Jefferies Group Comments on Copart Inc.’s FY2018 Earnings (CPRT)
Copart Inc. (NASDAQ:CPRT) – Research analysts at Jefferies Group upped their FY2018 earnings per share estimates for shares of Copart in a research note issued on Wednesday. Jefferies Group analyst B. Jordan now forecasts that the brokerage will earn $2.52 per share for the year, up from their previous estimate of $2.46. Jefferies Group currently has a “Hold” rating and a $55.00 target price on the stock.
Several other equities research analysts also recently weighed in on the company. Zacks Investment Research raised Copart from a “hold” rating to a “strong-buy” rating and set a $58.00 price target on the stock in a research report on Wednesday, August 3rd. Northcoast Research downgraded Copart from a “buy” rating to a “neutral” rating in a research report on Thursday, August 25th. Barrington Research downgraded Copart from an “outperform” rating to a “market perform” rating in a research report on Friday, September 23rd. Susquehanna initiated coverage on Copart in a research report on Thursday, August 25th. They set a “neutral” rating and a $53.00 price target on the stock. Finally, Stephens set a $61.00 price target on Copart and gave the stock a “buy” rating in a research report on Thursday, September 22nd. Seven research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus price target of $55.57.
Shares of Copart (NASDAQ:CPRT) traded down 0.24% during midday trading on Monday, hitting $53.92. The stock had a trading volume of 785,206 shares. Copart has a 52-week low of $32.26 and a 52-week high of $54.85. The firm has a 50 day moving average price of $51.46 and a 200-day moving average price of $47.14. The stock has a market cap of $5.91 billion, a PE ratio of 24.40 and a beta of 0.99.
Copart (NASDAQ:CPRT) last issued its earnings results on Tuesday, September 20th. The company reported $0.59 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.55 by $0.04. Copart had a return on equity of 31.42% and a net margin of 21.25%. The firm had revenue of $332.70 million for the quarter. During the same period last year, the firm posted $0.41 earnings per share. The company’s revenue for the quarter was up 17.9% compared to the same quarter last year.
A number of hedge funds and other institutional investors have recently modified their holdings of CPRT. Norges Bank bought a new position in shares of Copart during the fourth quarter worth $39,489,000. Aperio Group LLC raised its position in shares of Copart by 15.3% in the first quarter. Aperio Group LLC now owns 80,695 shares of the company’s stock worth $3,290,000 after buying an additional 10,724 shares in the last quarter. Virginia Retirement System bought a new position in shares of Copart during the first quarter worth $1,105,000. Ramsey Quantitative Systems raised its position in shares of Copart by 5.5% in the first quarter. Ramsey Quantitative Systems now owns 17,417 shares of the company’s stock worth $710,000 after buying an additional 903 shares in the last quarter. Finally, CIBC World Markets Inc. bought a new position in shares of Copart during the first quarter worth $350,000. 83.65% of the stock is currently owned by hedge funds and other institutional investors.
In related news, COO Sean Eldridge sold 22,485 shares of the firm’s stock in a transaction dated Friday, September 23rd. The shares were sold at an average price of $53.61, for a total value of $1,205,420.85. Following the transaction, the chief operating officer now directly owns 23,317 shares of the company’s stock, valued at approximately $1,250,024.37. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO A Jayson Adair sold 200,000 shares of the firm’s stock in a transaction dated Friday, September 23rd. The shares were sold at an average price of $53.61, for a total transaction of $10,722,000.00. The disclosure for this sale can be found here. Insiders own 19.40% of the company’s stock.
Copart, Inc is a provider of online auctions and vehicle remarketing services in the United States, Canada, the United Kingdom, the United Arab Emirates, Oman, Bahrain and Brazil. The Company also provides vehicle remarketing services in Germany and Spain. It provides vehicle sellers with services to process and sell vehicles primarily over the Internet through its virtual bidding third generation Internet auction-style sales technology (VB3).
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