William Blair Investment Management LLC cut its holdings in shares of Copart, Inc. (NASDAQ:CPRT – Free Report) by 28.9% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 2,215,649 shares of the business services provider’s stock after selling 902,328 shares during the period. William Blair Investment Management LLC owned about 0.46% of Copart worth $202,089,000 as of its most recent SEC filing.
A number of other hedge funds have also bought and sold shares of CPRT. Bank Julius Baer & Co. Ltd Zurich grew its stake in Copart by 83,893.9% in the second quarter. Bank Julius Baer & Co. Ltd Zurich now owns 72,354,024 shares of the business services provider’s stock worth $6,599,410,000 after purchasing an additional 72,267,882 shares in the last quarter. Norges Bank acquired a new position in Copart in the fourth quarter worth about $256,878,000. Morgan Stanley grew its stake in Copart by 132.1% in the fourth quarter. Morgan Stanley now owns 4,076,584 shares of the business services provider’s stock worth $248,223,000 after purchasing an additional 2,319,939 shares in the last quarter. Legal & General Group Plc grew its stake in Copart by 97.3% in the fourth quarter. Legal & General Group Plc now owns 2,635,778 shares of the business services provider’s stock worth $160,493,000 after purchasing an additional 1,299,577 shares in the last quarter. Finally, AKO Capital LLP grew its stake in Copart by 55.0% in the second quarter. AKO Capital LLP now owns 2,507,818 shares of the business services provider’s stock worth $228,738,000 after purchasing an additional 889,656 shares in the last quarter. 79.26% of the stock is currently owned by institutional investors and hedge funds.
Insider Buying and Selling
In related news, Director Matt Blunt sold 49,435 shares of the business’s stock in a transaction that occurred on Tuesday, October 3rd. The stock was sold at an average price of $43.11, for a total transaction of $2,131,142.85. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other Copart news, Director Stephen Fisher sold 160,000 shares of Copart stock in a transaction that occurred on Monday, October 9th. The shares were sold at an average price of $45.69, for a total value of $7,310,400.00. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Matt Blunt sold 49,435 shares of Copart stock in a transaction that occurred on Tuesday, October 3rd. The stock was sold at an average price of $43.11, for a total transaction of $2,131,142.85. The disclosure for this sale can be found here. 10.23% of the stock is owned by corporate insiders.
Copart Stock Performance
Copart (NASDAQ:CPRT – Get Free Report) last announced its earnings results on Thursday, November 16th. The business services provider reported $0.34 EPS for the quarter, topping the consensus estimate of $0.32 by $0.02. Copart had a return on equity of 22.46% and a net margin of 31.99%. The firm had revenue of $1.02 billion for the quarter, compared to analysts’ expectations of $987.90 million. During the same quarter in the previous year, the company earned $0.25 earnings per share. The firm’s quarterly revenue was up 14.2% compared to the same quarter last year. Equities research analysts anticipate that Copart, Inc. will post 1.42 EPS for the current year.
Wall Street Analysts Forecast Growth
A number of equities analysts have issued reports on the stock. JPMorgan Chase & Co. raised their target price on shares of Copart from $39.50 to $41.00 in a report on Monday, September 18th. Argus assumed coverage on shares of Copart in a report on Friday, September 8th. They issued a “buy” rating and a $53.00 target price on the stock. Robert W. Baird raised their target price on shares of Copart from $45.00 to $48.00 and gave the stock an “outperform” rating in a report on Friday, September 15th. Finally, StockNews.com raised shares of Copart from a “hold” rating to a “buy” rating in a report on Monday, October 30th. One analyst has rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $44.40.
Copart Company Profile
Copart, Inc provides online auctions and vehicle remarketing services. It offers a range of services for processing and selling vehicles over the Internet through its Virtual Bidding Third Generation Internet auction-style sales technology on behalf of vehicle sellers, insurance companies, banks and finance companies, charities, and fleet operators and dealers, as well as individual owners.
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