Saudi Central Bank Grows Stock Holdings in Copart, Inc. $CPRT

Saudi Central Bank boosted its stake in Copart, Inc. (NASDAQ:CPRT) by 83.8% during the 2nd quarter, HoldingsChannel.com reports. The fund owned 62,374 shares of the business services provider’s stock after purchasing an additional 28,430 shares during the period. Saudi Central Bank’s holdings in Copart were worth $1,758,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds also recently added to or reduced their stakes in the stock. Brighton Jones LLC raised its stake in shares of Copart by 92.1% during the fourth quarter. Brighton Jones LLC now owns 14,215 shares of the business services provider’s stock worth $816,000 after purchasing an additional 6,817 shares during the last quarter. Geneos Wealth Management Inc. grew its position in Copart by 365.8% in the 1st quarter. Geneos Wealth Management Inc. now owns 1,118 shares of the business services provider’s stock valued at $63,000 after buying an additional 878 shares during the last quarter. Jump Financial LLC acquired a new position in Copart in the 2nd quarter valued at $2,677,000. Sei Investments Co. increased its stake in Copart by 110.0% in the 2nd quarter. Sei Investments Co. now owns 900,330 shares of the business services provider’s stock valued at $44,179,000 after buying an additional 471,571 shares during the period. Finally, Treasurer of the State of North Carolina raised its position in Copart by 3.5% during the 2nd quarter. Treasurer of the State of North Carolina now owns 413,083 shares of the business services provider’s stock worth $20,270,000 after buying an additional 13,860 shares during the last quarter. 85.78% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

CPRT has been the topic of several analyst reports. Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Copart in a report on Wednesday, July 29th. Jefferies Financial Group set a $45.00 price objective on shares of Copart in a research report on Friday, May 22nd. Stephens reiterated an “equal weight” rating and set a $35.00 target price on shares of Copart in a research report on Thursday, August 20th. Freedom Capital raised Copart to a “strong-buy” rating in a research note on Friday, June 26th. Finally, Barclays set a $25.00 price target on Copart and gave the company an “underweight” rating in a report on Wednesday, August 26th. Two equities research analysts have rated the stock with a Strong Buy rating, two have issued a Buy rating, one has assigned a Hold rating and three have given a Sell rating to the company. According to MarketBeat, Copart currently has a consensus rating of “Hold” and an average target price of $38.83.

Copart Stock Down 3.3%

Shares of CPRT opened at $32.60 on Wednesday. Copart, Inc. has a 52-week low of $26.81 and a 52-week high of $49.11. The company has a 50-day simple moving average of $30.27 and a 200-day simple moving average of $32.16. The company has a market capitalization of $30.18 billion, a PE ratio of 20.25, a P/E/G ratio of 1.62 and a beta of 1.03.

Insiders Place Their Bets

In other Copart news, CEO Jeffrey Liaw sold 27,745 shares of the company’s stock in a transaction dated Tuesday, July 28th. The shares were sold at an average price of $30.49, for a total transaction of $845,945.05. Following the transaction, the chief executive officer directly owned 99,641 shares in the company, valued at approximately $3,038,054.09. This represents a 21.78% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Insiders own 9.60% of the company’s stock.

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.