Canoe Financial LP Sells 50,800 Shares of Copart, Inc. $CPRT

Canoe Financial LP decreased its position in Copart, Inc. (NASDAQ:CPRT) by 17.4% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 240,827 shares of the business services provider’s stock after selling 50,800 shares during the quarter. Canoe Financial LP’s holdings in Copart were worth $7,995,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Patton Fund Management Inc. boosted its holdings in shares of Copart by 12.0% during the first quarter. Patton Fund Management Inc. now owns 6,478 shares of the business services provider’s stock worth $215,000 after purchasing an additional 692 shares during the period. Janney Montgomery Scott LLC increased its holdings in Copart by 14.0% during the 1st quarter. Janney Montgomery Scott LLC now owns 333,624 shares of the business services provider’s stock valued at $11,076,000 after purchasing an additional 41,060 shares during the period. MBE Wealth Management LLC increased its holdings in Copart by 16.6% during the 1st quarter. MBE Wealth Management LLC now owns 7,934 shares of the business services provider’s stock valued at $263,000 after purchasing an additional 1,129 shares during the period. Pinnacle Wealth Management Advisory Group LLC bought a new position in Copart during the 1st quarter valued at approximately $253,000. Finally, J2 Capital Management Inc raised its position in Copart by 10.4% during the 1st quarter. J2 Capital Management Inc now owns 14,492 shares of the business services provider’s stock valued at $481,000 after purchasing an additional 1,365 shares during the last quarter. 85.78% of the stock is owned by institutional investors.

Insider Activity at Copart

In related news, CEO Jeffrey Liaw sold 26,213 shares of the stock in a transaction dated Wednesday, April 15th. The shares were sold at an average price of $33.18, for a total transaction of $869,747.34. Following the sale, the chief executive officer directly owned 79,532 shares of the company’s stock, valued at approximately $2,638,871.76. This represents a 24.79% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Corporate insiders own 9.60% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts recently commented on CPRT shares. Weiss Ratings downgraded Copart from a “hold (c-)” rating to a “sell (d+)” rating in a report on Friday, May 1st. Zacks Research raised shares of Copart from a “strong sell” rating to a “hold” rating in a research report on Monday, April 27th. Finally, Jefferies Financial Group set a $45.00 price objective on shares of Copart in a report on Friday, May 22nd. Two research analysts have rated the stock with a Strong Buy rating, one has assigned a Buy rating, three have assigned a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat.com, Copart presently has an average rating of “Hold” and an average target price of $44.50.

Copart Stock Up 0.0%

Shares of CPRT stock opened at $30.55 on Monday. The stock has a market cap of $28.29 billion, a price-to-earnings ratio of 18.98 and a beta of 1.01. The business’s fifty day moving average is $32.24 and its 200 day moving average is $35.57. Copart, Inc. has a twelve month low of $29.41 and a twelve month high of $50.11.

Copart (NASDAQ:CPRT) last announced its quarterly earnings data on Thursday, May 21st. The business services provider reported $0.43 EPS for the quarter, beating the consensus estimate of $0.41 by $0.02. Copart had a return on equity of 16.63% and a net margin of 33.48%.The business had revenue of $1.24 billion during the quarter, compared to analyst estimates of $1.19 billion. During the same quarter last year, the firm posted $0.42 earnings per share. The company’s revenue for the quarter was up 2.1% on a year-over-year basis. Equities research analysts expect that Copart, Inc. will post 1.58 earnings per share for the current fiscal year.

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.