JPMorgan Chase & Co. Cuts Copart (NASDAQ:CPRT) Price Target to $34.00

Copart (NASDAQ:CPRT) had its price objective reduced by JPMorgan Chase & Co. from $45.00 to $34.00 in a research note published on Monday morning,Benzinga reports. JPMorgan Chase & Co. currently has a neutral rating on the business services provider’s stock.

CPRT has been the subject of a number of other research reports. Barclays reiterated an “underweight” rating and set a $32.00 target price (down from $33.00) on shares of Copart in a research note on Monday. CJS Securities raised Copart to a “strong-buy” rating in a research report on Thursday, December 11th. Finally, Robert W. Baird set a $48.00 price objective 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 issued a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $44.40.

Copart Stock Performance

CPRT stock opened at $35.89 on Monday. The company’s 50 day moving average price is $39.24 and its 200 day moving average price is $42.33. The firm has a market capitalization of $34.74 billion, a price-to-earnings ratio of 22.43 and a beta of 1.08. Copart has a fifty-two week low of $33.81 and a fifty-two week high of $63.85.

Copart (NASDAQ:CPRT) last issued its quarterly earnings results on Thursday, February 19th. The business services provider reported $0.36 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.39 by ($0.03). Copart had a return on equity of 16.68% and a net margin of 33.76%.The firm had revenue of $1.12 billion during the quarter, compared to analysts’ expectations of $1.15 billion. During the same quarter in the prior year, the firm earned $0.40 EPS. The firm’s revenue was down 3.6% compared to the same quarter last year. Equities analysts forecast that Copart will post 1.57 EPS for the current fiscal year.

Insider Activity

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

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of CPRT. Allworth Financial LP lifted its position in Copart by 0.8% during the second quarter. Allworth Financial LP now owns 28,978 shares of the business services provider’s stock valued at $1,422,000 after purchasing an additional 228 shares during the period. PDS Planning Inc boosted its stake in shares of Copart by 4.9% in the 3rd quarter. PDS Planning Inc now owns 5,196 shares of the business services provider’s stock worth $234,000 after buying an additional 242 shares during the last quarter. Hollencrest Capital Management grew its holdings in shares of Copart by 13.2% in the third quarter. Hollencrest Capital Management now owns 2,088 shares of the business services provider’s stock worth $94,000 after acquiring an additional 244 shares during the period. Unique Wealth LLC boosted its position in Copart by 2.3% in the third quarter. Unique Wealth LLC now owns 10,785 shares of the business services provider’s stock worth $485,000 after purchasing an additional 245 shares during the last quarter. Finally, Tobam grew its stake in shares of Copart by 22.9% during the 2nd quarter. Tobam now owns 1,340 shares of the business services provider’s stock valued at $66,000 after purchasing an additional 250 shares during the period. 85.78% of the stock is currently owned by hedge funds and other institutional investors.

About Copart

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.