Copart, Inc. (NASDAQ:CPRT) Shares Sold by Sheets Smith Wealth Management

Sheets Smith Wealth Management cut its stake in Copart, Inc. (NASDAQ:CPRT) by 7.1% in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 297,582 shares of the business services provider’s stock after selling 22,904 shares during the quarter. Copart comprises approximately 1.8% of Sheets Smith Wealth Management’s investment portfolio, making the stock its 12th biggest position. Sheets Smith Wealth Management’s holdings in Copart were worth $14,582,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of the stock. Commonwealth Equity Services LLC lifted its holdings in Copart by 122.5% in the third quarter. Commonwealth Equity Services LLC now owns 98,215 shares of the business services provider’s stock valued at $4,232,000 after acquiring an additional 54,068 shares during the last quarter. SVB Wealth LLC lifted its stake in shares of Copart by 96.6% in the 3rd quarter. SVB Wealth LLC now owns 10,912 shares of the business services provider’s stock valued at $470,000 after purchasing an additional 5,362 shares during the last quarter. Cambridge Investment Research Advisors Inc. grew its holdings in shares of Copart by 139.9% during the 3rd quarter. Cambridge Investment Research Advisors Inc. now owns 40,690 shares of the business services provider’s stock worth $1,753,000 after purchasing an additional 23,726 shares during the period. Pinnacle Associates Ltd. increased its position in shares of Copart by 100.9% during the 3rd quarter. Pinnacle Associates Ltd. now owns 12,436 shares of the business services provider’s stock worth $536,000 after purchasing an additional 6,247 shares during the last quarter. Finally, Raymond James & Associates raised its holdings in Copart by 97.2% in the 3rd quarter. Raymond James & Associates now owns 802,219 shares of the business services provider’s stock valued at $34,568,000 after buying an additional 395,454 shares during the period. Hedge funds and other institutional investors own 85.78% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have weighed in on the stock. StockNews.com lowered shares of Copart from a “buy” rating to a “hold” rating in a research note on Wednesday, February 21st. JPMorgan Chase & Co. increased their price objective on shares of Copart from $48.00 to $52.00 and gave the stock a “neutral” rating in a research report on Monday, April 8th. Three analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $51.00.

Copart Trading Up 1.5 %

Copart stock traded up $0.80 during midday trading on Friday, reaching $55.20. 5,285,026 shares of the stock traded hands, compared to its average volume of 3,813,627. The firm has a market cap of $53.07 billion, a PE ratio of 39.71 and a beta of 1.22. The company has a 50-day simple moving average of $55.40 and a two-hundred day simple moving average of $50.75. Copart, Inc. has a 12-month low of $39.06 and a 12-month high of $58.58.

Copart (NASDAQ:CPRT) last posted its quarterly earnings data on Thursday, February 22nd. The business services provider reported $0.33 EPS for the quarter, missing the consensus estimate of $0.35 by ($0.02). Copart had a net margin of 33.41% and a return on equity of 21.55%. The business had revenue of $1.02 billion during the quarter, compared to analysts’ expectations of $1.03 billion. During the same period in the previous year, the business posted $0.31 EPS. The company’s revenue for the quarter was up 6.6% compared to the same quarter last year. Equities research analysts anticipate that Copart, Inc. will post 1.42 earnings per share for the current year.

Insiders Place Their Bets

In related news, Chairman A Jayson Adair sold 600,000 shares of the business’s stock in a transaction on Thursday, March 28th. The stock was sold at an average price of $57.77, for a total transaction of $34,662,000.00. Following the completion of the transaction, the chairman now directly owns 19,687,980 shares of the company’s stock, valued at approximately $1,137,374,604.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, Director Matt Blunt sold 100,000 shares of Copart stock in a transaction on Monday, February 26th. The shares were sold at an average price of $51.06, for a total transaction of $5,106,000.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Chairman A Jayson Adair sold 600,000 shares of the business’s stock in a transaction on Thursday, March 28th. The stock was sold at an average price of $57.77, for a total transaction of $34,662,000.00. Following the transaction, the chairman now owns 19,687,980 shares of the company’s stock, valued at approximately $1,137,374,604.60. The disclosure for this sale can be found here. Insiders sold a total of 985,000 shares of company stock worth $55,519,950 over the last 90 days. Corporate insiders own 10.23% of the company’s stock.

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.