ICICI Prudential Asset Management Co Ltd Increases Stake in Copart, Inc. $CPRT

ICICI Prudential Asset Management Co Ltd raised its stake in Copart, Inc. (NASDAQ:CPRT) by 76.5% in the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 110,935 shares of the business services provider’s stock after purchasing an additional 48,086 shares during the quarter. ICICI Prudential Asset Management Co Ltd’s holdings in Copart were worth $4,343,000 at the end of the most recent quarter.

Several other hedge funds also recently made changes to their positions in CPRT. Lodestone Wealth Management LLC bought a new stake in shares of Copart in the fourth quarter worth about $25,000. Aventura Private Wealth LLC bought a new stake in shares of Copart in the 4th quarter worth approximately $33,000. Board of the Pension Protection Fund purchased a new position in shares of Copart during the fourth quarter valued at approximately $35,000. FNY Investment Advisers LLC purchased a new stake in Copart in the third quarter worth $36,000. Finally, Larson Financial Group LLC lifted its stake in Copart by 36.7% in the third quarter. Larson Financial Group LLC now owns 1,363 shares of the business services provider’s stock worth $61,000 after acquiring an additional 366 shares during the period. 85.78% of the stock is owned by hedge funds and other institutional investors.

Copart Stock Down 1.0%

CPRT stock opened at $31.06 on Friday. The business has a 50 day moving average of $32.90 and a 200 day moving average of $36.24. The firm has a market cap of $28.76 billion, a PE ratio of 19.29 and a beta of 1.00. Copart, Inc. has a twelve month low of $29.97 and a twelve month high of $50.72.

Copart (NASDAQ:CPRT) last posted its quarterly earnings results on Thursday, May 21st. The business services provider reported $0.43 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.41 by $0.02. Copart had a return on equity of 16.63% and a net margin of 33.48%.The firm had revenue of $1.24 billion during the quarter, compared to analyst estimates of $1.19 billion. During the same quarter in the previous year, the firm earned $0.42 EPS. Copart’s quarterly revenue was up 2.1% compared to the same quarter last year. On average, research analysts expect that Copart, Inc. will post 1.58 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, CEO Jeffrey Liaw sold 26,213 shares of the company’s stock in a transaction that occurred on Wednesday, April 15th. The stock was sold at an average price of $33.18, for a total value of $869,747.34. Following the transaction, the chief executive officer directly owned 79,532 shares of the company’s stock, valued at approximately $2,638,871.76. This represents a 24.79% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 9.60% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

CPRT has been the subject of several research reports. Barclays restated an “underweight” rating and issued a $32.00 price objective (down from $33.00) on shares of Copart in a report on Monday, February 23rd. Jefferies Financial Group set a $45.00 price target on shares of Copart in a research note on Friday, May 22nd. Robert W. Baird set a $48.00 price objective on shares of Copart and gave the stock an “outperform” rating in a report on Friday, February 20th. Weiss Ratings cut Copart from a “hold (c-)” rating to a “sell (d+)” rating in a research report on Friday, May 1st. Finally, Zacks Research raised Copart from a “strong sell” rating to a “hold” rating in a research report on Monday, April 27th. Two research analysts have rated the stock with a Strong Buy rating, one has given a Buy rating, three have issued a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $44.50.

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.