Sowell Financial Services LLC Takes Position in Copart, Inc. (NASDAQ:CPRT)

Sowell Financial Services 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 filing with the Securities & Exchange Commission. The institutional investor acquired 10,678 shares of the business services provider's stock, valued at approximately $604,000.

A number of other large investors have also recently bought and sold shares of CPRT. Norges Bank acquired a new stake in shares of Copart during the 4th quarter worth approximately $682,089,000. Madison Investment Advisors LLC bought a new position in Copart during the 4th quarter worth $253,686,000. Bank of New York Mellon Corp increased its position in Copart by 23.3% in the fourth quarter. Bank of New York Mellon Corp now owns 19,440,046 shares of the business services provider's stock worth $1,115,664,000 after buying an additional 3,667,534 shares during the period. Edgewood Management LLC lifted its stake in Copart by 14.1% in 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 during the last quarter. Finally, Wellington Management Group LLP boosted 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 acquiring an additional 1,785,741 shares during the period. Institutional investors own 85.78% of the company's stock.

Analysts Set New Price Targets

A number of analysts recently weighed in on the stock. JPMorgan Chase & Co. dropped their price objective on shares of Copart from $60.00 to $55.00 and set a "neutral" rating on the stock in a report on Friday, May 23rd. Argus cut shares of Copart from a "buy" rating to a "hold" rating in a research report on Friday, March 14th.

Copart Stock Up 0.2%

Copart stock traded up $0.09 during mid-day trading on Friday, hitting $47.97. 14,395,030 shares of the company's stock traded hands, compared to its average volume of 4,874,863. Copart, Inc. has a one year low of $47.70 and a one year high of $64.38. The company has a market cap of $46.38 billion, a PE ratio of 31.56 and a beta of 1.10. The firm has a 50 day moving average price of $56.58 and a 200 day moving average price of $56.99.

Copart (NASDAQ:CPRT - Get Free Report) last issued its quarterly earnings data on Thursday, May 22nd. The business services provider reported $0.42 earnings per share for the quarter, meeting analysts' consensus estimates of $0.42. The business had revenue of $1.21 billion for 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 company's revenue was up 7.5% on a year-over-year basis. During the same period in the previous year, the business earned $0.39 earnings per share. On average, analysts expect that Copart, Inc. will post 1.57 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, Director Steven D. Cohan sold 94,997 shares of the firm's stock in a transaction that occurred on Monday, April 14th. The shares were sold at an average price of $60.01, for a total transaction of $5,700,769.97. The transaction was disclosed in a document filed with the SEC, which is available at this link. 9.68% of the stock is owned by insiders.

About Copart

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.