SevenBridge Financial Group LLC Increases Stock Position in Copart, Inc. $CPRT

SevenBridge Financial Group LLC grew its holdings in shares of Copart, Inc. (NASDAQ:CPRT) by 55.2% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 76,058 shares of the business services provider’s stock after purchasing an additional 27,045 shares during the period. SevenBridge Financial Group LLC’s holdings in Copart were worth $3,140,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. Vanguard Group Inc. grew its holdings in Copart by 2.4% during the third quarter. Vanguard Group Inc. now owns 108,990,652 shares of the business services provider’s stock worth $4,901,310,000 after acquiring an additional 2,581,784 shares during the period. Principal Financial Group Inc. raised its position in Copart by 3.2% in the third quarter. Principal Financial Group Inc. now owns 40,175,058 shares of the business services provider’s stock worth $1,806,674,000 after acquiring an additional 1,236,101 shares in the last quarter. State Street Corp lifted its holdings in Copart by 3.3% in the second quarter. State Street Corp now owns 36,406,503 shares of the business services provider’s stock valued at $1,786,467,000 after acquiring an additional 1,167,265 shares during the period. Geode Capital Management LLC lifted its holdings in Copart by 3.3% in the second quarter. Geode Capital Management LLC now owns 20,462,076 shares of the business services provider’s stock valued at $999,305,000 after acquiring an additional 656,333 shares during the period. Finally, Norges Bank purchased a new stake in shares of Copart during the 2nd quarter worth $549,448,000. 85.78% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on the stock. Zacks Research cut shares of Copart from a “hold” rating to a “strong sell” rating in a research note on Tuesday, February 24th. Robert W. Baird set a $48.00 price objective on shares of Copart and gave the stock an “outperform” rating in a report on Friday, February 20th. Barclays reaffirmed an “underweight” rating and issued a $32.00 target price (down from $33.00) on shares of Copart in a report on Monday, February 23rd. CJS Securities raised Copart to a “strong-buy” rating in a research note on Thursday, December 11th. Finally, JPMorgan Chase & Co. dropped their price objective on Copart from $45.00 to $34.00 and set a “neutral” rating for the company in a research note on Monday, February 23rd. Two equities research analysts have rated the stock with a Strong Buy rating, one has given a Buy rating, four have given a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat.com, Copart presently has a consensus rating of “Hold” and a consensus target price of $44.40.

Copart Trading Down 2.1%

Shares of NASDAQ CPRT opened at $35.55 on Thursday. The stock has a market cap of $34.25 billion, a price-to-earnings ratio of 22.22 and a beta of 1.09. Copart, Inc. has a 52 week low of $33.81 and a 52 week high of $63.85. The company’s 50-day moving average price is $38.89 and its 200 day moving average price is $41.63.

Copart (NASDAQ:CPRT) last announced its earnings results on Thursday, February 19th. The business services provider reported $0.36 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.39 by ($0.03). Copart had a return on equity of 16.68% and a net margin of 33.76%.The business had revenue of $1.12 billion for the quarter, compared to analyst estimates of $1.15 billion. During the same quarter in the previous year, the firm posted $0.40 EPS. The business’s revenue was down 3.6% on a year-over-year basis. As a group, research analysts expect that Copart, Inc. will post 1.57 earnings per share for the current year.

Insider Activity

In related news, CEO Jeffrey Liaw sold 25,137 shares of Copart stock in a transaction that occurred on Thursday, January 15th. The stock was sold at an average price of $40.17, for a total transaction of $1,009,753.29. Following the completion of the transaction, the chief executive officer directly owned 55,970 shares in the company, valued at $2,248,314.90. The trade was a 30.99% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 9.60% of the stock is owned by corporate insiders.

Copart 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.