Confluence Investment Management LLC Lowers Stock Position in Copart, Inc. $CPRT

Confluence Investment Management LLC reduced its position in shares of Copart, Inc. (NASDAQ:CPRT) by 15.5% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 283,768 shares of the business services provider’s stock after selling 52,061 shares during the period. Confluence Investment Management LLC’s holdings in Copart were worth $11,110,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. Mirae Asset Global Investments Co. Ltd. lifted its holdings in Copart by 13.9% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 371,603 shares of the business services provider’s stock worth $16,711,000 after acquiring an additional 45,346 shares during the period. California Public Employees Retirement System increased its position in shares of Copart by 89.0% during the 2nd quarter. California Public Employees Retirement System now owns 2,548,275 shares of the business services provider’s stock valued at $125,044,000 after purchasing an additional 1,200,035 shares during the last quarter. Principal Financial Group Inc. raised its stake in shares of Copart by 3.2% during the 3rd quarter. Principal Financial Group Inc. now owns 40,175,058 shares of the business services provider’s stock worth $1,806,674,000 after purchasing an additional 1,236,101 shares during the period. Yacktman Asset Management LP purchased a new position in shares of Copart in the 3rd quarter worth about $3,382,000. Finally, Comgest Global Investors S.A.S. grew its position in Copart by 7.2% during the third quarter. Comgest Global Investors S.A.S. now owns 3,181,919 shares of the business services provider’s stock valued at $143,091,000 after buying an additional 212,520 shares during the period. 85.78% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of research firms recently issued reports on CPRT. Robert W. Baird set a $48.00 price objective on shares of Copart and gave the stock an “outperform” rating in a report on Friday, February 20th. JPMorgan Chase & Co. reduced their target price on shares of Copart from $45.00 to $34.00 and set a “neutral” rating for the company in a research report on Monday, February 23rd. Barclays restated an “underweight” rating and set a $32.00 price target (down from $33.00) on shares of Copart in a research note on Monday, February 23rd. Zacks Research cut shares of Copart from a “hold” rating to a “strong sell” rating in a report on Tuesday, February 24th. Finally, CJS Securities upgraded Copart to a “strong-buy” rating in a research note on Thursday, December 11th. Two investment analysts have rated the stock with a Strong Buy rating, one has issued a Buy rating, three have given a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat, the stock has an average rating of “Hold” and an average price target of $44.40.

Insider Activity at Copart

In related news, CEO Jeffrey Liaw sold 25,137 shares of the company’s stock in a transaction that occurred on Thursday, January 15th. The shares were sold at an average price of $40.17, for a total transaction of $1,009,753.29. Following the sale, the chief executive officer directly owned 55,970 shares in the company, valued at approximately $2,248,314.90. This represents a 30.99% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Insiders own 9.60% of the company’s stock.

Copart Stock Performance

Shares of Copart stock opened at $32.52 on Friday. Copart, Inc. has a 52-week low of $32.20 and a 52-week high of $63.85. The stock’s 50-day simple moving average is $38.29 and its 200 day simple moving average is $41.05. The stock has a market capitalization of $31.33 billion, a P/E ratio of 20.33 and a beta of 1.09.

Copart (NASDAQ:CPRT) last issued its earnings results on Thursday, February 19th. The business services provider reported $0.36 earnings per share for the quarter, missing analysts’ consensus estimates of $0.39 by ($0.03). The business had revenue of $1.12 billion for the quarter, compared to the consensus estimate of $1.15 billion. Copart had a return on equity of 16.68% and a net margin of 33.76%.Copart’s revenue for the quarter was down 3.6% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.40 EPS. Equities research analysts forecast that Copart, Inc. will post 1.57 EPS for the current fiscal 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.