4,730,927 Shares in Copart, Inc. (NASDAQ:CPRT) Purchased by Nuveen LLC

Key Points

• Nuveen LLC has acquired a new stake in Copart, Inc. worth approximately $267.72 million, buying around 4.7 million shares, which represents about 0.49% of the company.
• Copart reported earnings of $0.42 per share for the last quarter, matching analysts' expectations, while revenue increased by 7.5% year-over-year to $1.21 billion.
• Several research firms have downgraded their target prices for Copart, with JPMorgan Chase lowering theirs from $60.00 to $55.00 and maintaining a "neutral" rating on the stock.

Nuveen LLC acquired a new stake in shares of Copart, Inc. (NASDAQ:CPRT - Free Report) during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 4,730,927 shares of the business services provider's stock, valued at approximately $267,723,000. Nuveen LLC owned about 0.49% of Copart at the end of the most recent quarter.

Several other large investors have also recently modified their holdings of the stock. Cloud Capital Management LLC purchased a new stake in shares of Copart during the first quarter worth about $26,000. Sunbelt Securities Inc. purchased a new stake in shares of Copart in the 4th quarter worth approximately $31,000. Accent Capital Management LLC bought a new position in shares of Copart during the first quarter valued at $36,000. Marshall & Sterling Wealth Advisors Inc. bought a new position in shares of Copart in the fourth quarter worth approximately $45,000. Finally, Versant Capital Management Inc boosted its stake in Copart by 1,567.9% during the 1st quarter. Versant Capital Management Inc now owns 884 shares of the business services provider's stock valued at $50,000 after purchasing an additional 831 shares during the last quarter. Hedge funds and other institutional investors own 85.78% of the company's stock.

Analyst Ratings Changes

Several research analysts have recently weighed in on the stock. Stephens started coverage on shares of Copart in a report on Tuesday, July 8th. They set an "equal weight" rating and a $50.00 price objective for the company. JPMorgan Chase & Co. decreased their price target 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, Robert W. Baird decreased 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.

Copart Trading Down 1.7%

Shares of CPRT traded down $0.79 during midday trading on Thursday, reaching $46.86. 4,908,170 shares of the stock were exchanged, compared to its average volume of 5,688,248. Copart, Inc. has a 52 week low of $45.05 and a 52 week high of $64.38. The company's 50 day moving average is $47.67 and its two-hundred day moving average is $54.02. The company has a market capitalization of $45.31 billion, a P/E ratio of 30.83 and a beta of 1.04.

Copart (NASDAQ:CPRT - Get Free Report) last issued its quarterly 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 analyst estimates of $1.23 billion. Copart had a net margin of 32.21% and a return on equity of 18.20%. Copart's revenue for the quarter was up 7.5% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.39 EPS. On average, sell-side analysts expect that Copart, Inc. will post 1.57 EPS for the current year.

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 value of $1,118,405.84. Following the completion of the transaction, the chief executive officer directly owned 31,527 shares in the company, valued at $1,463,798.61. The trade was a 43.31% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 9.68% of the stock is owned by insiders.

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.