Akre Capital Management LLC Grows Holdings in Copart, Inc. $CPRT

Akre Capital Management LLC increased its holdings in Copart, Inc. (NASDAQ:CPRT) by 253.1% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 4,236,760 shares of the business services provider’s stock after acquiring an additional 3,036,760 shares during the quarter. Copart comprises about 1.9% of Akre Capital Management LLC’s investment portfolio, making the stock its 11th biggest holding. Akre Capital Management LLC owned about 0.44% of Copart worth $190,527,000 at the end of the most recent quarter.

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

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on CPRT. 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 target price on shares of Copart from $45.00 to $34.00 and set a “neutral” rating for the company in a report on Monday, February 23rd. CJS Securities upgraded shares of Copart to a “strong-buy” rating in a research note on Thursday, December 11th. Barclays reiterated an “underweight” rating and set a $32.00 price target (down from $33.00) on shares of Copart in a report on Monday, February 23rd. Finally, Robert W. Baird set a $48.00 price target on shares of Copart and gave the company an “outperform” rating in a research report on Friday, February 20th. Two investment 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 assigned a Sell rating to the stock. Based on data from MarketBeat, Copart presently has a consensus rating of “Hold” and an average price target of $44.40.

Insider Transactions at Copart

In related news, CEO Jeffrey Liaw sold 25,137 shares of the business’s stock in a transaction that occurred on Thursday, January 15th. The shares were sold at an average price of $40.17, for a total transaction of $1,009,753.29. Following the completion of the sale, the chief executive officer directly owned 55,970 shares in the company, valued at approximately $2,248,314.90. The trade was a 30.99% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Company insiders own 9.60% of the company’s stock.

Copart Price Performance

NASDAQ CPRT opened at $33.97 on Friday. The stock has a market capitalization of $32.72 billion, a price-to-earnings ratio of 21.23 and a beta of 1.09. Copart, Inc. has a 1-year low of $33.81 and a 1-year high of $63.85. The business’s fifty day moving average price is $38.79 and its 200-day moving average price is $41.58.

Copart (NASDAQ:CPRT) last announced its earnings results on Thursday, February 19th. The business services provider reported $0.36 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.39 by ($0.03). Copart had a return on equity of 16.68% and a net margin of 33.76%.The firm had revenue of $1.12 billion during the quarter, compared to analysts’ expectations of $1.15 billion. During the same period in the previous year, the business posted $0.40 earnings per share. The company’s revenue for the quarter was down 3.6% on a year-over-year basis. Equities research analysts anticipate that Copart, Inc. will post 1.57 EPS for the current 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.