Pittenger & Anderson Inc. Sells 120,592 Shares of Copart, Inc. $CPRT

Pittenger & Anderson Inc. lowered its holdings in shares of Copart, Inc. (NASDAQ:CPRT) by 98.7% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,585 shares of the business services provider’s stock after selling 120,592 shares during the quarter. Pittenger & Anderson Inc.’s holdings in Copart were worth $71,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also modified their holdings of the business. Vanguard Group Inc. increased its position in Copart by 2.1% during the second quarter. Vanguard Group Inc. now owns 106,408,868 shares of the business services provider’s stock worth $5,221,483,000 after buying an additional 2,144,946 shares during the last quarter. State Street Corp increased its holdings in shares of Copart by 3.3% during the 2nd quarter. State Street Corp now owns 36,406,503 shares of the business services provider’s stock valued at $1,786,467,000 after acquiring an additional 1,167,265 shares during the last quarter. Geode Capital Management LLC raised its stake in shares of Copart by 3.3% in the 2nd quarter. Geode Capital Management LLC now owns 20,462,076 shares of the business services provider’s stock valued at $999,305,000 after acquiring an additional 656,333 shares in the last quarter. Norges Bank bought a new position in shares of Copart in the 2nd quarter valued at approximately $549,448,000. Finally, Invesco Ltd. lifted its holdings in Copart by 7.1% in the 2nd quarter. Invesco Ltd. now owns 10,160,298 shares of the business services provider’s stock worth $498,566,000 after purchasing an additional 670,061 shares during the last quarter. Institutional investors and hedge funds own 85.78% of the company’s stock.

Insider Activity at Copart

In other Copart news, CEO Jeffrey Liaw sold 25,137 shares of the firm’s stock in a transaction that occurred on Thursday, January 15th. The stock was sold at an average price of $40.17, for a total value of $1,009,753.29. Following the completion of the sale, the chief executive officer owned 55,970 shares in the company, valued at approximately $2,248,314.90. This trade represents a 30.99% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Thomas N. Tryforos sold 100,000 shares of Copart stock in a transaction that occurred on Tuesday, November 25th. The stock was sold at an average price of $39.07, for a total value of $3,907,000.00. The SEC filing for this sale provides additional information. Corporate insiders own 9.60% of the company’s stock.

Analyst Upgrades and Downgrades

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

Copart Price Performance

NASDAQ CPRT opened at $40.58 on Friday. The company’s fifty day moving average is $39.49 and its two-hundred day moving average is $43.36. Copart, Inc. has a 52-week low of $37.41 and a 52-week high of $63.85. The firm has a market capitalization of $39.28 billion, a price-to-earnings ratio of 24.74 and a beta of 1.10.

Copart (NASDAQ:CPRT) last announced its quarterly earnings data on Thursday, November 20th. The business services provider reported $0.41 EPS for the quarter, beating analysts’ consensus estimates 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 analyst estimates of $1.18 billion. During the same quarter in the prior year, the business earned $0.37 earnings per share. The firm’s revenue for the quarter was up .7% on a year-over-year basis. As a group, sell-side analysts expect that Copart, Inc. will post 1.57 earnings per share for the current fiscal year.

Copart Profile

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.