Copart’s (CPRT) “Outperform” Rating Reiterated at BNP Paribas Exane

BNP Paribas Exane reiterated their outperform rating on shares of Copart (NASDAQ:CPRT) in a research note published on Monday morning,Benzinga reports. The firm currently has a $43.00 target price on the business services provider’s stock, up from their previous target price of $40.00.

A number of other brokerages also recently commented on CPRT. Stephens restated an “equal weight” rating and issued a $35.00 target price on shares of Copart in a research note on Thursday, August 20th. JPMorgan Chase & Co. raised Copart from a “neutral” rating to an “overweight” rating and upped their target price for the stock from $32.00 to $40.00 in a research report on Thursday, September 3rd. Barrington Research raised Copart from a “market perform” rating to an “outperform” rating and set a $40.00 price target for the company in a research note on Friday, September 11th. Freedom Broker reduced their price target on Copart from $39.00 to $36.00 and set a “buy” rating for the company in a report on Monday, September 14th. Finally, Barclays set a $25.00 price target on Copart and gave the company an “underweight” rating in a research note on Wednesday, August 26th. Two investment analysts have rated the stock with a Strong Buy rating, five have assigned a Buy rating, three have given a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $37.80.

Copart Stock Up 0.5%

Shares of NASDAQ:CPRT opened at $27.28 on Monday. The firm has a fifty day moving average of $30.62 and a two-hundred day moving average of $31.31. The firm has a market capitalization of $25.26 billion, a P/E ratio of 17.60, a price-to-earnings-growth ratio of 1.32 and a beta of 1.03. Copart has a 12-month low of $26.74 and a 12-month high of $45.89.

Copart (NASDAQ:CPRT) last posted its quarterly earnings results on Thursday, September 10th. The business services provider reported $0.35 EPS for the quarter, missing the consensus estimate of $0.38 by ($0.03). Copart had a net margin of 31.81% and a return on equity of 15.93%. The company had revenue of $1.15 billion for the quarter, compared to analysts’ expectations of $1.14 billion. During the same quarter in the prior year, the firm earned $0.41 earnings per share. The company’s revenue was up 2.4% on a year-over-year basis. Equities research analysts expect that Copart will post 1.65 earnings per share for the current fiscal year.

Insider Transactions at Copart

In other Copart news, CEO Jeffrey Liaw sold 27,745 shares of the stock in a transaction on Tuesday, July 28th. The shares were sold at an average price of $30.49, for a total transaction of $845,945.05. Following the transaction, the chief executive officer directly owned 99,641 shares of the company’s stock, valued at $3,038,054.09. This represents a 21.78% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Corporate insiders own 9.60% of the company’s stock.

Institutional Trading of Copart

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. QRG Capital Management Inc. boosted its stake in shares of Copart by 122.9% during the 2nd quarter. QRG Capital Management Inc. now owns 268,812 shares of the business services provider’s stock worth $7,578,000 after acquiring an additional 148,221 shares in the last quarter. Envestnet Portfolio Solutions Inc. increased its holdings in shares of Copart by 356.9% during the 2nd quarter. Envestnet Portfolio Solutions Inc. now owns 61,526 shares of the business services provider’s stock valued at $1,734,000 after acquiring an additional 48,061 shares during the last quarter. Silicon Valley Capital Partners bought a new position in shares of Copart in the 2nd quarter valued at approximately $246,000. Anchor Investment Management LLC raised its stake in shares of Copart by 58.6% in the 2nd quarter. Anchor Investment Management LLC now owns 27,943 shares of the business services provider’s stock valued at $788,000 after acquiring an additional 10,330 shares in the last quarter. Finally, Cherry Tree Wealth Management LLC raised its stake in shares of Copart by 14,062.5% in the 2nd quarter. Cherry Tree Wealth Management LLC now owns 1,133 shares of the business services provider’s stock valued at $32,000 after acquiring an additional 1,125 shares in the last quarter. Institutional investors and hedge funds own 85.78% of the company’s stock.

Copart Company Profile

Copart, Inc is a global provider of online vehicle auction and remarketing services. The company primarily sells vehicles that have been damaged, totaled, recovered from theft, or otherwise deemed uneconomical to repair. Its customers include insurance companies, automobile dealers, dismantlers, rebuilders, exporters, rental and finance companies, and members of the general public.

Copart conducts auctions through its online VB3 platform, which connects buyers with vehicles listed at the company’s facilities.