Phoenix Financial Ltd. Has $1.24 Million Stock Position in Copart, Inc. (NASDAQ:CPRT)

Key Points

• Phoenix Financial Ltd. significantly increased its stake in Copart, Inc. by 392.8%, owning a total of 21,834 shares valued at $1.24 million as of the latest SEC filing.
• Institutional investors own 85.78% of Copart's stock, indicating strong interest from larger financial entities.
• Recent analyst reports have lowered price targets for Copart, with Robert W. Baird and JPMorgan both setting new targets of $55.00 per share.

Phoenix Financial Ltd. lifted its stake in shares of Copart, Inc. (NASDAQ:CPRT - Free Report) by 392.8% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 21,834 shares of the business services provider's stock after purchasing an additional 17,403 shares during the period. Phoenix Financial Ltd.'s holdings in Copart were worth $1,241,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of CPRT. Norges Bank purchased a new position in shares of Copart during the fourth quarter valued at $682,089,000. Edgewood Management LLC grew its holdings in shares of Copart by 14.1% during the fourth quarter. Edgewood Management LLC now owns 23,463,118 shares of the business services provider's stock valued at $1,346,548,000 after buying an additional 2,907,405 shares in the last quarter. Wellington Management Group LLP grew its holdings in shares of Copart by 14.4% during the fourth quarter. Wellington Management Group LLP now owns 14,157,306 shares of the business services provider's stock valued at $812,488,000 after buying an additional 1,785,741 shares in the last quarter. Franklin Resources Inc. grew its holdings in shares of Copart by 58.8% during the fourth quarter. Franklin Resources Inc. now owns 4,296,060 shares of the business services provider's stock valued at $246,551,000 after buying an additional 1,590,706 shares in the last quarter. Finally, Principal Financial Group Inc. grew its holdings in shares of 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 valued at $2,230,177,000 after buying an additional 1,249,687 shares in the last quarter. 85.78% of the stock is owned by institutional investors and hedge funds.

Copart Stock Up 0.1%

Copart stock traded up $0.05 during trading hours on Wednesday, hitting $46.50. The stock had a trading volume of 1,718,944 shares, compared to its average volume of 5,668,457. The company has a 50-day moving average of $49.24 and a two-hundred day moving average of $54.80. The company has a market cap of $44.96 billion, a PE ratio of 30.60 and a beta of 1.07. Copart, Inc. has a fifty-two week low of $45.52 and a fifty-two week 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 EPS for the quarter, hitting 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 return on equity of 18.20% and a net margin of 32.21%. Copart's revenue for the quarter was up 7.5% on a year-over-year basis. During the same period in the prior year, the company earned $0.39 EPS. As a group, analysts forecast that Copart, Inc. will post 1.57 EPS for the current fiscal year.

Wall Street Analyst Weigh In

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

Insider Buying and Selling

In other news, CEO Jeffrey Liaw sold 24,088 shares of the stock in a transaction on 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 of the company's stock, valued at $1,463,798.61. This represents a 43.31% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders own 9.68% of the company's stock.

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.