Zacks Investment Research Upgrades Copart Inc. (CPRT) to “Buy”
Copart Inc. (NASDAQ:CPRT) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Monday. The firm presently has a $61.00 price target on the stock. Zacks Investment Research’s price target suggests a potential upside of 12.86% from the company’s current price.
According to Zacks, “Copart reported better-than-expected earnings and revenues in fourth-quarter fiscal 2016. The company is gaining from several tailwinds such as rising revenues and geographic expansion. The company also occasionally repurchases shares to boost shareholder value. However, foreign currency fluctuations are adversely affecting Copart’s revenues. Improving safety features in vehicles may also impact inventory levels in the long run.”
Several other analysts have also recently weighed in on CPRT. Stephens set a $61.00 price objective on Copart and gave the stock a “buy” rating in a report on Thursday, September 22nd. Jefferies Group boosted their price objective on Copart from $53.00 to $55.00 and gave the stock a “hold” rating in a report on Thursday, September 22nd. Northcoast Research cut Copart from a “buy” rating to a “neutral” rating in a report on Thursday, August 25th. Barrington Research cut Copart from an “outperform” rating to a “market perform” rating in a report on Friday, September 23rd. Finally, Susquehanna began coverage on Copart in a report on Thursday, August 25th. They set a “neutral” rating and a $53.00 price objective for the company. Seven research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. The stock currently has an average rating of “Hold” and an average price target of $55.57.
Shares of Copart (NASDAQ:CPRT) opened at 54.05 on Monday. The firm has a market capitalization of $5.92 billion, a PE ratio of 24.46 and a beta of 0.99. The company’s 50 day moving average is $51.46 and its 200 day moving average is $47.14. Copart has a 12-month low of $32.26 and a 12-month high of $54.85.
Copart (NASDAQ:CPRT) last issued its quarterly 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. The business had revenue of $332.70 million for the quarter. Copart had a net margin of 21.25% and a return on equity of 31.42%. The firm’s quarterly revenue was up 17.9% on a year-over-year basis. During the same quarter last year, the company earned $0.41 EPS. On average, analysts forecast that Copart will post $2.41 earnings per share for the current year.
In related news, COO Sean Eldridge sold 22,485 shares of the business’s stock in a transaction that occurred on Friday, September 23rd. The stock was sold at an average price of $53.61, for a total value of $1,205,420.85. Following the completion of the transaction, the chief operating officer now directly owns 23,317 shares in the company, valued at approximately $1,250,024.37. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO A Jayson Adair sold 200,000 shares of the business’s stock in a transaction that occurred on Friday, September 23rd. The shares were sold at an average price of $53.61, for a total value of $10,722,000.00. The disclosure for this sale can be found here. 19.40% of the stock is owned by insiders.
Several institutional investors have recently modified their holdings of CPRT. Advisor Group Inc. acquired a new position in shares of Copart during the second quarter valued at about $143,000. Skandinaviska Enskilda Banken AB publ acquired a new position in shares of Copart during the second quarter valued at about $201,000. Mackenzie Financial Corp acquired a new position in shares of Copart during the second quarter valued at about $201,000. Highbridge Capital Management LLC acquired a new position in shares of Copart during the second quarter valued at about $206,000. Finally, Ancora Inverness LLC acquired a new position in shares of Copart during the first quarter valued at about $207,000. Institutional investors and hedge funds own 83.65% 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).
Receive News & Stock Ratings for Copart Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Copart Inc. and related stocks with our FREE daily email newsletter.