Copart (NASDAQ:CPRT) Issues Earnings Results

Copart (NASDAQ:CPRT) released its quarterly earnings results on Thursday. The business services provider reported $0.34 EPS for the quarter, beating analysts’ consensus estimates of $0.32 by $0.02, Briefing.com reports. Copart had a return on equity of 22.46% and a net margin of 31.99%. The company had revenue of $1.02 billion during the quarter, compared to analysts’ expectations of $987.90 million. During the same period last year, the business posted $0.25 earnings per share. The firm’s revenue was up 14.2% compared to the same quarter last year.

Copart Price Performance

CPRT stock traded up $0.91 during trading on Friday, hitting $50.22. 5,796,627 shares of the company traded hands, compared to its average volume of 4,048,641. The stock’s 50-day simple moving average is $45.05 and its 200 day simple moving average is $46.39. The company has a market cap of $48.22 billion, a PE ratio of 39.23 and a beta of 1.19. Copart has a 1 year low of $29.61 and a 1 year high of $51.53.

Analyst Upgrades and Downgrades

CPRT has been the subject of a number of research analyst reports. Argus initiated coverage on Copart in a research note on Friday, September 8th. They issued a “buy” rating and a $53.00 price target for the company. JPMorgan Chase & Co. increased their price target on Copart from $39.50 to $41.00 in a research note on Monday, September 18th. Robert W. Baird raised their price objective on Copart from $45.00 to $48.00 and gave the stock an “outperform” rating in a research note on Friday, September 15th. Finally, StockNews.com upgraded Copart from a “hold” rating to a “buy” rating in a research note on Monday, October 30th. One analyst has rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $44.40.

Insider Activity at Copart

In related news, Director Matt Blunt sold 49,435 shares of the business’s stock in a transaction on Tuesday, October 3rd. The shares were sold at an average price of $43.11, for a total value of $2,131,142.85. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In related news, Director Matt Blunt sold 49,435 shares of the company’s stock in a transaction dated Tuesday, October 3rd. The shares were sold at an average price of $43.11, for a total value of $2,131,142.85. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Stephen Fisher sold 160,000 shares of the company’s stock in a transaction dated Monday, October 9th. The shares were sold at an average price of $45.69, for a total transaction of $7,310,400.00. The disclosure for this sale can be found here. 10.23% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of CPRT. Creative Planning lifted its position in shares of Copart by 108.2% during the third quarter. Creative Planning now owns 104,970 shares of the business services provider’s stock worth $4,523,000 after purchasing an additional 54,550 shares in the last quarter. Harbour Investments Inc. lifted its position in shares of Copart by 420.0% during the third quarter. Harbour Investments Inc. now owns 910 shares of the business services provider’s stock worth $39,000 after purchasing an additional 735 shares in the last quarter. Tudor Investment Corp Et Al acquired a new stake in shares of Copart during the third quarter worth about $510,000. Integrated Wealth Concepts LLC lifted its position in shares of Copart by 192.6% during the third quarter. Integrated Wealth Concepts LLC now owns 15,172 shares of the business services provider’s stock worth $654,000 after purchasing an additional 9,986 shares in the last quarter. Finally, Mercer Global Advisors Inc. ADV lifted its position in shares of Copart by 136.8% during the third quarter. Mercer Global Advisors Inc. ADV now owns 32,174 shares of the business services provider’s stock worth $1,386,000 after purchasing an additional 18,589 shares in the last quarter. Institutional investors and hedge funds own 79.26% of the company’s stock.

About Copart

Copart, Inc provides online auctions and vehicle remarketing services. It offers a range of services for processing and selling vehicles over the Internet through its Virtual Bidding Third Generation Internet auction-style sales technology on behalf of vehicle sellers, insurance companies, banks and finance companies, charities, and fleet operators and dealers, as well as individual owners.