Barrington Research Weighs in on Copart, Inc.’s FY2023 Earnings (NASDAQ:CPRT)

Copart, Inc. (NASDAQ:CPRT – Get Rating) – Analysts at Barrington Research increased their FY2023 EPS estimates for shares of Copart in a research note issued on Monday, May 22nd. Barrington Research analyst G. Prestopino now expects that the business services provider will earn $2.46 per share for the year, up from their prior estimate of $2.37. The consensus estimate for Copart’s current full-year earnings is $2.35 per share. Barrington Research also issued estimates for Copart’s Q4 2023 earnings at $0.63 EPS, Q3 2024 earnings at $0.78 EPS, Q4 2024 earnings at $0.67 EPS and FY2024 earnings at $2.70 EPS.

Copart (NASDAQ:CPRT – Get Rating) last announced its quarterly earnings data on Wednesday, May 17th. The business services provider reported $0.72 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.64 by $0.08. Copart had a net margin of 30.72% and a return on equity of 22.80%. The company had revenue of $1.02 billion during the quarter, compared to analysts’ expectations of $1.01 billion. During the same quarter in the prior year, the company posted $0.58 EPS. The business’s revenue was up 8.7% on a year-over-year basis.

A number of other brokerages have also recently issued reports on CPRT. Northcoast Research cut shares of Copart from a “buy” rating to a “neutral” rating in a research report on Monday, May 1st. Guggenheim increased their target price on shares of Copart from $75.00 to $82.00 and gave the stock a “buy” rating in a research report on Wednesday, February 22nd. StockNews.com assumed coverage on shares of Copart in a research report on Thursday, May 18th. They set a “buy” rating for the company. Robert W. Baird increased their target price on shares of Copart from $78.00 to $90.00 in a research report on Thursday, May 18th. Finally, Stephens reiterated an “overweight” rating and set a $78.00 target price on shares of Copart in a research report on Tuesday, February 21st. One investment analyst has rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $83.33.

Copart Stock Up 1.5 %

Shares of Copart stock opened at $87.75 on Wednesday. The stock has a market capitalization of $41.82 billion, a P/E ratio of 36.72 and a beta of 1.23. The company has a 50-day simple moving average of $77.88 and a 200 day simple moving average of $69.49. Copart has a 12-month low of $51.10 and a 12-month high of $89.79.

Insiders Place Their Bets

In other Copart news, Director Stephen Fisher sold 50,000 shares of the stock in a transaction dated Tuesday, May 23rd. The shares were sold at an average price of $87.06, for a total transaction of $4,353,000.00. The sale was disclosed in a document filed with the SEC, which is accessible through this link. In other news, Director Thomas N. Tryforos sold 143,100 shares of the firm’s stock in a transaction dated Friday, May 19th. The shares were sold at an average price of $88.39, for a total value of $12,648,609.00. Following the transaction, the director now owns 16,900 shares of the company’s stock, valued at approximately $1,493,791. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Stephen Fisher sold 50,000 shares of the stock in a transaction that occurred on Tuesday, May 23rd. The shares were sold at an average price of $87.06, for a total transaction of $4,353,000.00. The disclosure for this sale can be found here. Insiders own 11.19% of the company’s stock.

Institutional Trading of Copart

Hedge funds have recently modified their holdings of the company. Principal Financial Group Inc. raised its holdings in Copart by 102.0% during the 4th quarter. Principal Financial Group Inc. now owns 21,909,960 shares of the business services provider’s stock worth $1,334,097,000 after buying an additional 11,063,518 shares during the period. Alliancebernstein L.P. boosted its position in Copart by 94.8% during the fourth quarter. Alliancebernstein L.P. now owns 17,519,775 shares of the business services provider’s stock worth $1,066,779,000 after purchasing an additional 8,525,968 shares during the period. JPMorgan Chase & Co. boosted its position in Copart by 100.4% during the fourth quarter. JPMorgan Chase & Co. now owns 8,740,573 shares of the business services provider’s stock worth $532,215,000 after purchasing an additional 4,378,073 shares during the period. Geode Capital Management LLC boosted its position in shares of Copart by 86.7% in the fourth quarter. Geode Capital Management LLC now owns 9,098,471 shares of the business services provider’s stock valued at $553,041,000 after acquiring an additional 4,224,450 shares during the period. Finally, Norges Bank bought a new stake in shares of Copart in the fourth quarter valued at about $256,878,000. 45.14% of the stock is currently owned by institutional investors and hedge funds.

About Copart

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Copart, Inc provides online auctions and vehicle remarketing services. It offers a range of services for processing and selling vehicles over the Internet through its Virtual Bidding Third Generation Internet auction-style sales technology on behalf of vehicle sellers, insurance companies, banks and finance companies, charities, and fleet operators and dealers, as well as individual owners.