Victory Capital Management Inc. Grows Position in Copart, Inc. $CPRT

Key Points

• Victory Capital Management increased its Copart stake by 19.4% in the fourth quarter, ending with 8.54 million shares valued at about $334.2 million.
• Copart CEO Jeffrey Liaw sold 26,213 shares at an average price of $33.18, reducing his direct holdings by about 24.8%.
• Copart reported better-than-expected quarterly results, with EPS of $0.43 on revenue of $1.24 billion, even as the stock traded near its 52-week low and analysts kept a mixed but overall Hold rating.

Victory Capital Management Inc. raised its position in Copart, Inc. (NASDAQ:CPRT - Free Report) by 19.4% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 8,536,117 shares of the business services provider's stock after purchasing an additional 1,386,409 shares during the quarter. Victory Capital Management Inc. owned 0.88% of Copart worth $334,191,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of the company. Brighton Jones LLC raised its holdings in shares of Copart by 92.1% during the 4th quarter. Brighton Jones LLC now owns 14,215 shares of the business services provider's stock valued at $816,000 after buying an additional 6,817 shares during the period. Geneos Wealth Management Inc. raised its holdings in shares of Copart by 365.8% during the 1st quarter. Geneos Wealth Management Inc. now owns 1,118 shares of the business services provider's stock valued at $63,000 after buying an additional 878 shares during the period. Jump Financial LLC purchased a new stake in shares of Copart during the 2nd quarter valued at about $2,677,000. Sei Investments Co. raised its holdings in shares of Copart by 110.0% during the 2nd quarter. Sei Investments Co. now owns 900,330 shares of the business services provider's stock valued at $44,179,000 after buying an additional 471,571 shares during the period. Finally, Treasurer of the State of North Carolina raised its holdings in shares of Copart by 3.5% during the 2nd quarter. Treasurer of the State of North Carolina now owns 413,083 shares of the business services provider's stock valued at $20,270,000 after buying an additional 13,860 shares during the period. 85.78% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Copart

In other news, CEO Jeffrey Liaw sold 26,213 shares of the business's stock in a transaction that occurred on Wednesday, April 15th. The stock was sold at an average price of $33.18, for a total value of $869,747.34. Following the completion of the sale, the chief executive officer directly owned 79,532 shares in the company, valued at approximately $2,638,871.76. The trade was a 24.79% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 9.60% of the company's stock.

Copart Stock Down 1.0%

CPRT stock opened at $30.75 on Friday. Copart, Inc. has a 52-week low of $29.97 and a 52-week high of $50.11. The stock's 50 day moving average is $32.85 and its two-hundred day moving average is $36.20. The company has a market capitalization of $28.47 billion, a PE ratio of 19.10 and a beta of 1.00.

Copart (NASDAQ:CPRT - Get Free Report) last posted its quarterly earnings data on Thursday, May 21st. The business services provider reported $0.43 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.41 by $0.02. Copart had a return on equity of 16.63% and a net margin of 33.48%.The company had revenue of $1.24 billion for the quarter, compared to the consensus estimate of $1.19 billion. During the same period in the previous year, the business earned $0.42 EPS. Copart's revenue for the quarter was up 2.1% compared to the same quarter last year. As a group, sell-side analysts anticipate that Copart, Inc. will post 1.58 EPS for the current year.

Wall Street Analysts Forecast Growth

CPRT has been the topic of several analyst reports. JPMorgan Chase & Co. dropped their target price on Copart from $45.00 to $34.00 and set a "neutral" rating on the stock in a report on Monday, February 23rd. Weiss Ratings downgraded Copart from a "hold (c-)" rating to a "sell (d+)" rating in a report on Friday, May 1st. Robert W. Baird set a $48.00 target price on Copart and gave the company an "outperform" rating in a report on Friday, February 20th. Zacks Research upgraded Copart from a "strong sell" rating to a "hold" rating in a report on Monday, April 27th. Finally, Barclays reiterated an "underweight" rating and set a $32.00 target price (down from $33.00) on shares of Copart in a report on Monday, February 23rd. Two analysts have rated the stock with a Strong Buy rating, one has issued a Buy rating, three have given a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat.com, the company has an average rating of "Hold" and a consensus target price of $44.50.

Copart Company 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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