Neuberger Berman Group LLC Grows Position in Copart, Inc. $CPRT

Neuberger Berman Group LLC boosted its position in Copart, Inc. (NASDAQ:CPRT) by 85.6% during the 3rd quarter, Holdings Channel reports. The fund owned 152,617 shares of the business services provider’s stock after acquiring an additional 70,374 shares during the quarter. Neuberger Berman Group LLC’s holdings in Copart were worth $6,863,000 as of its most recent SEC filing.

A number of other institutional investors also recently added to or reduced their stakes in the company. Cloud Capital Management LLC purchased a new stake in shares of Copart in the 3rd quarter valued at approximately $25,000. Tripletail Wealth Management LLC purchased a new stake in shares of Copart during the 3rd quarter worth $27,000. LRI Investments LLC grew its stake in shares of Copart by 125.2% during the third quarter. LRI Investments LLC now owns 653 shares of the business services provider’s stock worth $29,000 after purchasing an additional 363 shares in the last quarter. Cornerstone Planning Group LLC grew its stake in shares of Copart by 54.0% during the third quarter. Cornerstone Planning Group LLC now owns 730 shares of the business services provider’s stock worth $31,000 after purchasing an additional 256 shares in the last quarter. Finally, E Fund Management Hong Kong Co. Ltd. increased its holdings in Copart by 173.4% in the third quarter. E Fund Management Hong Kong Co. Ltd. now owns 864 shares of the business services provider’s stock valued at $39,000 after buying an additional 548 shares during the last quarter. Hedge funds and other institutional investors own 85.78% of the company’s stock.

Analyst Ratings Changes

CPRT has been the subject of a number of recent analyst reports. CJS Securities raised Copart to a “strong-buy” rating in a report on Thursday, December 11th. Zacks Research lowered Copart from a “hold” rating to a “strong sell” rating in a research report on Tuesday, February 24th. Robert W. Baird set a $48.00 target price on Copart and gave the stock an “outperform” rating in a research note on Friday, February 20th. Barclays reaffirmed an “underweight” rating and issued a $32.00 price target (down from $33.00) on shares of Copart in a report on Monday, February 23rd. Finally, JPMorgan Chase & Co. cut their price objective on shares of Copart from $45.00 to $34.00 and set a “neutral” rating on the stock in a report on Monday, February 23rd. Two investment analysts have rated the stock with a Strong Buy rating, one has issued a Buy rating, four have assigned a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $44.40.

Insider Buying and Selling

In other Copart news, CEO Jeffrey Liaw sold 25,137 shares of the business’s stock in a transaction that occurred on 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 completion of the sale, the chief executive officer owned 55,970 shares in the company, valued at approximately $2,248,314.90. The trade was a 30.99% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 9.60% of the stock is currently owned by company insiders.

Copart Price Performance

NASDAQ CPRT opened at $37.72 on Friday. The company has a fifty day moving average of $39.07 and a two-hundred day moving average of $41.87. The company has a market capitalization of $36.34 billion, a PE ratio of 23.58 and a beta of 1.09. Copart, Inc. has a 1 year low of $33.81 and a 1 year high of $63.85.

Copart (NASDAQ:CPRT) last posted its earnings results on Thursday, February 19th. The business services provider reported $0.36 earnings per share for the quarter, missing the consensus estimate of $0.39 by ($0.03). The firm had revenue of $1.12 billion during the quarter, compared to analysts’ expectations of $1.15 billion. Copart had a net margin of 33.76% and a return on equity of 16.68%. The firm’s revenue for the quarter was down 3.6% on a year-over-year basis. During the same period in the previous year, the firm posted $0.40 earnings per share. On average, research analysts expect that Copart, Inc. will post 1.57 earnings per share for the current 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.