Allspring Global Investments Holdings LLC Trims Holdings in Copart, Inc. $CPRT

Allspring Global Investments Holdings LLC trimmed its holdings in Copart, Inc. (NASDAQ:CPRT) by 0.3% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 300,206 shares of the business services provider’s stock after selling 1,026 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in Copart were worth $14,902,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also bought and sold shares of the company. GC Wealth Management RIA LLC bought a new position in shares of Copart during the second quarter valued at approximately $219,000. Sowell Financial Services LLC purchased a new stake in shares of Copart in the 1st quarter worth approximately $604,000. China Universal Asset Management Co. Ltd. increased its position in Copart by 52.2% during the 1st quarter. China Universal Asset Management Co. Ltd. now owns 23,862 shares of the business services provider’s stock valued at $1,350,000 after buying an additional 8,181 shares in the last quarter. Private Trust Co. NA increased its position in Copart by 16.5% during the 1st quarter. Private Trust Co. NA now owns 4,142 shares of the business services provider’s stock valued at $234,000 after buying an additional 586 shares in the last quarter. Finally, JPMorgan Chase & Co. raised its stake in Copart by 15.9% during the first quarter. JPMorgan Chase & Co. now owns 15,345,768 shares of the business services provider’s stock valued at $868,417,000 after buying an additional 2,106,656 shares during the last quarter. Institutional investors own 85.78% of the company’s stock.

Copart Stock Up 0.6%

Shares of NASDAQ CPRT opened at $44.34 on Friday. The firm’s 50-day moving average price is $46.61 and its 200-day moving average price is $50.89. Copart, Inc. has a 52-week low of $43.32 and a 52-week high of $64.38. The company has a market cap of $42.91 billion, a PE ratio of 27.71 and a beta of 1.03.

Copart (NASDAQ:CPRT) last issued its quarterly earnings data on Thursday, September 4th. The business services provider reported $0.41 earnings per share for the quarter, beating analysts’ consensus estimates of $0.37 by $0.04. Copart had a net margin of 33.41% and a return on equity of 18.17%. The company had revenue of $1.13 billion for the quarter, compared to the consensus estimate of $1.14 billion. During the same quarter in the prior year, the firm earned $0.33 earnings per share. The firm’s revenue for the quarter was up 2.9% compared to the same quarter last year. As a group, equities research analysts anticipate that Copart, Inc. will post 1.57 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on CPRT shares. Hsbc Global Res raised Copart from a “hold” rating to a “strong-buy” rating in a research note on Thursday, September 4th. Stephens cut their price objective on shares of Copart from $50.00 to $46.00 and set an “equal weight” rating on the stock in a research report on Friday, September 5th. Weiss Ratings restated a “hold (c)” rating on shares of Copart in a research note on Wednesday, October 8th. Robert W. Baird dropped their target price on shares of Copart from $64.00 to $55.00 and set an “outperform” rating on the stock in a research note on Thursday, July 17th. Finally, HSBC set a $62.00 price target on shares of Copart and gave the company a “buy” rating in a research report on Thursday, September 4th. One analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $54.50.

Insiders Place Their Bets

In related news, Director Thomas N. Tryforos sold 228,840 shares of Copart stock in a transaction on Monday, September 15th. The stock was sold at an average price of $47.54, for a total value of $10,879,053.60. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Jeffrey Liaw sold 24,283 shares of the company’s stock in a transaction on Wednesday, October 15th. The shares were sold at an average price of $44.79, for a total value of $1,087,635.57. Following the sale, the chief executive officer owned 31,332 shares of the company’s stock, valued at approximately $1,403,360.28. This trade represents a 43.66% decrease in their position. The disclosure for this sale can be found here. Company insiders own 9.68% of the company’s stock.

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.