Groesbeck Investment Management Corp NJ Trims Stock Position in Copart, Inc. $CPRT

Groesbeck Investment Management Corp NJ lowered its stake in shares of Copart, Inc. (NASDAQ:CPRT) by 65.7% in the fourth quarter, according to its most recent 13F filing with the SEC. The fund owned 10,480 shares of the business services provider’s stock after selling 20,115 shares during the period. Groesbeck Investment Management Corp NJ’s holdings in Copart were worth $410,000 at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. Cloud Capital Management LLC purchased a new position in shares of Copart during the 3rd quarter valued at about $25,000. Tripletail Wealth Management LLC purchased a new position in shares of Copart during the 3rd quarter valued at about $27,000. Lodestone Wealth Management LLC purchased a new position in shares of Copart during the 4th quarter valued at about $25,000. LRI Investments LLC raised its stake in shares of Copart by 125.2% during the 3rd quarter. LRI Investments LLC now owns 653 shares of the business services provider’s stock valued at $29,000 after buying an additional 363 shares during the last quarter. Finally, Cornerstone Planning Group LLC increased its stake in shares of Copart by 54.0% in the 3rd quarter. Cornerstone Planning Group LLC now owns 730 shares of the business services provider’s stock valued at $31,000 after purchasing an additional 256 shares in the last quarter. Hedge funds and other institutional investors own 85.78% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts recently weighed in on CPRT shares. Barclays restated an “underweight” rating and issued a $32.00 price target (down from $33.00) on shares of Copart in a research note on Monday, February 23rd. Weiss Ratings restated a “hold (c-)” rating on shares of Copart in a research note on Monday, March 23rd. CJS Securities upgraded Copart to a “strong-buy” rating in a research note on Thursday, December 11th. Robert W. Baird set a $48.00 price target on Copart and gave the company an “outperform” rating in a research note on Friday, February 20th. Finally, Zacks Research lowered Copart from a “hold” rating to a “strong sell” rating in a research note on Tuesday, February 24th. Two analysts have rated the stock with a Strong Buy rating, one has assigned a Buy rating, three have issued a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat.com, Copart currently has a consensus rating of “Hold” and a consensus target price of $44.40.

Insider Transactions at Copart

In related news, CEO Jeffrey Liaw sold 25,137 shares of Copart stock in a transaction dated Thursday, January 15th. The stock was sold at an average price of $40.17, for a total value of $1,009,753.29. Following the sale, the chief executive officer directly owned 55,970 shares in the company, valued at approximately $2,248,314.90. The trade was a 30.99% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Insiders own 9.60% of the company’s stock.

Copart Stock Down 1.7%

Shares of Copart stock opened at $32.84 on Tuesday. Copart, Inc. has a twelve month low of $32.20 and a twelve month high of $63.85. The firm has a market cap of $31.64 billion, a PE ratio of 20.53 and a beta of 1.14. The business has a 50-day moving average price of $36.43 and a 200 day moving average price of $39.68.

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