Bank of America Corp. upgraded shares of Copart Inc. (NASDAQ:CPRT) from a neutral rating to a buy rating in a report released on Friday. The brokerage currently has $63.00 price target on the stock, up from their previous price target of $52.00.
Other research analysts have also issued research reports about the company. Zacks Investment Research lowered Copart from a buy rating to a hold rating in a report on Wednesday, September 14th. Northcoast Research lowered Copart from a buy rating to a neutral rating in a report on Thursday, August 25th. JPMorgan Chase & Co. lifted their target price on Copart from $43.00 to $50.00 and gave the company a neutral rating in a report on Friday, May 27th. Jefferies Group reaffirmed a hold rating and set a $53.00 target price (up previously from $40.00) on shares of Copart in a report on Friday, May 27th. Finally, Susquehanna began coverage on Copart in a report on Thursday, August 25th. They set a neutral rating and a $53.00 target price for the company. Seven analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. Copart currently has an average rating of Hold and a consensus target price of $55.57.
Copart (NASDAQ:CPRT) traded down 0.89% on Friday, hitting $53.57. The stock had a trading volume of 69,379 shares. Copart has a 1-year low of $32.26 and a 1-year high of $54.85. The company has a 50-day moving average price of $51.31 and a 200-day moving average price of $46.89. The stock has a market capitalization of $5.87 billion, a price-to-earnings ratio of 24.24 and a beta of 0.99.
Copart (NASDAQ:CPRT) last announced its quarterly earnings data on Tuesday, September 20th. The company reported $0.59 earnings per share for the quarter, topping the consensus estimate of $0.55 by $0.04. Copart had a return on equity of 28.32% and a net margin of 19.93%. The company earned $332.70 million during the quarter. During the same period last year, the business posted $0.41 EPS. The company’s revenue was up 17.9% compared to the same quarter last year. Equities analysts predict that Copart will post $2.41 earnings per share for the current year.
In related news, SVP Paul A. Styer sold 7,640 shares of the business’s stock in a transaction that occurred on Tuesday, July 5th. The stock was sold at an average price of $49.26, for a total value of $376,346.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP Robert H. Vannuccini sold 12,577 shares of the business’s stock in a transaction that occurred on Thursday, July 14th. The stock was sold at an average price of $49.96, for a total value of $628,346.92. Following the completion of the sale, the senior vice president now owns 9,703 shares of the company’s stock, valued at approximately $484,761.88. The disclosure for this sale can be found here. 19.40% of the stock is owned by corporate insiders.
Hedge funds have recently added to or reduced their stakes in the company. Macquarie Group Ltd. purchased a new stake in Copart during the second quarter worth $2,823,000. Mason Street Advisors LLC purchased a new stake in Copart during the second quarter worth $2,225,000. Calvert Investment Management Inc. purchased a new stake in Copart during the second quarter worth $374,000. Schwab Charles Investment Management Inc. increased its stake in Copart by 2.5% in the second quarter. Schwab Charles Investment Management Inc. now owns 381,972 shares of the company’s stock worth $18,721,000 after buying an additional 9,365 shares during the last quarter. Finally, Stifel Financial Corp increased its stake in Copart by 2.4% in the second quarter. Stifel Financial Corp now owns 84,983 shares of the company’s stock worth $4,166,000 after buying an additional 2,021 shares during the last quarter. Institutional investors own 83.65% of the company’s stock.
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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