Confluence Investment Management LLC Acquires New Position in Copart, Inc. $CPRT

Confluence Investment Management LLC bought a new position in shares of Copart, Inc. (NASDAQ:CPRT) during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm bought 335,829 shares of the business services provider’s stock, valued at approximately $15,102,000.

Several other institutional investors also recently bought and sold shares of the business. OFI Invest Asset Management boosted its holdings in shares of Copart by 45.1% during the third quarter. OFI Invest Asset Management now owns 2,643 shares of the business services provider’s stock worth $119,000 after purchasing an additional 821 shares during the last quarter. Exchange Traded Concepts LLC lifted its position in Copart by 8.2% during the third quarter. Exchange Traded Concepts LLC now owns 23,047 shares of the business services provider’s stock worth $1,036,000 after buying an additional 1,742 shares during the period. J2 Capital Management Inc lifted its position in Copart by 20.7% during the third quarter. J2 Capital Management Inc now owns 10,852 shares of the business services provider’s stock worth $488,000 after buying an additional 1,859 shares during the period. Northwest Wealth Management LLC boosted its stake in Copart by 13.3% in the 3rd quarter. Northwest Wealth Management LLC now owns 13,664 shares of the business services provider’s stock worth $614,000 after buying an additional 1,599 shares during the last quarter. Finally, Brighton Jones LLC grew its holdings in Copart by 44.5% in the 3rd quarter. Brighton Jones LLC now owns 24,049 shares of the business services provider’s stock valued at $1,081,000 after buying an additional 7,405 shares during the period. 85.78% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

CPRT has been the subject of a number of research analyst reports. Barclays reaffirmed an “underweight” rating and set a $33.00 price objective (up previously from $32.00) on shares of Copart in a research note on Friday, November 21st. Stephens dropped their price target on shares of Copart from $50.00 to $46.00 and set an “equal weight” rating for the company in a research report on Friday, September 5th. Hsbc Global Res upgraded shares of Copart from a “hold” rating to a “strong-buy” rating in a report on Thursday, September 4th. JPMorgan Chase & Co. lowered their price objective on shares of Copart from $50.00 to $45.00 and set a “neutral” rating for the company in a research note on Monday, November 24th. Finally, HSBC set a $62.00 price objective on Copart and gave the stock a “buy” rating in a report on Thursday, September 4th. Two equities research analysts have rated the stock with a Strong Buy rating, two have assigned a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $47.60.

Copart Stock Up 0.7%

CPRT opened at $39.36 on Tuesday. Copart, Inc. has a 52-week low of $38.18 and a 52-week high of $63.85. The company has a 50 day moving average of $41.13 and a two-hundred day moving average of $45.08. The company has a market cap of $38.10 billion, a P/E ratio of 24.00 and a beta of 1.12.

Copart (NASDAQ:CPRT) last posted its earnings results on Thursday, November 20th. The business services provider reported $0.41 earnings per share for the quarter, beating the consensus estimate of $0.39 by $0.02. Copart had a net margin of 34.24% and a return on equity of 17.78%. The business had revenue of $1.16 billion for the quarter, compared to analyst estimates of $1.18 billion. During the same quarter in the previous year, the business posted $0.37 EPS. The business’s quarterly revenue was up .7% on a year-over-year basis. Research analysts anticipate that Copart, Inc. will post 1.57 earnings per share for the current year.

Insider Transactions at Copart

In related news, CEO Jeffrey Liaw sold 24,283 shares of the firm’s stock in a transaction dated Wednesday, October 15th. The stock was sold at an average price of $44.79, for a total transaction of $1,087,635.57. Following the sale, the chief executive officer directly owned 31,332 shares in the company, valued at approximately $1,403,360.28. This trade represents a 43.66% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Thomas N. Tryforos sold 100,000 shares of the business’s stock in a transaction that occurred on Tuesday, November 25th. The stock was sold at an average price of $39.07, for a total value of $3,907,000.00. The disclosure for this sale is available in the SEC filing. Insiders own 9.60% of the company’s stock.

Copart Profile

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.