Neuberger Berman Group LLC Decreases Stock Holdings in Copart, Inc. $CPRT

Key Points

• Neuberger Berman Group LLC decreased its stake in Copart, Inc. by 39.7%, holding 82,128 shares valued at approximately $4.65 million following the sale of 54,080 shares.
• Analysts have set varying target prices for Copart, with Stephens initiating coverage at $50.00, while Robert W. Baird and JPMorgan Chase reduced their targets to $55.00 from previous estimates.
• Copart's recent earnings report showed a profit of $0.42 per share, slightly meeting analysts' expectations, and a revenue increase of 7.5% year-over-year, totaling $1.21 billion for the quarter.

Neuberger Berman Group LLC decreased its stake in shares of Copart, Inc. (NASDAQ:CPRT - Free Report) by 39.7% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 82,128 shares of the business services provider's stock after selling 54,080 shares during the period. Neuberger Berman Group LLC's holdings in Copart were worth $4,648,000 as of its most recent SEC filing.

A number of other large investors have also recently modified their holdings of CPRT. Nuveen LLC bought a new stake in Copart during the first quarter worth about $267,723,000. Fiera Capital Corp boosted its stake in Copart by 195.6% during 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 in the last quarter. Vanguard Group Inc. boosted its stake in Copart by 2.1% during 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 in the last quarter. JPMorgan Chase & Co. boosted its stake in Copart by 15.9% during the first quarter. JPMorgan Chase & Co. now owns 15,345,768 shares of the business services provider's stock worth $868,417,000 after acquiring an additional 2,106,656 shares in the last quarter. Finally, Principal Financial Group Inc. boosted its stake in Copart by 3.3% during the first quarter. Principal Financial Group Inc. now owns 39,409,377 shares of the business services provider's stock worth $2,230,177,000 after acquiring an additional 1,249,687 shares in the last quarter. Institutional investors own 85.78% of the company's stock.

Copart Stock Down 0.4%

Copart stock traded down $0.20 during trading hours on Wednesday, hitting $47.61. The stock had a trading volume of 8,969,662 shares, compared to its average volume of 5,616,588. The stock has a market capitalization of $46.04 billion, a P/E ratio of 31.32 and a beta of 1.04. Copart, Inc. has a 12-month low of $45.05 and a 12-month high of $64.38. The stock's 50-day moving average price is $47.38 and its 200-day moving average price is $53.66.

Copart (NASDAQ:CPRT - Get Free Report) last issued its earnings results on Thursday, May 22nd. The business services provider reported $0.42 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.42. The business had revenue of $1.21 billion during the quarter, compared to analysts' expectations of $1.23 billion. Copart had a net margin of 32.21% and a return on equity of 18.20%. The business's revenue for the quarter was up 7.5% compared to the same quarter last year. During the same period in the previous year, the company earned $0.39 earnings per share. On average, research analysts expect that Copart, Inc. will post 1.57 EPS for the current fiscal year.

Insider Transactions at Copart

In other Copart news, CEO Jeffrey Liaw sold 24,088 shares of Copart stock in a transaction dated 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 completion of the transaction, the chief executive officer directly owned 31,527 shares of the company's stock, 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 link. Company insiders own 9.68% of the company's stock.

Analyst Ratings Changes

Several equities research analysts recently commented on CPRT shares. Robert W. Baird dropped their price objective on shares of Copart from $64.00 to $55.00 and set an "outperform" rating on the stock in a research note on Thursday, July 17th. JPMorgan Chase & Co. dropped their price objective on shares of Copart from $60.00 to $55.00 and set a "neutral" rating on the stock in a research note on Friday, May 23rd. Finally, Stephens started coverage on shares of Copart in a research note on Tuesday, July 8th. They set an "equal weight" rating and a $50.00 price objective on the stock. One research analyst has rated the stock with a Buy rating and three have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, Copart currently has a consensus rating of "Hold" and a consensus target price of $53.33.

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.