Norden Group LLC Has $677,000 Stock Holdings in Copart, Inc. $CPRT

Key Points

• Norden Group LLC reduced its holdings in Copart, Inc. by 45.0% during the second quarter, now owning 13,805 shares valued at $677,000 after selling 11,301 shares.
• Several other institutional investors have increased or initiated stakes in Copart, with 85.78% of the stock currently owned by institutions and hedge funds.
• Copart's recent earnings surpassed expectations with an EPS of $0.41, while revenue was reported at $1.13 billion, slightly lower than analyst forecasts.

Norden Group LLC cut its holdings in Copart, Inc. (NASDAQ:CPRT - Free Report) by 45.0% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 13,805 shares of the business services provider's stock after selling 11,301 shares during the quarter. Norden Group LLC's holdings in Copart were worth $677,000 at the end of the most recent quarter.

A number of other institutional investors have also recently added to or reduced their stakes in CPRT. Brighton Jones LLC lifted its stake in shares of Copart by 92.1% in the fourth quarter. Brighton Jones LLC now owns 14,215 shares of the business services provider's stock worth $816,000 after buying an additional 6,817 shares during the last quarter. Sunbelt Securities Inc. acquired a new stake in shares of Copart in the fourth quarter worth $31,000. Park Square Financial Group LLC acquired a new stake in shares of Copart in the fourth quarter worth $82,000. Wealth Enhancement Advisory Services LLC lifted its stake in shares of Copart by 22.5% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 87,613 shares of the business services provider's stock worth $5,028,000 after buying an additional 16,072 shares during the last quarter. Finally, MassMutual Private Wealth & Trust FSB lifted its stake in shares of Copart by 8.7% in the first quarter. MassMutual Private Wealth & Trust FSB now owns 7,988 shares of the business services provider's stock worth $452,000 after buying an additional 637 shares during the last quarter. 85.78% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

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

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on CPRT shares. HSBC set a $62.00 price objective on shares of Copart and gave the stock a "buy" rating in a research note on Thursday, September 4th. Hsbc Global Res upgraded shares of Copart from a "hold" rating to a "strong-buy" rating in a research note on Thursday, September 4th. Stephens reduced their price objective on shares of Copart from $50.00 to $46.00 and set an "equal weight" rating for the company in a research note on Friday, September 5th. 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 research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $54.50.

Copart Price Performance

NASDAQ:CPRT opened at $44.89 on Friday. The stock has a market cap of $43.41 billion, a P/E ratio of 28.06 and a beta of 1.03. Copart, Inc. has a one year low of $44.67 and a one year high of $64.38. The company has a fifty day moving average price of $47.15 and a 200 day moving average price of $51.97.

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

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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