IFP Advisors Inc Buys 56,645 Shares of Copart, Inc. $CPRT

IFP Advisors Inc lifted its stake in shares of Copart, Inc. (NASDAQ:CPRT) by 1,701.1% during the 3rd quarter, Holdings Channel reports. The institutional investor owned 59,975 shares of the business services provider’s stock after buying an additional 56,645 shares during the period. IFP Advisors Inc’s holdings in Copart were worth $1,636,000 as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of the stock. BlackRock Inc. bought a new stake in Copart during the second quarter worth $1,908,980,000. Bank of New York Mellon Corp purchased a new stake in Copart in the 2nd quarter valued at $488,663,000. Deutsche Bank AG bought a new position in Copart during the 2nd quarter valued at $436,413,000. Bank of America Corp DE lifted its stake in Copart by 28.7% during the 1st quarter. Bank of America Corp DE now owns 9,706,517 shares of the business services provider’s stock valued at $322,256,000 after acquiring an additional 2,165,708 shares in the last quarter. Finally, Van ECK Associates Corp lifted its stake in Copart by 97.9% during the 2nd quarter. Van ECK Associates Corp now owns 9,059,273 shares of the business services provider’s stock valued at $255,381,000 after acquiring an additional 4,482,226 shares in the last quarter. Hedge funds and other institutional investors own 85.78% of the company’s stock.

Wall Street Analysts Forecast Growth

CPRT has been the topic of a number of analyst reports. Barrington Research raised shares of Copart from a “market perform” rating to an “outperform” rating and set a $40.00 price objective on the stock in a report on Friday, September 11th. Weiss Ratings reiterated a “sell (d+)” rating on shares of Copart in a report on Wednesday, July 29th. Zacks Research raised shares of Copart from a “strong sell” rating to a “hold” rating in a research report on Monday, September 7th. Deutsche Bank Aktiengesellschaft set a $40.00 price target on shares of Copart in a research report on Thursday, September 3rd. Finally, JPMorgan Chase & Co. upgraded shares of Copart from a “neutral” rating to an “overweight” rating and boosted their price target for the stock from $32.00 to $40.00 in a report on Thursday, September 3rd. Two analysts have rated the stock with a Strong Buy rating, five have assigned a Buy rating, three have assigned a Hold rating and two have given a Sell rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $37.80.

Copart Trading Down 0.9%

Shares of Copart stock opened at $27.58 on Thursday. The business’s fifty day simple moving average is $29.99 and its 200 day simple moving average is $30.69. The firm has a market capitalization of $25.55 billion, a P/E ratio of 17.79, a price-to-earnings-growth ratio of 1.36 and a beta of 1.06. Copart, Inc. has a 12 month low of $25.72 and a 12 month high of $45.76.

Copart (NASDAQ:CPRT) last announced its quarterly earnings data on Thursday, September 10th. The business services provider reported $0.35 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.38 by ($0.03). Copart had a net margin of 31.81% and a return on equity of 15.93%. The business had revenue of $1.15 billion during the quarter, compared to the consensus estimate of $1.14 billion. During the same quarter last year, the company earned $0.41 EPS. The firm’s revenue for the quarter was up 2.4% compared to the same quarter last year. Analysts predict that Copart, Inc. will post 1.63 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, Director Diane Morefield sold 20,000 shares of Copart stock in a transaction on Thursday, October 15th. The stock was sold at an average price of $27.66, for a total transaction of $553,200.00. Following the sale, the director directly owned 50,000 shares in the company, valued at $1,383,000. The trade was a 28.57% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Jeffrey Liaw sold 27,745 shares of the business’s stock in a transaction dated Tuesday, July 28th. The stock was sold at an average price of $30.49, for a total transaction of $845,945.05. Following the completion of the transaction, the chief executive officer directly owned 99,641 shares in the company, valued at $3,038,054.09. This trade represents a 21.78% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders own 9.60% of the company’s stock.

Copart Profile

Copart, Inc is a provider of online vehicle auction and remarketing services. The company operates a digital marketplace that connects vehicle sellers with a broad network of buyers, including licensed dismantlers, rebuilders, used-car dealers, exporters and individual consumers.

Copart primarily sells vehicles that have been damaged, declared total losses by insurers, repossessed, donated or otherwise designated for resale. Its services also include vehicle storage, transportation, towing coordination, title processing, inspection and auction support.