Fairtree Asset Management Pty Ltd Acquires New Stake in Copart, Inc. $CPRT

Fairtree Asset Management Pty Ltd bought a new stake in Copart, Inc. (NASDAQ:CPRT) during the fourth quarter, HoldingsChannel.com reports. The institutional investor bought 25,919 shares of the business services provider’s stock, valued at approximately $1,015,000.

A number of other large investors have also made changes to their positions in the company. Cloud Capital Management LLC purchased a new position in shares of Copart in the third quarter worth approximately $25,000. Lodestone Wealth Management LLC bought a new position in Copart in the fourth quarter worth approximately $25,000. LRI Investments LLC boosted its stake in shares of Copart by 125.2% during the 3rd quarter. LRI Investments LLC now owns 653 shares of the business services provider’s stock worth $29,000 after acquiring an additional 363 shares during the last quarter. Cornerstone Planning Group LLC boosted its stake in shares of Copart by 54.0% during the 3rd quarter. Cornerstone Planning Group LLC now owns 730 shares of the business services provider’s stock worth $31,000 after acquiring an additional 256 shares during the last quarter. Finally, Aventura Private Wealth LLC bought a new stake in shares of Copart during the 4th quarter valued at $33,000. 85.78% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Copart

In related news, CEO Jeffrey Liaw sold 26,213 shares of the company’s stock in a transaction on Wednesday, April 15th. The shares were sold at an average price of $33.18, for a total transaction of $869,747.34. Following the completion of the transaction, the chief executive officer owned 79,532 shares in the company, valued at approximately $2,638,871.76. This represents a 24.79% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 9.60% of the company’s stock.

Analyst Upgrades and Downgrades

CPRT has been the topic of a number of recent research reports. Robert W. Baird set a $48.00 target price on Copart and gave the stock an “outperform” rating in a report on Friday, February 20th. Weiss Ratings cut Copart from a “hold (c-)” rating to a “sell (d+)” rating in a research report on Friday, May 1st. Zacks Research raised Copart from a “strong sell” rating to a “hold” rating in a research note on Monday, April 27th. JPMorgan Chase & Co. lowered their price objective on Copart from $45.00 to $34.00 and set a “neutral” rating on the stock in a research report on Monday, February 23rd. Finally, Barclays reissued an “underweight” rating and issued a $32.00 target price (down from $33.00) on shares of Copart in a report on Monday, February 23rd. Two investment analysts have rated the stock with a Strong Buy rating, one has assigned a Buy rating, three have issued a Hold rating and two have issued a Sell rating to the company. According to MarketBeat, the stock has an average rating of “Hold” and an average price target of $44.40.

Copart Trading Down 1.0%

Shares of CPRT opened at $33.12 on Wednesday. The business’s 50 day moving average is $33.45 and its 200 day moving average is $37.36. Copart, Inc. has a 12-month low of $32.20 and a 12-month high of $63.30. The company has a market capitalization of $31.90 billion, a PE ratio of 20.70 and a beta of 1.02.

Copart (NASDAQ:CPRT) last posted its quarterly 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). Copart had a return on equity of 16.68% and a net margin of 33.76%.The business had revenue of $1.12 billion during the quarter, compared to the consensus estimate of $1.15 billion. During the same quarter in the previous year, the company earned $0.40 earnings per share. The company’s revenue for the quarter was down 3.6% compared to the same quarter last year. Equities research analysts predict that Copart, Inc. will post 1.57 earnings per share for the current year.

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.