Elevate Capital Advisors LLC Makes New $1.47 Million Investment in Copart, Inc. $CPRT

Elevate Capital Advisors LLC bought a new position in Copart, Inc. (NASDAQ:CPRT) in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 32,737 shares of the business services provider’s stock, valued at approximately $1,472,000.

Several other hedge funds and other institutional investors also recently modified their holdings of CPRT. Tripletail Wealth Management LLC purchased a new position in Copart in the 3rd quarter valued at approximately $27,000. Atticus Wealth Management LLC bought a new position in shares of Copart in the second quarter worth $31,000. Ameritas Advisory Services LLC purchased a new position in shares of Copart in the second quarter valued at $31,000. Creekmur Asset Management LLC raised its stake in shares of Copart by 1,063.0% during the 2nd quarter. Creekmur Asset Management LLC now owns 628 shares of the business services provider’s stock valued at $31,000 after purchasing an additional 574 shares during the period. Finally, Bank of Jackson Hole Trust raised its stake in shares of Copart by 83.8% during the 2nd quarter. Bank of Jackson Hole Trust now owns 735 shares of the business services provider’s stock valued at $36,000 after purchasing an additional 335 shares during the period. Institutional investors own 85.78% of the company’s stock.

Analysts Set New Price Targets

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

Insider Buying and Selling at Copart

In related news, Director Thomas N. Tryforos sold 100,000 shares of the stock in a transaction dated Tuesday, November 25th. The stock was sold at an average price of $39.07, for a total transaction of $3,907,000.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 9.60% of the company’s stock.

Copart Stock Performance

Shares of Copart stock opened at $39.99 on Thursday. Copart, Inc. has a 52-week low of $37.41 and a 52-week high of $63.85. The company has a fifty day moving average of $39.52 and a 200-day moving average of $43.96. The stock has a market capitalization of $38.71 billion, a price-to-earnings ratio of 24.38 and a beta of 1.10.

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

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.