SCS Capital Management LLC Takes Position in Copart, Inc. $CPRT

Key Points

• SCS Capital Management made a new investment in Copart, acquiring 9,322 shares, valued at approximately $528,000.
• Several institutional investors, including UBS AM and American Trust, have recently increased their stakes in Copart, with institutional ownership now at 85.78% of the company.
• Copart reported $0.41 earnings per share (EPS) for the quarter, surpassing expectations, but had a revenue of $1.13 billion, slightly below analysts' predictions.

SCS Capital Management LLC acquired a new position in shares of Copart, Inc. (NASDAQ:CPRT - Free Report) during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 9,322 shares of the business services provider's stock, valued at approximately $528,000.

Other large investors have also made changes to their positions in the company. Cloud Capital Management LLC bought a new position in Copart in the first quarter worth $26,000. Sunbelt Securities Inc. acquired a new position in Copart in the fourth quarter worth about $31,000. Accent Capital Management LLC acquired a new position in Copart in the first quarter worth about $36,000. Financial Network Wealth Advisors LLC lifted its stake 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 purchasing an additional 473 shares during the period. Finally, SouthState Corp acquired a new stake in Copart during the first quarter valued at approximately $45,000. Institutional investors and hedge funds own 85.78% of the company's stock.

Insider Activity

In other news, CEO Jeffrey Liaw sold 24,088 shares of the company's stock in a transaction dated 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 completion of the sale, the chief executive officer directly 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 sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Insiders own 9.68% of the company's stock.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on the company. JPMorgan Chase & Co. dropped their target price on Copart from $60.00 to $55.00 and set a "neutral" rating for the company in a report on Friday, May 23rd. Hsbc Global Res upgraded shares of Copart from a "hold" rating to a "strong-buy" rating in a research note on Thursday, September 4th. Robert W. Baird reduced their price objective on Copart from $64.00 to $55.00 and set an "outperform" rating on the stock in a research note on Thursday, July 17th. Stephens lowered their target price on Copart from $50.00 to $46.00 and set an "equal weight" rating for the company in a research note on Friday, September 5th. Finally, HSBC set a $62.00 price target on shares of Copart and gave the stock a "buy" rating in a research report on Thursday, September 4th. One research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and three have issued a Hold rating to the company's stock. According to data from MarketBeat.com, Copart presently has a consensus rating of "Moderate Buy" and an average target price of $54.50.

Copart Price Performance

Shares of CPRT stock traded down $0.50 on Friday, reaching $48.40. 3,944,793 shares of the stock were exchanged, compared to its average volume of 6,564,503. Copart, Inc. has a one year low of $45.05 and a one year high of $64.38. The stock has a market cap of $46.80 billion, a PE ratio of 30.25 and a beta of 1.03. The stock has a 50 day moving average price of $47.39 and a 200 day moving average price of $52.46.

Copart (NASDAQ:CPRT - Get Free Report) last announced its quarterly earnings data on Thursday, September 4th. The business services provider reported $0.41 earnings per share for the quarter, topping the consensus estimate of $0.37 by $0.04. Copart had a return on equity of 18.17% and a net margin of 33.41%.The firm had revenue of $1.13 billion during the quarter, compared to analysts' expectations of $1.14 billion. During the same period in the previous year, the business posted $0.33 EPS. The company's quarterly revenue was up 2.9% compared to the same quarter last year. On average, research analysts expect that Copart, Inc. will post 1.57 earnings per share 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.