Palisade Capital Management LP Takes $5.35 Million Position in Copart, Inc. $CPRT

Key Points

• Palisade Capital Management acquired 189,856 Copart shares in the second quarter, valued at approximately $5.35 million. Hedge funds and institutional investors collectively own 85.78% of the company.
• Copart shares opened at $33.33, with a market capitalization of about $30.86 billion and a 52-week range of $26.81 to $50.11. Analysts’ consensus rating is “Hold,” with an average price target of $41.67.
• CEO Jeffrey Liaw sold 27,745 shares for roughly $846,000, reducing his position by 21.78%; company insiders currently own 9.60% of Copart.

Palisade Capital Management LP acquired a new position in shares of Copart, Inc. (NASDAQ:CPRT - Free Report) in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund acquired 189,856 shares of the business services provider's stock, valued at approximately $5,352,000.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in CPRT. Reflection Asset Management purchased a new stake in Copart during the fourth quarter valued at about $34,000. C M Bidwell & Associates Ltd. purchased a new position in shares of Copart in the 2nd quarter worth about $25,000. Cache Advisors LLC bought a new position in shares of Copart during the 1st quarter valued at about $31,000. Versant Capital Management Inc raised its holdings in shares of Copart by 110.9% during the 2nd quarter. Versant Capital Management Inc now owns 947 shares of the business services provider's stock valued at $27,000 after buying an additional 498 shares in the last quarter. Finally, Triumph Capital Management raised its holdings in shares of Copart by 424.2% during the 4th quarter. Triumph Capital Management now owns 1,017 shares of the business services provider's stock valued at $40,000 after buying an additional 823 shares in the last quarter. 85.78% of the stock is currently owned by hedge funds and other institutional investors.

Copart Stock Performance

Shares of Copart stock opened at $33.33 on Wednesday. Copart, Inc. has a 52-week low of $26.81 and a 52-week high of $50.11. The company's 50 day moving average price is $29.61 and its 200-day moving average price is $32.57. The stock has a market capitalization of $30.86 billion, a price-to-earnings ratio of 20.70 and a beta of 1.01.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on CPRT. Barclays set a $26.00 target price on Copart and gave the stock an "underweight" rating in a research report on Tuesday, July 21st. Stephens reissued an "equal weight" rating and set a $35.00 price target on shares of Copart in a research note on Thursday, August 20th. Freedom Capital upgraded shares of Copart to a "strong-buy" rating in a report on Friday, June 26th. Jefferies Financial Group set a $45.00 price objective on shares of Copart in a research note on Friday, May 22nd. Finally, Zacks Research lowered shares of Copart from a "hold" rating to a "strong sell" rating in a report on Tuesday, July 28th. Three analysts have rated the stock with a Strong Buy rating, one has given a Buy rating, two have given a Hold rating and three have issued a Sell rating to the stock. According to MarketBeat, the stock presently has an average rating of "Hold" and a consensus price target of $41.67.

Insider Transactions at Copart

In other Copart news, CEO Jeffrey Liaw sold 27,745 shares of the firm's stock in a transaction on Tuesday, July 28th. The shares were sold at an average price of $30.49, for a total value of $845,945.05. Following the sale, the chief executive officer owned 99,641 shares of the company's stock, valued at $3,038,054.09. This trade represents a 21.78% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 9.60% of the stock is currently owned by company insiders.

About Copart

Copart NASDAQ: CPRT is a global provider of online vehicle auction and remarketing services, focused primarily on the sale of salvage and clean-title vehicles. The company operates a technology-driven auction platform that connects sellers — including insurance companies, vehicle finance firms, rental car companies, dealerships and fleet owners — with a broad buyer base consisting of vehicle dismantlers, recyclers, rebuilders and retail buyers. Copart's business model centers on efficient vehicle disposition using digital bidding and logistics services to maximize recovery value for its clients.

Core services include hosting live and timed online auctions, vehicle listing and inspection support, title processing, and transportation and storage solutions.

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