Copart, Inc. $CPRT Shares Sold by Capital Research Global Investors

Capital Research Global Investors lowered its stake in shares of Copart, Inc. (NASDAQ:CPRT) by 13.9% during the third quarter, Holdings Channel reports. The fund owned 9,347,568 shares of the business services provider’s stock after selling 1,507,495 shares during the quarter. Capital Research Global Investors’ holdings in Copart were worth $420,343,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in CPRT. Vanguard Group Inc. lifted its holdings in Copart by 2.4% in the 3rd quarter. Vanguard Group Inc. now owns 108,990,652 shares of the business services provider’s stock valued at $4,901,310,000 after purchasing an additional 2,581,784 shares in the last quarter. Principal Financial Group Inc. raised its position in shares of 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 valued at $1,806,674,000 after buying an additional 1,236,101 shares during the last quarter. State Street Corp raised its position in shares of 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 buying an additional 1,167,265 shares during the last quarter. Geode Capital Management LLC lifted its stake in shares of Copart by 3.3% during 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 buying an additional 656,333 shares during the period. Finally, Norges Bank acquired a new stake in Copart during the second quarter worth approximately $549,448,000. Hedge funds and other institutional investors own 85.78% of the company’s stock.

Wall Street Analysts Forecast Growth

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

Copart Stock Down 3.4%

Shares of NASDAQ:CPRT opened at $36.31 on Wednesday. Copart, Inc. has a 52-week low of $33.81 and a 52-week high of $63.85. The company has a market capitalization of $34.98 billion, a price-to-earnings ratio of 22.69 and a beta of 1.09. The company has a 50 day moving average of $38.96 and a two-hundred day moving average of $41.67.

Copart (NASDAQ:CPRT) last posted its quarterly earnings results 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 net margin of 33.76% and a return on equity of 16.68%. The company had revenue of $1.12 billion during the quarter, compared to analyst estimates of $1.15 billion. During the same period in the prior year, the company earned $0.40 earnings per share. The company’s revenue was down 3.6% on a year-over-year basis. On average, equities analysts anticipate that Copart, Inc. will post 1.57 earnings per share for the current year.

Insiders Place Their Bets

In related news, CEO Jeffrey Liaw sold 25,137 shares of the company’s stock in a transaction dated Thursday, January 15th. The shares were sold at an average price of $40.17, for a total value of $1,009,753.29. Following the completion of the sale, the chief executive officer owned 55,970 shares of the company’s stock, valued at $2,248,314.90. This represents a 30.99% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. 9.60% of the stock is owned by insiders.

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.