Rockbridge Asset Management LLC Takes Position in Copart, Inc. $CPRT

Key Points

• Rockbridge Asset Management initiated a 462,711-share position in Copart valued at approximately $13.0 million, making up 8.4% of its portfolio and its fourth-largest holding.
• Institutional ownership remains high at 85.78%, with major investors including BlackRock, Bank of New York Mellon, Deutsche Bank, Norges Bank and Capital World Investors adding or initiating positions.
• Copart recently beat quarterly earnings and revenue expectations, but analyst sentiment is mixed: the stock has a consensus “Hold” rating and an average price target of $43.50, while insider ownership declined after CEO Jeffrey Liaw sold shares.

Rockbridge Asset Management LLC bought a new stake in shares of Copart, Inc. (NASDAQ:CPRT - Free Report) during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm bought 462,711 shares of the business services provider's stock, valued at approximately $13,044,000. Copart comprises about 8.4% of Rockbridge Asset Management LLC's investment portfolio, making the stock its 4th largest holding.

Other large investors also recently added to or reduced their stakes in the company. BlackRock Inc. purchased a new stake in Copart during the second quarter valued at about $1,908,980,000. Bank of New York Mellon Corp bought a new position in shares of Copart during the second quarter valued at about $488,663,000. Deutsche Bank AG purchased a new position in shares of Copart in the second quarter worth about $436,413,000. Norges Bank purchased a new position in shares of Copart in the fourth quarter worth about $569,569,000. Finally, Capital World Investors lifted its stake in shares of Copart by 25.1% in the 4th quarter. Capital World Investors now owns 27,728,398 shares of the business services provider's stock valued at $1,085,588,000 after acquiring an additional 5,555,101 shares during the last quarter. Hedge funds and other institutional investors own 85.78% of the company's stock.

Copart Price Performance

Shares of NASDAQ:CPRT opened at $33.85 on Thursday. Copart, Inc. has a 1 year low of $26.81 and a 1 year high of $50.11. The company has a market cap of $31.34 billion, a PE ratio of 21.02 and a beta of 1.01. The stock's 50-day moving average is $29.37 and its 200 day moving average is $32.74.

Copart (NASDAQ:CPRT - Get Free Report) last released its quarterly earnings results on Thursday, May 21st. The business services provider reported $0.43 EPS for the quarter, beating analysts' consensus estimates of $0.41 by $0.02. The business had revenue of $1.24 billion during the quarter, compared to analyst estimates of $1.19 billion. Copart had a return on equity of 16.63% and a net margin of 33.48%.Copart's quarterly revenue was up 2.1% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.42 EPS. Analysts expect that Copart, Inc. will post 1.58 EPS for the current fiscal year.

Insider Activity at Copart

In related news, CEO Jeffrey Liaw sold 27,745 shares of the company's stock in a transaction that occurred on Tuesday, July 28th. The stock was sold at an average price of $30.49, for a total transaction of $845,945.05. Following the completion of the transaction, the chief executive officer owned 99,641 shares in the company, valued at $3,038,054.09. This represents a 21.78% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 9.60% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on CPRT shares. Freedom Capital upgraded Copart to a "strong-buy" rating in a report on Friday, June 26th. Jefferies Financial Group set a $45.00 price target on Copart in a research note on Friday, May 22nd. Barclays set a $26.00 price objective on Copart and gave the company an "underweight" rating in a research report on Tuesday, July 21st. Weiss Ratings reissued a "sell (d+)" rating on shares of Copart in a research note on Wednesday, July 29th. Finally, Zacks Research cut shares of Copart from a "hold" rating to a "strong sell" rating in a report on Tuesday, July 28th. Three equities research 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. Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and an average price target of $43.50.

Copart Profile

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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