Pacer Advisors Inc. Sells 26,531 Shares of Copart, Inc. (NASDAQ:CPRT)

Key Points

• Pacer Advisors Inc. reduced its stake in Copart, Inc. by 22%, selling 26,531 shares during the first quarter, leaving it with a holding valued at approximately $5.32 million.
• CEO Jeffrey Liaw sold 24,088 shares at an average price of $46.43, resulting in a decrease of 43.31% in his ownership of the company.
• Shares of Copart were trading at $46.45, with analysts adjusting target prices downward, including Robert W. Baird and JPMorgan Chase both setting a target at $55.

Pacer Advisors Inc. decreased its stake in Copart, Inc. (NASDAQ:CPRT - Free Report) by 22.0% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 93,973 shares of the business services provider's stock after selling 26,531 shares during the period. Pacer Advisors Inc.'s holdings in Copart were worth $5,318,000 at the end of the most recent reporting period.

Other hedge funds have also made changes to their positions in the company. Cloud Capital Management LLC bought a new position in Copart in the 1st quarter valued at about $26,000. Sunbelt Securities Inc. acquired a new stake in shares of Copart in the 4th quarter worth approximately $31,000. Marshall & Sterling Wealth Advisors Inc. bought a new position in shares of Copart in the fourth quarter valued at approximately $45,000. Cornerstone Planning Group LLC increased its stake in shares of Copart by 51.3% during the first quarter. Cornerstone Planning Group LLC now owns 829 shares of the business services provider's stock valued at $51,000 after acquiring an additional 281 shares during the period. Finally, Versant Capital Management Inc raised its holdings in Copart by 1,567.9% during the first quarter. Versant Capital Management Inc now owns 884 shares of the business services provider's stock worth $50,000 after purchasing an additional 831 shares in the last quarter. Institutional investors own 85.78% of the company's stock.

Insider Activity

In other news, CEO Jeffrey Liaw sold 24,088 shares of the company's stock in a transaction dated Tuesday, July 15th. The stock was sold at an average price of $46.43, for a total value of $1,118,405.84. Following the transaction, the chief executive officer owned 31,527 shares in the company, valued at $1,463,798.61. This represents a 43.31% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 9.68% of the stock is owned by insiders.

Copart Stock Performance

CPRT traded up $0.07 during trading on Friday, reaching $45.40. The company had a trading volume of 2,124,600 shares, compared to its average volume of 5,679,548. The firm's 50-day simple moving average is $48.63 and its 200 day simple moving average is $54.67. The company has a market cap of $43.89 billion, a price-to-earnings ratio of 29.86 and a beta of 1.07. Copart, Inc. has a 12-month low of $45.05 and a 12-month 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 earnings per share (EPS) for the quarter, meeting analysts' consensus estimates of $0.42. Copart had a net margin of 32.21% and a return on equity of 18.20%. The business had revenue of $1.21 billion for the quarter, compared to analyst estimates of $1.23 billion. During the same quarter in the previous year, the business earned $0.39 earnings per share. The firm's revenue was up 7.5% compared to the same quarter last year. On average, sell-side analysts expect that Copart, Inc. will post 1.57 EPS for the current year.

Analyst Ratings Changes

A number of equities analysts have issued reports on CPRT shares. JPMorgan Chase & Co. decreased their price target on Copart from $60.00 to $55.00 and set a "neutral" rating for the company in a research note on Friday, May 23rd. Stephens started coverage on Copart in a report on Tuesday, July 8th. They set an "equal weight" rating and a $50.00 target price on the stock. Finally, Robert W. Baird decreased their price target on shares of Copart from $64.00 to $55.00 and set an "outperform" rating on the stock in a research report on Thursday, July 17th.

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.