A number of other research analysts have also recently issued reports on the company. Jefferies Group lifted their price objective on Copart from $53.00 to $55.00 and gave the company a hold rating in a research note on Thursday, September 22nd. Bank of America Corp. upgraded Copart from a neutral rating to a buy rating and lifted their price objective for the company from $52.00 to $63.00 in a research note on Friday. Barrington Research cut Copart from an outperform rating to a market perform rating in a research note on Friday. Northcoast Research cut Copart from a buy rating to a neutral rating in a research note on Thursday, August 25th. Finally, Susquehanna initiated coverage on Copart in a research note on Thursday, August 25th. They set a neutral rating and a $53.00 price objective for the company. Seven analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. The stock has a consensus rating of Hold and an average target price of $55.57.
Copart (NASDAQ:CPRT) opened at 53.65 on Thursday. The stock has a market cap of $5.88 billion, a PE ratio of 24.28 and a beta of 0.99. The stock’s 50 day moving average price is $51.39 and its 200-day moving average price is $47.09. 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, beating the Zacks’ consensus estimate of $0.55 by $0.04. The company earned $332.70 million during the quarter. Copart had a return on equity of 28.32% and a net margin of 19.93%. The company’s revenue for the quarter was up 17.9% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.41 EPS. Analysts anticipate that Copart will post $2.41 EPS for the current fiscal year.
In related news, President Vincent W. Mitz sold 200,000 shares of Copart stock in a transaction on Thursday, September 22nd. The stock was sold at an average price of $53.27, for a total value of $10,654,000.00. Following the completion of the sale, the president now owns 123,830 shares of the company’s stock, valued at $6,596,424.10. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider William E. Franklin sold 100,000 shares of Copart stock in a transaction on Thursday, September 22nd. The stock was sold at an average price of $52.95, for a total value of $5,295,000.00. The disclosure for this sale can be found here. 19.40% of the stock is owned by company insiders.
Hedge funds have recently modified their holdings of the company. Lazard Asset Management LLC raised its stake in shares of 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 last quarter. William Blair Investment Management LLC purchased a new stake in shares of Copart during the second quarter valued at approximately $106,925,000. Norges Bank purchased a new stake in shares of Copart during the fourth quarter valued at approximately $39,489,000. Robeco Institutional Asset Management B.V. raised its stake in shares of Copart by 1,216.6% in the second quarter. Robeco Institutional Asset Management B.V. now owns 786,168 shares of the company’s stock valued at $38,530,000 after buying an additional 726,456 shares during the last quarter. Finally, Principal Financial Group Inc. raised its stake in shares of Copart by 15.6% in the second quarter. Principal Financial Group Inc. now owns 3,585,146 shares of the company’s stock valued at $175,708,000 after buying an additional 484,678 shares during the last quarter. 83.65% of the stock is owned by institutional investors.
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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