QRG Capital Management Inc. Buys 19,163 Shares of Copart, Inc. (NASDAQ:CPRT)

QRG Capital Management Inc. lifted its stake in Copart, Inc. (NASDAQ:CPRT) by 22.8% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 103,370 shares of the business services provider’s stock after acquiring an additional 19,163 shares during the period. QRG Capital Management Inc.’s holdings in Copart were worth $5,987,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in CPRT. Rise Advisors LLC purchased a new stake in shares of Copart in the first quarter worth $28,000. Pinnacle Bancorp Inc. raised its position in shares of Copart by 79.6% in the first quarter. Pinnacle Bancorp Inc. now owns 528 shares of the business services provider’s stock worth $31,000 after buying an additional 234 shares in the last quarter. Fortitude Family Office LLC purchased a new stake in shares of Copart in the fourth quarter worth $34,000. Indiana Trust & Investment Management CO purchased a new stake in shares of Copart in the first quarter worth $36,000. Finally, Trust Co. of Vermont purchased a new stake in shares of Copart in the fourth quarter worth $38,000. 85.78% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Separately, JPMorgan Chase & Co. increased their price objective on Copart from $48.00 to $52.00 and gave the stock a “neutral” rating in a research report on Monday, April 8th. Three research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $51.00.

Copart Price Performance

NASDAQ CPRT traded down $0.49 during trading hours on Wednesday, reaching $53.51. 750,785 shares of the stock traded hands, compared to its average volume of 4,436,214. The stock has a 50 day simple moving average of $54.14 and a two-hundred day simple moving average of $53.10. Copart, Inc. has a 1 year low of $42.41 and a 1 year high of $58.58. The company has a market cap of $51.49 billion, a price-to-earnings ratio of 37.69 and a beta of 1.27.

Copart (NASDAQ:CPRT) last released its quarterly earnings results on Thursday, May 16th. The business services provider reported $0.39 earnings per share for the quarter, beating analysts’ consensus estimates of $0.38 by $0.01. The business had revenue of $1.13 billion for the quarter, compared to the consensus estimate of $1.11 billion. Copart had a return on equity of 20.80% and a net margin of 33.33%. The company’s revenue for the quarter was up 10.3% on a year-over-year basis. During the same quarter last year, the business posted $0.36 earnings per share. On average, sell-side analysts forecast that Copart, Inc. will post 1.43 EPS for the current fiscal year.

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.