Zacks Investment Research Lowers Copart (CPRT) to Hold
Zacks Investment Research cut shares of Copart (NASDAQ:CPRT) from a buy rating to a hold rating in a report issued on Tuesday morning.
According to Zacks, “Copart has been expanding its presence through aggressive acquisitions of other businesses to boost its top-line performance and strengthen its footprint. Further, Copart is also widening its existing networks to manage inflating volumes and access new markets. Its top line received a boost and has started improving after witnessing temporal weakness due to lower revenues from vehicle sales. Also, in the last six months, shares of the company have outperformed the industry it belongs to.”
Several other brokerages have also issued reports on CPRT. BidaskClub lowered Copart from a buy rating to a hold rating in a report on Friday, December 22nd. JPMorgan Chase & Co. increased their price target on Copart from $35.00 to $41.00 and gave the stock a neutral rating in a report on Friday, November 24th. CJS Securities reiterated an outperform rating and issued a $42.00 price target on shares of Copart in a report on Thursday, October 5th. Gabelli reiterated a hold rating on shares of Copart in a report on Friday, November 24th. Finally, Jefferies Group increased their price target on Copart to $40.00 and gave the stock a hold rating in a report on Thursday, November 23rd. One analyst has rated the stock with a sell rating, six have issued a hold rating and two have issued a buy rating to the stock. The stock currently has an average rating of Hold and an average price target of $43.00.
Copart (NASDAQ:CPRT) last announced its quarterly earnings results on Tuesday, November 21st. The business services provider reported $0.33 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.27 by $0.06. The business had revenue of $419.17 million for the quarter, compared to analyst estimates of $377.37 million. Copart had a return on equity of 29.96% and a net margin of 20.01%. During the same quarter in the prior year, the company earned $0.29 earnings per share. equities analysts expect that Copart will post 1.52 EPS for the current year.
In other news, Director Matt Blunt sold 116,667 shares of the firm’s stock in a transaction that occurred on Tuesday, November 28th. The stock was sold at an average price of $41.96, for a total value of $4,895,347.32. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Daniel J. Englander sold 68,004 shares of the firm’s stock in a transaction that occurred on Wednesday, January 3rd. The shares were sold at an average price of $43.38, for a total value of $2,950,013.52. The disclosure for this sale can be found here. 16.40% of the stock is owned by company insiders.
A number of institutional investors have recently modified their holdings of CPRT. Salem Investment Counselors Inc. lifted its holdings in Copart by 100.0% during the second quarter. Salem Investment Counselors Inc. now owns 4,094 shares of the business services provider’s stock worth $130,000 after acquiring an additional 2,047 shares during the period. IFP Advisors Inc lifted its holdings in Copart by 216.3% during the third quarter. IFP Advisors Inc now owns 5,491 shares of the business services provider’s stock worth $189,000 after acquiring an additional 3,755 shares during the period. Crow Point Partners LLC bought a new stake in Copart during the third quarter worth $198,000. Private Advisor Group LLC bought a new stake in Copart during the third quarter worth $200,000. Finally, Sapphire Star Partners LP bought a new stake in Copart during the third quarter worth $205,000. Institutional investors and hedge funds own 77.59% of the company’s stock.
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Copart, Inc (Copart) is a provider of online auctions and vehicle remarketing services in the United States, Canada, the United Kingdom, the United Arab Emirates, Oman, Bahrain, Brazil, Ireland, Spain and India. The Company also provides vehicle remarketing services in Germany. The Company operates through two segments: United States and International.
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