Copart, Inc. $CPRT Stock Holdings Increased by Bowie Capital Management LLC

Bowie Capital Management LLC lifted its stake in shares of Copart, Inc. (NASDAQ:CPRT) by 39.3% during the third quarter, Holdings Channel reports. The fund owned 2,898,884 shares of the business services provider’s stock after purchasing an additional 817,857 shares during the quarter. Copart comprises 5.7% of Bowie Capital Management LLC’s portfolio, making the stock its 4th biggest holding. Bowie Capital Management LLC’s holdings in Copart were worth $130,363,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in CPRT. Norges Bank acquired a new position in Copart in the 2nd quarter valued at about $549,448,000. Fiera Capital Corp boosted its stake in shares of Copart by 75.3% during the 2nd quarter. Fiera Capital Corp now owns 7,000,430 shares of the business services provider’s stock worth $343,511,000 after purchasing an additional 3,007,820 shares during the last quarter. First Trust Advisors LP grew its holdings in shares of Copart by 75.2% during the second quarter. First Trust Advisors LP now owns 6,579,404 shares of the business services provider’s stock worth $322,851,000 after buying an additional 2,824,991 shares in the last quarter. Vanguard Group Inc. grew its holdings in shares of Copart by 2.4% during the third quarter. Vanguard Group Inc. now owns 108,990,652 shares of the business services provider’s stock worth $4,901,310,000 after buying an additional 2,581,784 shares in the last quarter. Finally, Jensen Investment Management Inc. raised its position in shares of Copart by 39.4% in the second quarter. Jensen Investment Management Inc. now owns 5,315,861 shares of the business services provider’s stock valued at $260,849,000 after buying an additional 1,503,771 shares during the last quarter. Hedge funds and other institutional investors own 85.78% of the company’s stock.

Insider Activity

In other news, CEO Jeffrey Liaw sold 25,137 shares of the business’s stock in a transaction 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 of the company’s stock, valued at $2,248,314.90. The trade was a 30.99% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 9.60% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on CPRT shares. Barclays reissued an “underweight” rating and set a $32.00 price objective (down from $33.00) on shares of Copart in a research note on Monday, February 23rd. CJS Securities upgraded Copart to a “strong-buy” rating in a report on Thursday, December 11th. Zacks Research lowered Copart from a “hold” rating to a “strong sell” rating in a research note on Tuesday, February 24th. JPMorgan Chase & Co. decreased their price objective on Copart from $45.00 to $34.00 and set a “neutral” rating on the stock in a report on Monday, February 23rd. Finally, Robert W. Baird set a $48.00 price objective on 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 assigned a Buy rating, four have issued a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $44.40.

Copart Stock Performance

CPRT opened at $37.72 on Friday. The company’s 50 day simple moving average is $39.07 and its 200 day simple moving average is $41.87. Copart, Inc. has a 1 year low of $33.81 and a 1 year high of $63.85. The stock has a market capitalization of $36.34 billion, a PE ratio of 23.58 and a beta of 1.09.

Copart (NASDAQ:CPRT) last released its earnings results on Thursday, February 19th. The business services provider reported $0.36 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.39 by ($0.03). The company had revenue of $1.12 billion during the quarter, compared to analysts’ expectations 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 quarter in the previous year, the firm posted $0.40 earnings per share. As a group, sell-side analysts expect that Copart, Inc. will post 1.57 earnings per share for the current fiscal year.

Copart Company 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.