Welch & Forbes LLC trimmed its position in shares of Copart, Inc. (NASDAQ:CPRT – Free Report) by 97.4% during the third quarter, Holdings Channel reports. The institutional investor owned 28,456 shares of the business services provider’s stock after selling 1,069,878 shares during the quarter. Welch & Forbes LLC’s holdings in Copart were worth $776,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors also recently bought and sold shares of the company. Confluence Investment Management LLC grew its holdings in shares of Copart by 44.2% in the 3rd quarter. Confluence Investment Management LLC now owns 422,532 shares of the business services provider’s stock worth $11,527,000 after acquiring an additional 129,591 shares during the period. Cohen Capital Management Inc. purchased a new position in Copart in the 3rd quarter valued at approximately $1,780,000. Handelsbanken Fonder AB raised its holdings in Copart by 6.4% during the second quarter. Handelsbanken Fonder AB now owns 578,452 shares of the business services provider’s stock worth $16,307,000 after purchasing an additional 34,855 shares during the last quarter. MassMutual Private Wealth & Trust FSB raised its holdings in Copart by 3,034.7% during the third quarter. MassMutual Private Wealth & Trust FSB now owns 200,557 shares of the business services provider’s stock worth $5,471,000 after purchasing an additional 194,159 shares during the last quarter. Finally, Caisse de depot et placement du Quebec acquired a new position in Copart during the second quarter worth $81,534,000. 85.78% of the stock is currently owned by institutional investors and hedge funds.
Insider Buying and Selling
In other Copart news, Director Diane Morefield sold 20,000 shares of the business’s stock in a transaction on Thursday, October 15th. The stock was sold at an average price of $27.66, for a total value of $553,200.00. Following the completion of the transaction, the director directly owned 50,000 shares in the company, valued at approximately $1,383,000. The trade was a 28.57% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 9.30% of the company’s stock.
Copart Price Performance
Shares of NASDAQ CPRT opened at $32.30 on Wednesday. The company has a 50-day simple moving average of $29.43 and a 200-day simple moving average of $32.13. The company has a market cap of $29.92 billion, a PE ratio of 20.84, a price-to-earnings-growth ratio of 1.59 and a beta of 1.01. Copart, Inc. has a 12 month low of $25.72 and a 12 month high of $42.05.
Copart (NASDAQ:CPRT – Get Free Report) last announced its quarterly earnings data on Thursday, September 10th. The business services provider reported $0.35 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.38 by ($0.03). Copart had a net margin of 31.81% and a return on equity of 15.93%. The firm had revenue of $1.15 billion for the quarter, compared to analysts’ expectations of $1.14 billion. During the same period in the previous year, the company posted $0.41 EPS. The business’s quarterly revenue was up 2.4% on a year-over-year basis. On average, analysts anticipate that Copart, Inc. will post 1.63 EPS for the current year.
Wall Street Analyst Weigh In
CPRT has been the topic of several research reports. Barclays set a $25.00 target price on Copart and gave the company an “underweight” rating in a report on Wednesday, August 26th. Weiss Ratings restated a “sell (d+)” rating on shares of Copart in a research report on Tuesday, October 27th. Deutsche Bank Aktiengesellschaft set a $40.00 price target on Copart in a research note on Thursday, September 3rd. HSBC lowered shares of Copart from a “buy” rating to a “hold” rating and decreased their price objective for the stock from $46.00 to $36.00 in a research report on Wednesday, September 16th. Finally, Barrington Research raised shares of Copart from a “market perform” rating to an “outperform” rating and set a $40.00 price objective on the stock in a research note on Friday, September 11th. Two analysts have rated the stock with a Strong Buy rating, five have issued a Buy rating, four have issued a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $37.90.
View Our Latest Research Report on CPRT
About Copart
Copart, Inc. operates an online vehicle auction and remarketing business. Its platform connects sellers with buyers of used and damaged vehicles, including cars, trucks, motorcycles and other equipment. The company serves insurance companies, vehicle dealers, rental and fleet operators, financial institutions and other businesses, as well as individual buyers. Its services include online auctions, vehicle storage, title processing and support with vehicle transportation. Founded in 1982 by Willis Johnson, Copart has expanded from its origins in the United States to serve customers in multiple countries, including markets in North America, Europe and the Middle East.
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