Wealthfront Advisers LLC Acquires New Shares in Copart, Inc. $CPRT

Wealthfront Advisers LLC bought a new stake in shares of Copart, Inc. (NASDAQ:CPRT) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 64,598 shares of the business services provider’s stock, valued at approximately $1,821,000.

Other institutional investors have also recently made changes to their positions in the company. Reflection Asset Management purchased a new position in shares of Copart in the fourth quarter valued at $34,000. Cache Advisors LLC bought a new position in Copart in the 1st quarter worth about $31,000. Versant Capital Management Inc boosted its stake in Copart by 110.9% in the 2nd quarter. Versant Capital Management Inc now owns 947 shares of the business services provider’s stock worth $27,000 after purchasing an additional 498 shares during the period. Triumph Capital Management grew its holdings in Copart by 424.2% during the 4th quarter. Triumph Capital Management now owns 1,017 shares of the business services provider’s stock valued at $40,000 after buying an additional 823 shares in the last quarter. Finally, Geneos Wealth Management Inc. grew its holdings in Copart by 365.8% during the 1st quarter. Geneos Wealth Management Inc. now owns 1,118 shares of the business services provider’s stock valued at $63,000 after buying an additional 878 shares in the last quarter. Hedge funds and other institutional investors own 85.78% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on CPRT. Barclays set a $26.00 price target on shares of Copart and gave the stock an “underweight” rating in a report on Tuesday, July 21st. Jefferies Financial Group set a $45.00 target price on shares of Copart in a report on Friday, May 22nd. Stephens reiterated an “equal weight” rating and issued a $35.00 target price on shares of Copart in a research note on Thursday. Zacks Research downgraded shares of Copart from a “hold” rating to a “strong sell” rating in a report on Tuesday, July 28th. Finally, Freedom Capital upgraded shares of Copart to a “strong-buy” rating in a research report on Friday, June 26th. Three analysts have rated the stock with a Strong Buy rating, one has assigned a Buy rating, two have issued a Hold rating and three have assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $41.67.

Insiders Place Their Bets

In other Copart news, CEO Jeffrey Liaw sold 27,745 shares of Copart stock in a transaction dated Tuesday, July 28th. The stock was sold at an average price of $30.49, for a total transaction of $845,945.05. Following the completion of the sale, the chief executive officer owned 99,641 shares of the company’s stock, valued at $3,038,054.09. The trade was a 21.78% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 9.60% of the stock is owned by insiders.

Copart Price Performance

Shares of NASDAQ:CPRT opened at $34.33 on Friday. The company’s fifty day moving average price is $29.43 and its 200-day moving average price is $32.70. The firm has a market capitalization of $31.78 billion, a price-to-earnings ratio of 21.32 and a beta of 1.01. Copart, Inc. has a one year low of $26.81 and a one year high of $50.11.

Copart (NASDAQ:CPRT) last posted its quarterly earnings data on Thursday, May 21st. The business services provider reported $0.43 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.41 by $0.02. Copart had a net margin of 33.48% and a return on equity of 16.63%. The company had revenue of $1.24 billion during the quarter, compared to the consensus estimate of $1.19 billion. During the same period in the previous year, the firm posted $0.42 EPS. The firm’s revenue was up 2.1% compared to the same quarter last year. As a group, equities research analysts expect that Copart, Inc. will post 1.58 EPS 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.