Jensen Investment Management Inc. Increases Stake in Copart, Inc. (NASDAQ:CPRT)

Key Points

• Jensen Investment Management Inc. increased its stake in Copart by 8.7% in Q1, now holding approximately 3.81 million shares, which account for 2.4% of its portfolio.
• Several institutional investors have also taken positions in Copart, with hedge funds collectively owning 85.78% of the company's stock.
• Recent analyst reports have resulted in target price decreases for Copart, with JPMorgan and Robert W. Baird both lowering their targets to $55.00.

Jensen Investment Management Inc. grew its stake in Copart, Inc. (NASDAQ:CPRT - Free Report) by 8.7% in the 1st quarter, according to its most recent filing with the SEC. The firm owned 3,812,090 shares of the business services provider's stock after buying an additional 305,496 shares during the quarter. Copart accounts for approximately 2.4% of Jensen Investment Management Inc.'s portfolio, making the stock its 17th biggest position. Jensen Investment Management Inc. owned approximately 0.39% of Copart worth $215,726,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in CPRT. Cloud Capital Management LLC purchased a new position in shares of Copart in the 1st quarter valued at about $26,000. Sunbelt Securities Inc. purchased a new position in shares of Copart in the 4th quarter valued at about $31,000. Accent Capital Management LLC purchased a new position in shares of Copart in the 1st quarter valued at about $36,000. Marshall & Sterling Wealth Advisors Inc. purchased a new position in shares of Copart in the 4th quarter valued at about $45,000. Finally, Versant Capital Management Inc boosted its stake in shares of Copart by 1,567.9% in the 1st quarter. Versant Capital Management Inc now owns 884 shares of the business services provider's stock valued at $50,000 after buying an additional 831 shares during the period. Hedge funds and other institutional investors own 85.78% of the company's stock.

Wall Street Analyst Weigh In

CPRT has been the subject of several recent analyst reports. 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 note on Friday, May 23rd. Robert W. Baird decreased their target price on Copart from $64.00 to $55.00 and set an "outperform" rating for the company in a research note on Thursday, July 17th. Finally, Stephens initiated coverage on Copart in a research note on Tuesday, July 8th. They set an "equal weight" rating and a $50.00 target price for the company.

Insider Buying and Selling

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

Copart Stock Up 1.7%

CPRT stock opened at $46.54 on Wednesday. The business has a 50 day moving average price of $48.19 and a 200 day moving average price of $54.44. The stock has a market cap of $45.00 billion, a price-to-earnings ratio of 30.62 and a beta of 1.04. Copart, Inc. has a fifty-two week low of $45.05 and a fifty-two week high of $64.38.

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

Copart Company 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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