54, for a total transaction of $10,879,053.60. The disclosure for this sale can be found here. Insiders own 9.68% of the company's stock.

Copart Price Performance

Shares of NASDAQ CPRT opened at $44.23 on Wednesday. The firm has a fifty day moving average price of $46.89 and a 200-day moving average price of $51.49. The stock has a market cap of $42.80 billion, a PE ratio of 27.64 and a beta of 1.03. Copart, Inc. has a 1 year low of $44.12 and a 1 year high of $64.38.

Copart (NASDAQ:CPRT - Get Free Report) last announced its quarterly earnings results on Thursday, September 4th. The business services provider reported $0.41 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.37 by $0.04. The company had revenue of $1.13 billion for the quarter, compared to the consensus estimate of $1.14 billion. Copart had a net margin of 33.41% and a return on equity of 18.17%. Copart's revenue for the quarter was up 2.9% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.33 EPS. On average, research analysts expect that Copart, Inc. will post 1.57 EPS for the current year.

Analyst Ratings Changes

Several research firms have weighed in on CPRT. Stephens decreased their price target on shares of Copart from $50.00 to $46.00 and set an "equal weight" rating on the stock in a research report on Friday, September 5th. HSBC set a $62.00 price target on shares of Copart and gave the stock a "buy" rating in a research report on Thursday, September 4th. Weiss Ratings reissued a "hold (c)" rating on shares of Copart in a research note on Saturday, September 27th. Hsbc Global Res raised shares of Copart from a "hold" rating to a "strong-buy" rating in a research note on Thursday, September 4th. Finally, Robert W. Baird reduced their price objective on shares of Copart from $64.00 to $55.00 and set an "outperform" rating for the company in a research note on Thursday, July 17th. One equities research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and four have issued a Hold rating to the stock. According to data from MarketBeat.com, Copart presently has a consensus rating of "Moderate Buy" and an average price target of $54.50.

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.

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