Copart, Inc. (NASDAQ:CPRT) Shares Acquired by Tritonpoint Wealth LLC

Tritonpoint Wealth LLC grew its holdings in Copart, Inc. (NASDAQ:CPRT) by 1.6% in the 1st quarter, Holdings Channel reports. The institutional investor owned 18,541 shares of the business services provider’s stock after buying an additional 291 shares during the quarter. Tritonpoint Wealth LLC’s holdings in Copart were worth $1,049,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of the business. Norges Bank acquired a new position in Copart during the fourth quarter worth $682,089,000. Madison Investment Advisors LLC acquired a new position in Copart during the fourth quarter worth $253,686,000. Bank of New York Mellon Corp raised its holdings in Copart by 23.3% during the fourth quarter. Bank of New York Mellon Corp now owns 19,440,046 shares of the business services provider’s stock worth $1,115,664,000 after purchasing an additional 3,667,534 shares during the last quarter. Edgewood Management LLC raised its holdings in Copart by 14.1% during the fourth quarter. Edgewood Management LLC now owns 23,463,118 shares of the business services provider’s stock worth $1,346,548,000 after purchasing an additional 2,907,405 shares during the last quarter. Finally, Wellington Management Group LLP raised its holdings in Copart by 14.4% during the fourth quarter. Wellington Management Group LLP now owns 14,157,306 shares of the business services provider’s stock worth $812,488,000 after purchasing an additional 1,785,741 shares during the last quarter. 85.78% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on CPRT. JPMorgan Chase & Co. reduced their price objective on Copart from $60.00 to $55.00 and set a “neutral” rating for the company in a report on Friday, May 23rd. Argus cut Copart from a “buy” rating to a “hold” rating in a report on Friday, March 14th.

Copart Stock Down 2.8%

NASDAQ CPRT opened at $48.59 on Friday. Copart, Inc. has a fifty-two week low of $48.05 and a fifty-two week high of $64.38. The stock has a market cap of $46.98 billion, a price-to-earnings ratio of 32.61 and a beta of 1.10. The business has a fifty day moving average of $57.58 and a 200-day moving average of $57.47.

Copart (NASDAQ:CPRT) last released its quarterly earnings results on Thursday, May 22nd. The business services provider reported $0.42 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.42. Copart had a return on equity of 19.31% and a net margin of 32.27%. The company had revenue of $1.21 billion during the quarter, compared to analysts’ expectations of $1.23 billion. During the same period in the previous year, the firm posted $0.39 earnings per share. The business’s revenue for the quarter was up 7.5% compared to the same quarter last year. As a group, analysts anticipate that Copart, Inc. will post 1.57 EPS for the current year.

Insider Transactions at Copart

In other news, Director Steven D. Cohan sold 94,997 shares of Copart stock in a transaction on Monday, April 14th. The stock was sold at an average price of $60.01, for a total value of $5,700,769.97. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director James E. Meeks sold 100,000 shares of Copart stock in a transaction on Wednesday, March 19th. The shares were sold at an average price of $54.00, for a total value of $5,400,000.00. The disclosure for this sale can be found here. Insiders sold a total of 200,000 shares of company stock valued at $11,401,000 over the last three months. 9.68% of the stock is currently owned by insiders.

About Copart

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.