CNB Bank Trims Stake in Copart, Inc. $CPRT

CNB Bank lowered its stake in Copart, Inc. (NASDAQ:CPRT) by 5.1% during the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 10,968 shares of the business services provider’s stock after selling 595 shares during the period. CNB Bank’s holdings in Copart were worth $538,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Cloud Capital Management LLC purchased a new stake in shares of Copart in the 1st quarter worth approximately $26,000. Atticus Wealth Management LLC purchased a new stake in shares of Copart in the 2nd quarter worth approximately $31,000. Ameritas Advisory Services LLC purchased a new stake in shares of Copart in the 2nd quarter worth approximately $31,000. Accent Capital Management LLC purchased a new stake in shares of Copart in the 1st quarter worth approximately $36,000. Finally, GFG Capital LLC purchased a new stake in shares of Copart in the 2nd quarter worth approximately $37,000. Hedge funds and other institutional investors own 85.78% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts recently weighed in on the company. Weiss Ratings restated a “hold (c)” rating on shares of Copart in a research note on Friday. Stephens cut their price target on Copart from $50.00 to $46.00 and set an “equal weight” rating on the stock in a research note on Friday, September 5th. Robert W. Baird cut their price target on Copart from $64.00 to $55.00 and set an “outperform” rating on the stock in a research note on Thursday, July 17th. HSBC set a $62.00 target price on Copart and gave the company a “buy” rating in a research note on Thursday, September 4th. Finally, Hsbc Global Res upgraded Copart from a “hold” rating to a “strong-buy” rating in a research note on Thursday, September 4th. One investment analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $54.50.

Insiders Place Their Bets

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

Copart Stock Performance

Shares of Copart stock opened at $44.66 on Friday. Copart, Inc. has a one year low of $43.32 and a one year high of $64.38. The stock’s fifty day moving average is $46.39 and its 200 day moving average is $50.53. The stock has a market cap of $43.22 billion, a P/E ratio of 27.91 and a beta of 1.03.

Copart (NASDAQ:CPRT) last issued its quarterly earnings results on Thursday, September 4th. The business services provider reported $0.41 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.37 by $0.04. Copart had a return on equity of 18.17% and a net margin of 33.41%.The business had revenue of $1.13 billion during the quarter, compared to analyst estimates of $1.14 billion. During the same quarter in the prior year, the business posted $0.33 EPS. Copart’s revenue for the quarter was up 2.9% compared to the same quarter last year. Analysts predict that Copart, Inc. will post 1.57 EPS 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.