Invesco Ltd. Grows Position in Copart, Inc. (NASDAQ:CPRT)

Key Points

• Invesco Ltd. increased its holdings in Copart, Inc. by 7.5%, owning 9,490,237 shares valued at approximately $537 million as of the latest SEC filing.
• Several analysts have set new price targets for Copart, with Robert W. Baird and JPMorgan reducing their target prices to $55.00, while Stephens set an initial target at $50.00.
• CEO Jeffrey Liaw sold 24,088 shares of Copart stock for over $1.1 million, reducing his ownership by 43.31%, while insiders collectively own 9.68% of the company's stock.

Invesco Ltd. boosted its holdings in Copart, Inc. (NASDAQ:CPRT - Free Report) by 7.5% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 9,490,237 shares of the business services provider's stock after purchasing an additional 658,329 shares during the period. Invesco Ltd. owned about 0.98% of Copart worth $537,052,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Cloud Capital Management LLC purchased a new position in Copart in the first quarter worth $26,000. Sunbelt Securities Inc. purchased a new position in Copart in the fourth quarter worth $31,000. Accent Capital Management LLC purchased a new position in Copart in the first quarter worth $36,000. Marshall & Sterling Wealth Advisors Inc. purchased a new position in Copart in the fourth quarter worth $45,000. Finally, Cornerstone Planning Group LLC boosted its position in Copart by 51.3% in the first quarter. Cornerstone Planning Group LLC now owns 829 shares of the business services provider's stock worth $51,000 after purchasing an additional 281 shares during the last quarter. Hedge funds and other institutional investors own 85.78% of the company's stock.

Analysts Set New Price Targets

Several research firms have weighed in on CPRT. Robert W. Baird cut their price objective on Copart from $64.00 to $55.00 and set an "outperform" rating on the stock in a research report on Thursday, July 17th. Stephens initiated coverage on Copart in a research report on Tuesday, July 8th. They issued an "equal weight" rating and a $50.00 target price for the company. Finally, JPMorgan Chase & Co. decreased their target price on Copart from $60.00 to $55.00 and set a "neutral" rating for the company in a research report on Friday, May 23rd.

Insider Activity

In other Copart news, CEO Jeffrey Liaw sold 24,088 shares of the 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 owned 31,527 shares in the company, valued at $1,463,798.61. This represents a 43.31% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 9.68% of the stock is currently owned by corporate insiders.

Copart Price Performance

NASDAQ:CPRT opened at $46.19 on Monday. The business has a fifty day simple moving average of $47.88 and a two-hundred day simple moving average of $54.19. Copart, Inc. has a 1 year low of $45.05 and a 1 year high of $64.38. The company has a market capitalization of $44.66 billion, a P/E ratio of 30.39 and a beta of 1.04.

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

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