Neo Ivy Capital Management Takes Position in Copart, Inc. (NASDAQ:CPRT)

Key Points

• Neo Ivy Capital Management has invested approximately $559,000 in Copart, Inc. by acquiring 9,870 shares, as disclosed in a recent SEC filing.
• Other significant institutional investors, such as Principal Financial Group Inc. and Edgewood Management LLC, have increased their holdings in Copart, indicating growing interest in the stock.
• Several analysts have adjusted their price targets for Copart, with Robert W. Baird and JPMorgan Chase & Co. both lowering their price objectives to $55.00.

Neo Ivy Capital Management purchased a new position in shares of Copart, Inc. (NASDAQ:CPRT - Free Report) during the 1st quarter, according to the company in its most recent filing with the SEC. The institutional investor purchased 9,870 shares of the business services provider's stock, valued at approximately $559,000.

Other hedge funds have also recently added to or reduced their stakes in the company. Assetmark Inc. raised its position in shares of Copart by 8.7% during the 1st quarter. Assetmark Inc. now owns 468,559 shares of the business services provider's stock valued at $26,516,000 after acquiring an additional 37,670 shares during the last quarter. Avantax Advisory Services Inc. grew its position in shares of Copart by 8.4% during the 1st quarter. Avantax Advisory Services Inc. now owns 18,202 shares of the business services provider's stock worth $1,030,000 after buying an additional 1,416 shares during the period. Gilbert & Cook Inc. increased its stake in shares of Copart by 1.4% in the 1st quarter. Gilbert & Cook Inc. now owns 23,946 shares of the business services provider's stock valued at $1,355,000 after acquiring an additional 320 shares during the last quarter. AE Wealth Management LLC increased its stake in Copart by 40.1% in the first quarter. AE Wealth Management LLC now owns 23,463 shares of the business services provider's stock valued at $1,328,000 after purchasing an additional 6,718 shares in the last quarter. Finally, IMA Advisory Services Inc. acquired a new stake in Copart in the first quarter worth $81,000. Institutional investors own 85.78% of the company's stock.

Insider Activity at Copart

In related news, CEO Jeffrey Liaw sold 24,088 shares of the business's stock in a transaction on Tuesday, July 15th. The shares were sold at an average price of $46.43, for a total transaction of $1,118,405.84. Following the transaction, 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 ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 9.68% of the company's stock.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on the company. 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. JPMorgan Chase & Co. reduced their target price on shares of Copart from $60.00 to $55.00 and set a "neutral" rating for the company in a research note on Friday, May 23rd. Finally, Stephens initiated coverage on Copart in a research report on Tuesday, July 8th. They set an "equal weight" rating and a $50.00 price objective for the company.

Copart Stock Performance

Copart stock traded up $0.03 during mid-day trading on Wednesday, reaching $46.48. The company's stock had a trading volume of 1,461,521 shares, compared to its average volume of 5,666,843. The business's 50 day simple moving average is $49.24 and its 200 day simple moving average is $54.80. Copart, Inc. has a 12 month low of $45.52 and a 12 month high of $64.38. The company has a market capitalization of $44.94 billion, a price-to-earnings ratio of 30.58 and a beta of 1.07.

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, meeting analysts' consensus estimates of $0.42. The business had revenue of $1.21 billion for 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%. Copart's quarterly revenue was up 7.5% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.39 earnings per share. As a group, sell-side analysts expect 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.