Renaissance Technologies LLC trimmed its holdings in shares of Copart, Inc. (NASDAQ:CPRT – Free Report) by 70.7% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 580,500 shares of the business services provider’s stock after selling 1,402,400 shares during the quarter. Renaissance Technologies LLC’s holdings in Copart were worth $19,273,000 as of its most recent filing with the SEC.
A number of other institutional investors and hedge funds have also recently bought and sold shares of the business. Norges Bank purchased a new position in shares of Copart during the 4th quarter valued at approximately $569,569,000. Capital World Investors increased its position in shares of Copart by 25.1% in the 4th quarter. Capital World Investors now owns 27,728,398 shares of the business services provider’s stock worth $1,085,588,000 after purchasing an additional 5,555,101 shares during the last quarter. Capital International Investors acquired a new stake in shares of Copart in the 4th quarter valued at about $195,637,000. Deutsche Bank AG raised its stake in shares of Copart by 94.0% in the 4th quarter. Deutsche Bank AG now owns 9,955,661 shares of the business services provider’s stock valued at $389,764,000 after purchasing an additional 4,823,111 shares in the last quarter. Finally, Bank of New York Mellon Corp lifted its position in shares of Copart by 21.7% during the fourth quarter. Bank of New York Mellon Corp now owns 21,982,589 shares of the business services provider’s stock worth $860,618,000 after purchasing an additional 3,918,610 shares during the last quarter. Hedge funds and other institutional investors own 85.78% of the company’s stock.
Analysts Set New Price Targets
Several brokerages recently weighed in on CPRT. Zacks Research lowered Copart from a “hold” rating to a “strong sell” rating in a report on Tuesday. Jefferies Financial Group set a $45.00 price target on Copart in a research report on Friday, May 22nd. Barclays set a $26.00 price target on Copart and gave the stock an “underweight” rating in a report on Tuesday, July 21st. Freedom Capital upgraded Copart to a “strong-buy” rating in a research note on Friday, June 26th. Finally, Weiss Ratings lowered Copart from a “hold (c-)” rating to a “sell (d+)” rating in a research report on Friday, May 1st. Three analysts have rated the stock with a Strong Buy rating, one has assigned a Buy rating, two have given a Hold rating and three have assigned a Sell rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $43.50.
Insiders Place Their Bets
In related news, CEO Jeffrey Liaw sold 27,745 shares of the stock in a transaction dated Tuesday, July 28th. The shares were sold at an average price of $30.49, for a total value of $845,945.05. Following the completion of the transaction, the chief executive officer owned 99,641 shares in the company, valued at $3,038,054.09. This represents a 21.78% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. 9.60% of the stock is owned by insiders.
Copart Price Performance
CPRT opened at $29.57 on Friday. The stock’s 50 day moving average price is $29.91 and its 200 day moving average price is $33.79. The stock has a market cap of $27.38 billion, a P/E ratio of 18.37 and a beta of 1.02. Copart, Inc. has a 12 month low of $26.81 and a 12 month high of $50.11.
Copart (NASDAQ:CPRT – Get Free Report) last released its quarterly earnings results 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. The company had revenue of $1.24 billion during the quarter, compared to analysts’ expectations of $1.19 billion. Copart had a return on equity of 16.63% and a net margin of 33.48%.The company’s revenue for the quarter was up 2.1% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.42 earnings per share. Equities analysts anticipate that Copart, Inc. will post 1.58 EPS for the current year.
About Copart
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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