JPMorgan Chase & Co. Cuts Copart (NASDAQ:CPRT) Price Target to $55.00

Copart (NASDAQ:CPRT) had its price objective lowered by JPMorgan Chase & Co. from $60.00 to $55.00 in a research report released on Friday,Benzinga reports. JPMorgan Chase & Co. currently has a neutral rating on the business services provider’s stock.

Separately, Argus downgraded shares of Copart from a “buy” rating to a “hold” rating in a research note on Friday, March 14th.

Copart Trading Down 11.5%

Shares of CPRT opened at $53.67 on Friday. Copart has a twelve month low of $48.05 and a twelve month high of $64.38. The company has a market cap of $51.85 billion, a P/E ratio of 36.02 and a beta of 1.20. The company’s fifty day simple moving average is $58.90 and its 200-day simple moving average is $58.28.

Copart (NASDAQ:CPRT) last announced its earnings results on Thursday, May 22nd. The business services provider reported $0.42 earnings per share for the quarter, meeting the consensus estimate of $0.42. Copart had a net margin of 32.27% and a return on equity of 19.31%. The business had revenue of $1.21 billion for the quarter, compared to the consensus estimate of $1.23 billion. During the same quarter in the prior year, the firm posted $0.39 earnings per share. The business’s revenue for the quarter was up 7.5% on a year-over-year basis. Analysts predict that Copart will post 1.57 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, Director James E. Meeks sold 100,000 shares of the firm’s stock in a transaction dated Wednesday, March 19th. The shares were sold at an average price of $54.00, for a total value of $5,400,000.00. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Steven D. Cohan sold 94,997 shares of the firm’s stock in a transaction dated Monday, April 14th. The stock was sold at an average price of $60.01, for a total transaction of $5,700,769.97. The disclosure for this sale can be found here. Insiders have sold 200,000 shares of company stock valued at $11,401,000 in the last 90 days. Company insiders own 9.68% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in CPRT. Western Pacific Wealth Management LP grew its holdings in Copart by 6.5% during the 1st quarter. Western Pacific Wealth Management LP now owns 2,838 shares of the business services provider’s stock worth $161,000 after acquiring an additional 173 shares in the last quarter. HighPoint Advisor Group LLC grew its holdings in Copart by 1.8% during the 4th quarter. HighPoint Advisor Group LLC now owns 9,747 shares of the business services provider’s stock worth $577,000 after acquiring an additional 175 shares in the last quarter. Blue Trust Inc. grew its holdings in Copart by 13.1% during the 1st quarter. Blue Trust Inc. now owns 1,510 shares of the business services provider’s stock worth $85,000 after acquiring an additional 175 shares in the last quarter. Sandy Spring Bank grew its holdings in Copart by 59.5% during the 4th quarter. Sandy Spring Bank now owns 472 shares of the business services provider’s stock worth $27,000 after acquiring an additional 176 shares in the last quarter. Finally, Lindbrook Capital LLC grew its holdings in Copart by 3.2% during the 4th quarter. Lindbrook Capital LLC now owns 6,007 shares of the business services provider’s stock worth $345,000 after acquiring an additional 184 shares in the last quarter. Hedge funds and other institutional investors own 85.78% of the company’s stock.

About Copart

Copart, Inc provides online auctions and vehicle remarketing services. It offers a range of services for processing and selling vehicles over the Internet through its Virtual Bidding Third Generation Internet auction-style sales technology on behalf of vehicle sellers, insurance companies, banks and finance companies, charities, and fleet operators and dealers, as well as individual owners.