Allspring Global Investments Holdings LLC Reduces Stake in Copart, Inc. $CPRT

Allspring Global Investments Holdings LLC lowered its stake in Copart, Inc. (NASDAQ:CPRT) by 86.2% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 41,503 shares of the business services provider’s stock after selling 258,703 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in Copart were worth $1,871,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also added to or reduced their stakes in the company. Brighton Jones LLC boosted its position in shares of Copart by 92.1% in the fourth quarter. Brighton Jones LLC now owns 14,215 shares of the business services provider’s stock valued at $816,000 after acquiring an additional 6,817 shares during the period. NewEdge Advisors LLC increased its holdings in Copart by 25.2% during the 1st quarter. NewEdge Advisors LLC now owns 29,436 shares of the business services provider’s stock worth $1,666,000 after acquiring an additional 5,918 shares during the period. Ashton Thomas Private Wealth LLC purchased a new stake in Copart in the 1st quarter worth approximately $218,000. Meiji Yasuda Asset Management Co Ltd. lifted its stake in Copart by 2.1% in the 1st quarter. Meiji Yasuda Asset Management Co Ltd. now owns 13,920 shares of the business services provider’s stock worth $788,000 after purchasing an additional 286 shares in the last quarter. Finally, Ascent Group LLC bought a new position in Copart in the 1st quarter valued at $221,000. Hedge funds and other institutional investors own 85.78% of the company’s stock.

Copart Stock Up 2.2%

NASDAQ CPRT opened at $39.04 on Friday. The stock’s 50-day simple moving average is $39.74 and its two-hundred day simple moving average is $44.22. Copart, Inc. has a twelve month low of $37.41 and a twelve month high of $63.85. The company has a market capitalization of $37.79 billion, a price-to-earnings ratio of 23.81 and a beta of 1.10.

Copart (NASDAQ:CPRT) last posted its quarterly earnings data on Thursday, November 20th. The business services provider reported $0.41 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.39 by $0.02. The firm had revenue of $1.16 billion during the quarter, compared to analysts’ expectations of $1.18 billion. Copart had a return on equity of 17.78% and a net margin of 34.24%.The company’s revenue for the quarter was up .7% compared to the same quarter last year. During the same period in the prior year, the business earned $0.37 EPS. On average, equities analysts expect that Copart, Inc. will post 1.57 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on the stock. CJS Securities raised shares of Copart to a “strong-buy” rating in a report on Thursday, December 11th. Barclays reissued an “underweight” rating and set a $33.00 price objective (up previously from $32.00) on shares of Copart in a research note on Friday, November 21st. JPMorgan Chase & Co. decreased their target price on Copart from $50.00 to $45.00 and set a “neutral” rating on the stock in a research note on Monday, November 24th. Robert W. Baird lowered their price target on Copart from $55.00 to $52.00 and set an “outperform” rating on the stock in a report on Friday, November 21st. Finally, Weiss Ratings reissued a “hold (c)” rating on shares of Copart in a report on Wednesday, October 8th. Two investment analysts have rated the stock with a Strong Buy rating, two have issued a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, Copart presently has a consensus rating of “Moderate Buy” and an average price target of $47.60.

Insider Activity at Copart

In other news, Director Thomas N. Tryforos sold 100,000 shares of the business’s stock in a transaction that occurred on Tuesday, November 25th. The shares were sold at an average price of $39.07, for a total value of $3,907,000.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Jeffrey Liaw sold 24,283 shares of the company’s stock in a transaction on Wednesday, October 15th. The shares were sold at an average price of $44.79, for a total transaction of $1,087,635.57. Following the completion of the sale, the chief executive officer directly owned 31,332 shares of the company’s stock, valued at $1,403,360.28. This trade represents a 43.66% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 9.60% of the stock is owned by corporate insiders.

About Copart

Copart (NASDAQ: CPRT) is a global provider of online vehicle auction and remarketing services, focused primarily on the sale of salvage and clean-title vehicles. The company operates a technology-driven auction platform that connects sellers — including insurance companies, vehicle finance firms, rental car companies, dealerships and fleet owners — with a broad buyer base consisting of vehicle dismantlers, recyclers, rebuilders and retail buyers. Copart’s business model centers on efficient vehicle disposition using digital bidding and logistics services to maximize recovery value for its clients.

Core services include hosting live and timed online auctions, vehicle listing and inspection support, title processing, and transportation and storage solutions.