Zacks Investment Research upgraded shares of Copart Inc. (NASDAQ:CPRT) from a hold rating to a buy rating in a research report released on Monday. Zacks Investment Research currently has $61.00 price target on the stock.
According to Zacks, “Copart reported better-than-expected earnings and revenues in fourth-quarter fiscal 2016. The company is gaining from several tailwinds such as rising revenues and geographic expansion. The company also occasionally repurchases shares to boost shareholder value. However, foreign currency fluctuations are adversely affecting Copart’s revenues. Improving safety features in vehicles may also impact inventory levels in the long run.”
Other equities analysts have also issued research reports about the stock. Jefferies Group lifted their price target on shares of Copart from $53.00 to $55.00 and gave the company a hold rating in a report on Thursday, September 22nd. Barrington Research lowered shares of Copart from an outperform rating to a market perform rating in a report on Friday, September 23rd. Susquehanna assumed coverage on shares of Copart in a report on Thursday, August 25th. They issued a neutral rating and a $53.00 price target on the stock. Stephens set a $61.00 price target on shares of Copart and gave the company a buy rating in a report on Thursday, September 22nd. Finally, Bank of America Corp. upgraded shares of Copart from a neutral rating to a buy rating and lifted their price target for the company from $52.00 to $63.00 in a report on Friday, September 23rd. Seven research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. The stock presently has an average rating of Hold and an average target price of $55.57.
Copart (NASDAQ:CPRT) opened at 53.92 on Monday. The stock has a market capitalization of $5.91 billion, a P/E ratio of 24.40 and a beta of 0.99. The firm’s 50-day moving average price is $51.59 and its 200 day moving average price is $47.24. Copart has a 12-month low of $32.26 and a 12-month high of $54.85.
Copart (NASDAQ:CPRT) last released its earnings results on Tuesday, September 20th. The company reported $0.59 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.55 by $0.04. The firm earned $332.70 million during the quarter. Copart had a net margin of 21.25% and a return on equity of 31.42%. The firm’s revenue was up 17.9% on a year-over-year basis. During the same period in the previous year, the firm posted $0.41 earnings per share. On average, equities analysts anticipate that Copart will post $2.42 EPS for the current year.
In related news, SVP Paul A. Styer sold 7,640 shares of Copart stock in a transaction on Tuesday, July 5th. The shares were sold at an average price of $49.26, for a total transaction of $376,346.40. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO A Jayson Adair sold 200,000 shares of Copart stock in a transaction on Friday, September 23rd. The stock was sold at an average price of $53.61, for a total transaction of $10,722,000.00. The disclosure for this sale can be found here. Corporate insiders own 19.40% of the company’s stock.
Large investors have recently added to or reduced their stakes in the company. Lazard Asset Management LLC increased its stake in Copart by 50.3% in the first quarter. Lazard Asset Management LLC now owns 6,964,089 shares of the company’s stock valued at $283,924,000 after buying an additional 2,330,220 shares during the period. Ancora Inverness LLC purchased a new stake in Copart during the first quarter valued at about $207,000. Burgundy Asset Management Ltd. increased its stake in Copart by 2.9% in the first quarter. Burgundy Asset Management Ltd. now owns 174,552 shares of the company’s stock valued at $7,116,000 after buying an additional 5,000 shares during the period. Landscape Capital Management L.L.C. increased its stake in Copart by 548.4% in the first quarter. Landscape Capital Management L.L.C. now owns 90,775 shares of the company’s stock valued at $3,701,000 after buying an additional 76,775 shares during the period. Finally, JPMorgan Chase & Co. increased its stake in Copart by 27.5% in the first quarter. JPMorgan Chase & Co. now owns 89,645 shares of the company’s stock valued at $3,655,000 after buying an additional 19,317 shares during the period. 83.65% of the stock is currently owned by hedge funds and other institutional investors.
Copart Company Profile
Copart, Inc is a provider of online auctions and vehicle remarketing services in the United States, Canada, the United Kingdom, the United Arab Emirates, Oman, Bahrain and Brazil. The Company also provides vehicle remarketing services in Germany and Spain. It provides vehicle sellers with services to process and sell vehicles primarily over the Internet through its virtual bidding third generation Internet auction-style sales technology (VB3).
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