DAVENPORT & Co LLC Sells 60,992 Shares of Copart, Inc. $CPRT

DAVENPORT & Co LLC trimmed its stake in Copart, Inc. (NASDAQ:CPRT) by 48.7% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 64,130 shares of the business services provider’s stock after selling 60,992 shares during the period. DAVENPORT & Co LLC’s holdings in Copart were worth $2,511,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also modified their holdings of the stock. PDS Planning Inc raised its stake in shares of Copart by 4.9% during the third quarter. PDS Planning Inc now owns 5,196 shares of the business services provider’s stock valued at $234,000 after acquiring an additional 242 shares in the last quarter. Hollencrest Capital Management boosted its holdings in shares of Copart by 13.2% in the third quarter. Hollencrest Capital Management now owns 2,088 shares of the business services provider’s stock valued at $94,000 after purchasing an additional 244 shares during the period. Unique Wealth LLC grew its stake in Copart by 2.3% in the third quarter. Unique Wealth LLC now owns 10,785 shares of the business services provider’s stock worth $485,000 after purchasing an additional 245 shares in the last quarter. Howard Capital Management Inc. increased its holdings in Copart by 1.1% during the 3rd quarter. Howard Capital Management Inc. now owns 24,163 shares of the business services provider’s stock worth $1,087,000 after purchasing an additional 253 shares during the period. Finally, Cornerstone Planning Group LLC increased its holdings in Copart by 54.0% during the 3rd quarter. Cornerstone Planning Group LLC now owns 730 shares of the business services provider’s stock worth $31,000 after purchasing an additional 256 shares during the period. 85.78% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Copart

In other news, CEO Jeffrey Liaw sold 25,137 shares of the firm’s stock in a transaction dated Thursday, January 15th. The shares were sold at an average price of $40.17, for a total value 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 trade represents a 30.99% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 9.60% of the company’s stock.

Copart Price Performance

Shares of NASDAQ CPRT opened at $32.43 on Friday. The stock has a market capitalization of $31.24 billion, a P/E ratio of 20.27 and a beta of 1.09. Copart, Inc. has a 1-year low of $32.20 and a 1-year high of $63.85. The business has a fifty day moving average price of $37.40 and a 200 day moving average price of $40.34.

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

Analysts Set New Price Targets

A number of brokerages have weighed in on CPRT. Zacks Research cut Copart from a “hold” rating to a “strong sell” rating in a report on Tuesday, February 24th. Weiss Ratings restated a “hold (c-)” rating on shares of Copart in a research note on Monday, March 23rd. JPMorgan Chase & Co. decreased their price objective on Copart from $45.00 to $34.00 and set a “neutral” rating for the company in a report on Monday, February 23rd. Barclays reaffirmed an “underweight” rating and issued a $32.00 price objective (down from $33.00) on shares of Copart in a research note on Monday, February 23rd. Finally, CJS Securities upgraded shares of Copart to a “strong-buy” rating in a report on Thursday, December 11th. Two investment analysts have rated the stock with a Strong Buy rating, one has given a Buy rating, three have assigned a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat.com, Copart presently has a consensus rating of “Hold” and an average target price of $44.40.

Copart Company 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.