PineStone Asset Management Inc. Has $314.42 Million Stock Position in Copart, Inc. $CPRT

Key Points

• PineStone Asset Management Inc. increased its stake in Copart, Inc. by 56.4% during Q2, holding approximately 6.4 million shares valued at $314.42 million, making it the 19th largest position in PineStone's portfolio.
• Copart recently received mixed analyst ratings, with HSBC upgrading it to a "strong-buy" and setting a price target of $62, while Stephens and Robert W. Baird lowered their targets to $46 and $55, respectively.
• The stock opened at $44.89, has a market cap of $43.41 billion, and reported an earnings per share (EPS) of $0.41 for the latest quarter, surpassing expectations.

PineStone Asset Management Inc. grew its stake in shares of Copart, Inc. (NASDAQ:CPRT - Free Report) by 56.4% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 6,407,471 shares of the business services provider's stock after buying an additional 2,310,067 shares during the period. Copart makes up 2.0% of PineStone Asset Management Inc.'s portfolio, making the stock its 19th biggest position. PineStone Asset Management Inc. owned approximately 0.66% of Copart worth $314,415,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Cloud Capital Management LLC bought a new position in Copart during the first quarter worth about $26,000. Sunbelt Securities Inc. bought a new position in Copart during the fourth quarter worth about $31,000. Atticus Wealth Management LLC bought a new position in Copart during the second quarter worth about $31,000. Accent Capital Management LLC bought a new position in Copart during the first quarter worth about $36,000. Finally, Financial Network Wealth Advisors LLC boosted its holdings in Copart by 152.6% during the first quarter. Financial Network Wealth Advisors LLC now owns 783 shares of the business services provider's stock worth $44,000 after buying an additional 473 shares during the last quarter. Institutional investors own 85.78% of the company's stock.

Analysts Set New Price Targets

CPRT has been the topic of a number of recent analyst reports. Hsbc Global Res upgraded Copart from a "hold" rating to a "strong-buy" rating in a report on Thursday, September 4th. HSBC set a $62.00 price objective on Copart and gave the company a "buy" rating in a report on Thursday, September 4th. Stephens cut their price objective on Copart from $50.00 to $46.00 and set an "equal weight" rating on the stock in a report on Friday, September 5th. Finally, Robert W. Baird cut their price objective on Copart from $64.00 to $55.00 and set an "outperform" rating on the stock in a report on Thursday, July 17th. One equities research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $54.50.

Copart Price Performance

NASDAQ:CPRT opened at $44.89 on Friday. The stock has a market capitalization of $43.41 billion, a PE ratio of 28.06 and a beta of 1.03. The business's 50-day simple moving average is $47.15 and its 200-day simple moving average is $51.97. Copart, Inc. has a fifty-two week low of $44.67 and a fifty-two week high of $64.38.

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 for the quarter, compared to analysts' expectations of $1.14 billion. Copart had a return on equity of 18.17% and a net margin of 33.41%.The business's quarterly revenue was up 2.9% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.33 EPS. On average, research analysts expect that Copart, Inc. will post 1.57 earnings per share for the current year.

Insider Activity at Copart

In other Copart news, CEO Jeffrey Liaw sold 24,088 shares of the business's stock in a transaction that occurred 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 sale, the chief executive officer owned 31,527 shares in the company, valued at approximately $1,463,798.61. The trade was a 43.31% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Thomas N. Tryforos sold 228,840 shares of the business's stock in a transaction that occurred 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 disclosure for this sale can be found here. Insiders own 9.68% of the company's stock.

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.

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