Park State Asset Management Buys Shares of 120,925 Copart, Inc. $CPRT

Park State Asset Management purchased a new position in shares of Copart, Inc. (NASDAQ:CPRT) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 120,925 shares of the business services provider’s stock, valued at approximately $3,409,000. Copart makes up about 3.3% of Park State Asset Management’s investment portfolio, making the stock its 12th largest holding.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Janney Montgomery Scott LLC raised its position in Copart by 14.0% in the 1st quarter. Janney Montgomery Scott LLC now owns 333,624 shares of the business services provider’s stock valued at $11,076,000 after purchasing an additional 41,060 shares in the last quarter. Handelsbanken Fonder AB boosted its holdings in shares of Copart by 6.4% in the 2nd quarter. Handelsbanken Fonder AB now owns 578,452 shares of the business services provider’s stock valued at $16,307,000 after buying an additional 34,855 shares in the last quarter. Mill Capital Management LLC acquired a new position in Copart in the second quarter valued at $12,711,000. Focus Partners Advisor Solutions LLC purchased a new stake in shares of Copart in the 2nd quarter valued at about $1,298,000. Finally, ABN Amro Investment Solutions boosted its position in shares of Copart by 82.5% in the 4th quarter. ABN Amro Investment Solutions now owns 199,794 shares of the business services provider’s stock valued at $7,822,000 after purchasing an additional 90,339 shares during the period. Hedge funds and other institutional investors own 85.78% of the company’s stock.

Insiders Place Their Bets

In other Copart news, CEO Jeffrey Liaw sold 27,745 shares of Copart stock in a transaction dated Tuesday, July 28th. The shares were sold at an average price of $30.49, for a total transaction of $845,945.05. Following the completion of the transaction, the chief executive officer owned 99,641 shares in the company, valued at approximately $3,038,054.09. The trade was a 21.78% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 9.60% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on CPRT shares. Jefferies Financial Group set a $45.00 price objective on Copart in a report on Friday, May 22nd. Barclays set a $26.00 price target on Copart and gave the stock an “underweight” rating in a report on Tuesday, July 21st. Zacks Research downgraded Copart from a “hold” rating to a “strong sell” rating in a research note on Tuesday, July 28th. Freedom Capital raised Copart to a “strong-buy” rating in a research note on Friday, June 26th. Finally, Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Copart in a research report on Wednesday, July 29th. Three investment analysts have rated the stock with a Strong Buy rating, one has assigned a Buy rating, two have issued a Hold rating and three have given a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $43.50.

Copart Stock Down 0.6%

NASDAQ:CPRT opened at $31.51 on Wednesday. Copart, Inc. has a fifty-two week low of $26.81 and a fifty-two week high of $50.11. The stock has a market cap of $29.17 billion, a PE ratio of 19.57 and a beta of 1.01. The firm’s fifty day simple moving average is $29.32 and its 200-day simple moving average is $32.79.

Copart (NASDAQ:CPRT) last posted its quarterly earnings results on Thursday, May 21st. The business services provider reported $0.43 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.41 by $0.02. Copart had a net margin of 33.48% and a return on equity of 16.63%. The company had revenue of $1.24 billion during the quarter, compared to the consensus estimate of $1.19 billion. During the same period last year, the firm earned $0.42 EPS. The company’s revenue for the quarter was up 2.1% on a year-over-year basis. Equities analysts anticipate that Copart, Inc. will post 1.58 earnings per share for the current year.

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.