Sheets Smith Wealth Management Sells 51,708 Shares of Copart, Inc. $CPRT

Sheets Smith Wealth Management lowered its holdings in Copart, Inc. (NASDAQ:CPRT) by 20.3% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 203,160 shares of the business services provider’s stock after selling 51,708 shares during the quarter. Sheets Smith Wealth Management’s holdings in Copart were worth $6,745,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Lodestone Wealth Management LLC purchased a new stake in Copart in the fourth quarter worth approximately $25,000. FNY Investment Advisers LLC purchased a new stake in Copart during the 3rd quarter valued at $36,000. Aventura Private Wealth LLC bought a new position in shares of Copart during the 4th quarter valued at $33,000. Reflection Asset Management purchased a new position in shares of Copart in the 4th quarter worth $34,000. Finally, Board of the Pension Protection Fund purchased a new position in shares of Copart in the 4th quarter worth $35,000. 85.78% of the stock is owned by institutional investors.

Insider Activity at Copart

In other news, CEO Jeffrey Liaw sold 26,213 shares of Copart stock in a transaction dated Wednesday, April 15th. The stock was sold at an average price of $33.18, for a total transaction of $869,747.34. Following the transaction, the chief executive officer directly owned 79,532 shares of the company’s stock, valued at $2,638,871.76. The trade was a 24.79% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 9.60% of the stock is owned by company insiders.

Analysts Set New Price Targets

CPRT has been the subject of a number of research reports. Weiss Ratings cut Copart from a “hold (c-)” rating to a “sell (d+)” rating in a research report on Friday, May 1st. Zacks Research raised Copart from a “strong sell” rating to a “hold” rating in a research report on Monday, April 27th. JPMorgan Chase & Co. cut their price target on Copart from $45.00 to $34.00 and set a “neutral” rating for the company in a research note on Monday, February 23rd. Jefferies Financial Group set a $45.00 price target on shares of Copart in a research report on Friday, May 22nd. Finally, Barclays reiterated an “underweight” rating and issued a $32.00 price objective (down from $33.00) on shares of Copart in a research note on Monday, February 23rd. Two equities research analysts have rated the stock with a Strong Buy rating, one has issued a Buy rating, three have issued a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $44.50.

Copart Price Performance

NASDAQ:CPRT opened at $30.23 on Friday. Copart, Inc. has a one year low of $29.46 and a one year high of $50.11. The business has a fifty day moving average price of $32.55 and a 200-day moving average price of $35.90. The firm has a market capitalization of $27.99 billion, a price-to-earnings ratio of 18.78 and a beta of 1.00.

Copart (NASDAQ:CPRT) last released its earnings results on Thursday, May 21st. The business services provider reported $0.43 earnings per share for the quarter, beating the consensus estimate of $0.41 by $0.02. Copart had a return on equity of 16.63% and a net margin of 33.48%.The company had revenue of $1.24 billion for the quarter, compared to the consensus estimate of $1.19 billion. During the same period in the previous year, the business earned $0.42 earnings per share. Copart’s quarterly revenue was up 2.1% compared to the same quarter last year. On average, equities research analysts expect that Copart, Inc. will post 1.58 earnings per share for the current fiscal 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.