Bell Asset Management Ltd Purchases New Position in Copart, Inc. $CPRT

Bell Asset Management Ltd purchased a new stake in Copart, Inc. (NASDAQ:CPRT) during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor purchased 88,622 shares of the business services provider’s stock, valued at approximately $3,985,000.

Several other hedge funds have also recently bought and sold shares of CPRT. Cloud Capital Management LLC acquired a new stake in shares of Copart in the 3rd quarter valued at $25,000. Tripletail Wealth Management LLC acquired a new stake in shares of Copart during the 3rd quarter worth about $27,000. LRI Investments LLC increased its position in shares of Copart by 125.2% during the 3rd quarter. LRI Investments LLC now owns 653 shares of the business services provider’s stock worth $29,000 after purchasing an additional 363 shares in the last quarter. Cornerstone Planning Group LLC lifted its holdings in Copart by 54.0% during the 3rd quarter. Cornerstone Planning Group LLC now owns 730 shares of the business services provider’s stock valued at $31,000 after purchasing an additional 256 shares during the last quarter. Finally, E Fund Management Hong Kong Co. Ltd. lifted its holdings in Copart by 173.4% during the 3rd quarter. E Fund Management Hong Kong Co. Ltd. now owns 864 shares of the business services provider’s stock valued at $39,000 after purchasing an additional 548 shares during the last quarter. 85.78% of the stock is currently owned by institutional investors and hedge funds.

Copart Trading Down 0.8%

Shares of NASDAQ CPRT opened at $37.72 on Monday. Copart, Inc. has a 1-year low of $33.81 and a 1-year high of $63.85. The company has a 50-day moving average of $39.07 and a two-hundred day moving average of $41.83. The company has a market cap of $36.34 billion, a PE ratio of 23.58 and a beta of 1.09.

Copart (NASDAQ:CPRT) last released its quarterly earnings results on Thursday, February 19th. The business services provider reported $0.36 EPS for the quarter, missing the consensus estimate of $0.39 by ($0.03). The company had revenue of $1.12 billion for the quarter, compared to the consensus estimate of $1.15 billion. Copart had a net margin of 33.76% and a return on equity of 16.68%. Copart’s revenue for the quarter was down 3.6% compared to the same quarter last year. During the same period last year, the company earned $0.40 earnings per share. As a group, equities research analysts forecast that Copart, Inc. will post 1.57 earnings per share for the current year.

Insider Transactions at Copart

In other Copart news, CEO Jeffrey Liaw sold 25,137 shares of the stock in a transaction 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 transaction, the chief executive officer directly 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 filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 9.60% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have weighed in on CPRT shares. CJS Securities raised shares of Copart to a “strong-buy” rating in a research note on Thursday, December 11th. Zacks Research cut shares of Copart from a “hold” rating to a “strong sell” rating in a research note on Tuesday, February 24th. JPMorgan Chase & Co. decreased their price target on Copart from $45.00 to $34.00 and set a “neutral” rating on the stock in a research report on Monday, February 23rd. Robert W. Baird set a $48.00 price target on Copart and gave the company an “outperform” rating in a report on Friday, February 20th. Finally, Barclays reiterated an “underweight” rating and issued a $32.00 price objective (down from $33.00) on shares of Copart in a research report on Monday, February 23rd. Two equities research analysts have rated the stock with a Strong Buy rating, one has given a Buy rating, four have issued a Hold rating and two have issued a Sell rating to the company. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $44.40.

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.