Gabelli Funds LLC Sells 18,000 Shares of Copart, Inc. (NASDAQ:CPRT)

Gabelli Funds LLC lowered its stake in Copart, Inc. (NASDAQ:CPRT) by 4.5% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 381,000 shares of the business services provider’s stock after selling 18,000 shares during the quarter. Gabelli Funds LLC’s holdings in Copart were worth $22,068,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently made changes to their positions in CPRT. Rise Advisors LLC acquired a new stake in shares of Copart during the 1st quarter worth approximately $28,000. Pinnacle Bancorp Inc. grew its position in shares of Copart by 79.6% during the 1st quarter. Pinnacle Bancorp Inc. now owns 528 shares of the business services provider’s stock worth $31,000 after buying an additional 234 shares during the period. Indiana Trust & Investment Management CO acquired a new stake in shares of Copart during the 1st quarter worth approximately $36,000. Trust Co. of Vermont acquired a new stake in shares of Copart during the 4th quarter worth approximately $38,000. Finally, McGlone Suttner Wealth Management Inc. acquired a new stake in shares of Copart during the 4th quarter worth approximately $40,000. Institutional investors own 85.78% of the company’s stock.

Copart Price Performance

CPRT stock traded up $0.62 during mid-day trading on Friday, reaching $51.05. 3,969,340 shares of the company traded hands, compared to its average volume of 5,057,478. The company has a market capitalization of $49.13 billion, a P/E ratio of 35.95 and a beta of 1.27. Copart, Inc. has a 52-week low of $42.41 and a 52-week high of $58.58. The company has a fifty day moving average price of $53.64 and a 200-day moving average price of $53.31.

Copart (NASDAQ:CPRT) last posted its 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. Copart had a return on equity of 20.80% and a net margin of 33.33%. The business had revenue of $1.13 billion during the quarter, compared to analyst estimates of $1.11 billion. During the same quarter in the previous year, the firm earned $0.36 EPS. The company’s quarterly revenue was up 10.3% compared to the same quarter last year. As a group, analysts forecast that Copart, Inc. will post 1.43 EPS for the current year.

Wall Street Analyst Weigh In

Separately, JPMorgan Chase & Co. raised their price objective on shares of 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. According to data from MarketBeat, the company has an average rating of “Hold” and an average price target of $51.00.

About Copart

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.