Brasada Capital Management LP Reduces Holdings in Copart, Inc. $CPRT

Brasada Capital Management LP reduced its holdings in shares of Copart, Inc. (NASDAQ:CPRT) by 13.7% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 175,828 shares of the business services provider’s stock after selling 27,843 shares during the quarter. Copart makes up 1.1% of Brasada Capital Management LP’s investment portfolio, making the stock its 26th largest position. Brasada Capital Management LP’s holdings in Copart were worth $6,641,000 as of its most recent SEC filing.

Other hedge funds have also recently added to or reduced their stakes in the company. Lodestone Wealth Management LLC purchased a new position in Copart during the 4th quarter valued at about $25,000. Aventura Private Wealth LLC purchased a new position in Copart during the 4th quarter valued at about $33,000. Board of the Pension Protection Fund purchased a new stake in shares of Copart during the fourth quarter worth about $35,000. FNY Investment Advisers LLC purchased a new stake in shares of Copart during the third quarter worth about $36,000. Finally, Triumph Capital Management grew its holdings in shares of Copart by 424.2% during the fourth quarter. Triumph Capital Management now owns 1,017 shares of the business services provider’s stock worth $40,000 after buying an additional 823 shares in the last quarter. 85.78% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Copart

In related news, CEO Jeffrey Liaw sold 26,213 shares of the business’s stock in a transaction that occurred on Wednesday, April 15th. The shares were sold at an average price of $33.18, for a total value of $869,747.34. Following the completion of the sale, the chief executive officer directly owned 79,532 shares in the company, valued at approximately $2,638,871.76. The trade was a 24.79% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 9.60% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on the stock. Jefferies Financial Group set a $45.00 price target on shares of Copart in a report on Friday, May 22nd. Robert W. Baird set a $48.00 price target on shares of Copart and gave the stock an “outperform” rating in a report on Friday, February 20th. Zacks Research upgraded shares of Copart from a “strong sell” rating to a “hold” rating in a report on Monday, April 27th. Barclays reiterated an “underweight” rating and set a $32.00 price target (down from $33.00) on shares of Copart in a report on Monday, February 23rd. Finally, JPMorgan Chase & Co. lowered their price target on shares of Copart from $45.00 to $34.00 and set a “neutral” rating for the company in a report on Monday, February 23rd. Two equities research analysts have rated the stock with a Strong Buy rating, one has issued a Buy rating, three have assigned a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $44.50.

Copart Price Performance

Shares of NASDAQ CPRT opened at $30.75 on Friday. Copart, Inc. has a 12 month low of $29.97 and a 12 month high of $50.11. The company has a 50-day simple moving average of $32.85 and a 200-day simple moving average of $36.20. The company has a market cap of $28.47 billion, a PE ratio of 19.10 and a beta of 1.00.

Copart (NASDAQ:CPRT) last released its earnings results on Thursday, May 21st. The business services provider reported $0.43 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.41 by $0.02. Copart had a net margin of 33.48% and a return on equity of 16.63%. The firm had revenue of $1.24 billion during the quarter, compared to the consensus estimate of $1.19 billion. During the same period in the previous year, the firm earned $0.42 earnings per share. Copart’s revenue was up 2.1% compared to the same quarter last year. On average, 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.