Copart (NASDAQ:CPRT) Price Target Lowered to $34.00 at JPMorgan Chase & Co.

Copart (NASDAQ:CPRT) had its target price lowered by equities researchers at JPMorgan Chase & Co. from $45.00 to $34.00 in a research report issued on Monday,Benzinga reports. The firm currently has a “neutral” rating on the business services provider’s stock. JPMorgan Chase & Co.‘s price target points to a potential downside of 4.76% from the stock’s current price.

Other analysts have also issued research reports about the company. Robert W. Baird set a $48.00 target price on Copart and gave the company an “outperform” rating in a report on Friday. Barclays reissued an “underweight” rating and issued a $32.00 price objective (down from $33.00) on shares of Copart in a research note on Monday. Finally, CJS Securities raised Copart to a “strong-buy” rating in a research note on Thursday, December 11th. Two research analysts have rated the stock with a Strong Buy rating, one has issued a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $44.40.

Copart Stock Down 2.1%

NASDAQ:CPRT traded down $0.78 during trading hours on Monday, reaching $35.70. 6,391,087 shares of the company’s stock were exchanged, compared to its average volume of 9,285,996. The company has a market capitalization of $34.56 billion, a P/E ratio of 22.35 and a beta of 1.08. Copart has a 12 month low of $33.81 and a 12 month high of $63.85. The business’s 50-day simple moving average is $39.44 and its two-hundred day simple moving average is $42.53.

Copart (NASDAQ:CPRT) last announced its 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). Copart had a net margin of 33.76% and a return on equity of 16.68%. The company had revenue of $1.12 billion for the quarter, compared to analysts’ expectations of $1.15 billion. During the same period in the prior year, the company earned $0.40 earnings per share. The company’s revenue for the quarter was down 3.6% on a year-over-year basis. As a group, sell-side analysts anticipate that Copart will post 1.57 earnings per share for the current fiscal year.

Insider Buying and Selling

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 sale, the chief executive officer owned 55,970 shares of the company’s stock, valued at $2,248,314.90. This trade represents a 30.99% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. 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 disclosure for this sale is available in the SEC filing. Company insiders own 9.60% of the company’s stock.

Institutional Trading of Copart

Hedge funds have recently bought and sold shares of the stock. Mirae Asset Global Investments Co. Ltd. raised its position in shares of Copart by 13.9% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 371,603 shares of the business services provider’s stock worth $16,711,000 after acquiring an additional 45,346 shares in the last quarter. California Public Employees Retirement System boosted its position in shares of Copart by 89.0% during the second quarter. California Public Employees Retirement System now owns 2,548,275 shares of the business services provider’s stock valued at $125,044,000 after purchasing an additional 1,200,035 shares in the last quarter. Principal Financial Group Inc. grew its stake in Copart by 3.2% in the third quarter. Principal Financial Group Inc. now owns 40,175,058 shares of the business services provider’s stock worth $1,806,674,000 after purchasing an additional 1,236,101 shares during the period. Yacktman Asset Management LP bought a new position in Copart in the third quarter worth $3,382,000. Finally, Elevate Capital Advisors LLC purchased a new position in Copart during the third quarter valued at $1,472,000. 85.78% of the stock is owned by institutional investors.

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.