Envestnet Portfolio Solutions Inc. Cuts Stock Position in Copart, Inc. $CPRT

Envestnet Portfolio Solutions Inc. trimmed its stake in shares of Copart, Inc. (NASDAQ:CPRT) by 10.0% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 114,772 shares of the business services provider’s stock after selling 12,766 shares during the quarter. Envestnet Portfolio Solutions Inc.’s holdings in Copart were worth $5,632,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of the stock. Vanguard Group Inc. grew its stake in Copart by 2.1% during the 1st quarter. Vanguard Group Inc. now owns 104,263,922 shares of the business services provider’s stock worth $5,900,295,000 after purchasing an additional 2,134,890 shares in the last quarter. Principal Financial Group Inc. grew its stake in Copart by 3.3% during the 1st quarter. Principal Financial Group Inc. now owns 39,409,377 shares of the business services provider’s stock worth $2,230,177,000 after purchasing an additional 1,249,687 shares in the last quarter. JPMorgan Chase & Co. grew its stake in Copart by 15.9% during the 1st quarter. JPMorgan Chase & Co. now owns 15,345,768 shares of the business services provider’s stock worth $868,417,000 after purchasing an additional 2,106,656 shares in the last quarter. Invesco Ltd. grew its stake in Copart by 7.5% during the 1st quarter. Invesco Ltd. now owns 9,490,237 shares of the business services provider’s stock worth $537,052,000 after purchasing an additional 658,329 shares in the last quarter. Finally, Amundi grew its stake in Copart by 32.5% during the 1st quarter. Amundi now owns 9,380,026 shares of the business services provider’s stock worth $531,256,000 after purchasing an additional 2,299,192 shares in the last quarter. 85.78% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on CPRT. Robert W. Baird cut their price target on Copart from $64.00 to $55.00 and set an “outperform” rating on the stock in a research note on Thursday, July 17th. Weiss Ratings restated a “hold (c)” rating on shares of Copart in a research note on Wednesday, October 8th. HSBC set a $62.00 price target on Copart and gave the company a “buy” rating in a research note on Thursday, September 4th. Stephens cut their price target on Copart from $50.00 to $46.00 and set an “equal weight” rating on the stock in a research note on Friday, September 5th. Finally, Hsbc Global Res upgraded Copart from a “hold” rating to a “strong-buy” rating in a research note on Thursday, September 4th. One equities research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and four have given a Hold rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $54.50.

Insider Transactions at Copart

In other news, Director Thomas N. Tryforos sold 228,840 shares of the stock in a transaction that occurred on Monday, September 15th. The stock was sold at an average price of $47.54, for a total transaction of $10,879,053.60. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 9.68% of the company’s stock.

Copart Stock Up 1.6%

CPRT opened at $44.77 on Wednesday. The business has a 50 day moving average price of $46.73 and a two-hundred day moving average price of $51.11. The company has a market cap of $43.33 billion, a PE ratio of 27.98 and a beta of 1.03. Copart, Inc. has a 52 week low of $43.71 and a 52 week high of $64.38.

Copart (NASDAQ:CPRT) last posted its quarterly earnings data on Thursday, September 4th. The business services provider reported $0.41 EPS for the quarter, beating the consensus estimate of $0.37 by $0.04. The firm had revenue of $1.13 billion during the quarter, compared to the consensus estimate of $1.14 billion. Copart had a return on equity of 18.17% and a net margin of 33.41%.The firm’s revenue was up 2.9% compared to the same quarter last year. During the same period in the prior year, the business earned $0.33 EPS. As a group, sell-side analysts expect that Copart, Inc. will post 1.57 EPS for the current fiscal year.

About Copart

Copart, Inc provides online auctions and vehicle remarketing services. It offers a range of services for processing and selling vehicles over the Internet through its Virtual Bidding Third Generation Internet auction-style sales technology on behalf of vehicle sellers, insurance companies, banks and finance companies, charities, and fleet operators and dealers, as well as individual owners.