S Bank Fund Management Ltd Takes $626,000 Position in Copart, Inc. (NASDAQ:CPRT)

Key Points

• S Bank Fund Management Ltd acquired a new stake in Copart, buying 11,054 shares valued at approximately $626,000 during the first quarter.
• Hedge funds now own 85.78% of Copart's stock, indicating a strong institutional interest in the company.
• Analysts have set new price targets for Copart, with JPMorgan and Robert W. Baird both lowering their objectives to $55.00.

S Bank Fund Management Ltd acquired a new stake in shares of Copart, Inc. (NASDAQ:CPRT - Free Report) in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 11,054 shares of the business services provider's stock, valued at approximately $626,000.

Other hedge funds have also recently made changes to their positions in the company. Nuveen LLC purchased a new stake in shares of Copart in the first quarter worth $267,723,000. Fiera Capital Corp lifted its stake in Copart by 195.6% in the 1st quarter. Fiera Capital Corp now owns 3,992,610 shares of the business services provider's stock worth $225,942,000 after purchasing an additional 2,642,100 shares in the last quarter. Vanguard Group Inc. lifted its stake in Copart by 2.1% in the 1st quarter. Vanguard Group Inc. now owns 104,263,922 shares of the business services provider's stock worth $5,900,295,000 after purchasing an additional 2,134,890 shares in the last quarter. JPMorgan Chase & Co. lifted its stake in Copart by 15.9% in the 1st quarter. JPMorgan Chase & Co. now owns 15,345,768 shares of the business services provider's stock worth $868,417,000 after purchasing an additional 2,106,656 shares in the last quarter. Finally, Principal Financial Group Inc. lifted its stake in Copart by 3.3% in the 1st quarter. Principal Financial Group Inc. now owns 39,409,377 shares of the business services provider's stock worth $2,230,177,000 after purchasing an additional 1,249,687 shares in the last quarter. 85.78% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, CEO Jeffrey Liaw sold 24,088 shares of the company's stock in a transaction that occurred on Tuesday, July 15th. The shares were sold at an average price of $46.43, for a total value of $1,118,405.84. Following the completion of the sale, the chief executive officer owned 31,527 shares of the company's stock, valued at approximately $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 accessible through this link. 9.68% of the stock is owned by insiders.

Analyst Ratings Changes

Several analysts have commented on the stock. 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 note on Thursday, July 17th. JPMorgan Chase & Co. decreased their price target on shares of Copart from $60.00 to $55.00 and set a "neutral" rating on the stock in a research note on Friday, May 23rd. Finally, Stephens started coverage on shares of Copart in a research note on Tuesday, July 8th. They issued an "equal weight" rating and a $50.00 price target on the stock.

Copart Stock Performance

Shares of NASDAQ:CPRT traded up $0.22 on Friday, reaching $47.08. The company's stock had a trading volume of 4,688,357 shares, compared to its average volume of 5,882,411. Copart, Inc. has a 52-week low of $45.05 and a 52-week high of $64.38. The company has a market cap of $45.52 billion, a P/E ratio of 30.97 and a beta of 1.04. The company has a 50-day simple moving average of $47.55 and a 200 day simple moving average of $53.88.

Copart (NASDAQ:CPRT - Get Free Report) last issued its quarterly earnings data 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 during the quarter, compared to analysts' expectations of $1.23 billion. Copart had a net margin of 32.21% and a return on equity of 18.20%. The business's revenue was up 7.5% on a year-over-year basis. During the same period last year, the company posted $0.39 EPS. On average, equities research analysts forecast that Copart, Inc. will post 1.57 EPS for the current fiscal year.

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.