Westfield Capital Management Co. LP Sells 6,895 Shares of Copart, Inc. (NASDAQ:CPRT)

Key Points

• Westfield Capital Management Co. LP has reduced its stake in Copart, Inc. to 991,920 shares after selling 6,895 shares in Q1, making its holding worth approximately $56.1 million.
• Copart reported $0.42 earnings per share for the last quarter, in line with analysts’ expectations, with revenue of $1.21 billion, slightly below the forecast.
• CEO Jeffrey Liaw sold 24,088 shares for over $1.1 million, reducing his position by 43.31%, while insider ownership currently stands at 9.68%.

Westfield Capital Management Co. LP lowered its stake in Copart, Inc. (NASDAQ:CPRT - Free Report) by 0.7% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 991,920 shares of the business services provider's stock after selling 6,895 shares during the quarter. Westfield Capital Management Co. LP owned about 0.10% of Copart worth $56,133,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in the stock. Cloud Capital Management LLC bought a new position in Copart during the 1st quarter worth about $26,000. Sunbelt Securities Inc. bought a new position in shares of Copart during the fourth quarter worth about $31,000. Accent Capital Management LLC acquired a new stake in Copart in the 1st quarter valued at approximately $36,000. Marshall & Sterling Wealth Advisors Inc. bought a new stake in Copart in the 4th quarter valued at approximately $45,000. Finally, Versant Capital Management Inc grew its stake in shares of Copart by 1,567.9% during the 1st quarter. Versant Capital Management Inc now owns 884 shares of the business services provider's stock worth $50,000 after acquiring an additional 831 shares in the last quarter. Institutional investors and hedge funds own 85.78% of the company's stock.

Insider Buying and Selling at Copart

In other news, CEO Jeffrey Liaw sold 24,088 shares of the firm's stock in a transaction dated Tuesday, July 15th. The shares were sold at an average price of $46.43, for a total transaction of $1,118,405.84. Following the completion of the sale, the chief executive officer owned 31,527 shares in the company, valued at approximately $1,463,798.61. This trade represents a 43.31% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. 9.68% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on CPRT. Robert W. Baird cut their price objective on shares of Copart from $64.00 to $55.00 and set an "outperform" rating on the stock in a research report on Thursday, July 17th. JPMorgan Chase & Co. dropped their target price on Copart from $60.00 to $55.00 and set a "neutral" rating on the stock in a report on Friday, May 23rd. Finally, Stephens started coverage on Copart in a research note on Tuesday, July 8th. They issued an "equal weight" rating and a $50.00 price target for the company.

Copart Stock Performance

NASDAQ:CPRT traded up $0.57 during mid-day trading on Wednesday, hitting $47.11. The stock had a trading volume of 6,570,382 shares, compared to its average volume of 7,438,789. Copart, Inc. has a twelve month low of $45.05 and a twelve month high of $64.38. The stock has a market cap of $45.55 billion, a price-to-earnings ratio of 30.99 and a beta of 1.04. The company's 50 day simple moving average is $48.19 and its 200 day simple moving average is $54.44.

Copart (NASDAQ:CPRT - Get Free Report) last issued its earnings results on Thursday, May 22nd. The business services provider reported $0.42 EPS for the quarter, hitting the consensus estimate of $0.42. The company had revenue of $1.21 billion during the quarter, compared to the consensus estimate of $1.23 billion. Copart had a return on equity of 18.20% and a net margin of 32.21%. The firm's revenue for the quarter was up 7.5% compared to the same quarter last year. During the same period in the previous year, the company posted $0.39 EPS. As a group, equities analysts forecast that Copart, Inc. will post 1.57 earnings per share for the current year.

Copart Company 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.