Assetmark Inc. Cuts Stake in Copart, Inc. $CPRT

Assetmark Inc. trimmed its stake in Copart, Inc. (NASDAQ:CPRT) by 22.0% in the second quarter, according to the company in its most recent disclosure with the SEC. The firm owned 365,685 shares of the business services provider’s stock after selling 102,874 shares during the quarter. Assetmark Inc.’s holdings in Copart were worth $17,944,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also recently bought and sold shares of CPRT. Cloud Capital Management LLC purchased a new stake in shares of Copart during the 1st quarter valued at $26,000. Atticus Wealth Management LLC purchased a new position in shares of Copart in the 2nd quarter worth $31,000. Ameritas Advisory Services LLC acquired a new position in Copart in the second quarter valued at $31,000. Accent Capital Management LLC purchased a new stake in Copart during the first quarter valued at about $36,000. Finally, Bank of Jackson Hole Trust increased its stake in Copart by 83.8% during the second quarter. Bank of Jackson Hole Trust now owns 735 shares of the business services provider’s stock worth $36,000 after acquiring an additional 335 shares during the last quarter. Institutional investors and hedge funds own 85.78% of the company’s stock.

Analyst Ratings Changes

A number of analysts have recently issued reports on CPRT shares. Weiss Ratings reiterated a “hold (c)” rating on shares of Copart in a report on Wednesday, October 8th. HSBC set a $62.00 price objective on shares of Copart and gave the stock a “buy” rating in a research note on Thursday, September 4th. Stephens cut their target price on shares of Copart from $50.00 to $46.00 and set an “equal weight” rating on the stock in a research note on Friday, September 5th. Robert W. Baird reduced their target price on shares of Copart from $64.00 to $55.00 and set an “outperform” rating on the stock in a report on Thursday, July 17th. Finally, Hsbc Global Res upgraded Copart from a “hold” rating to a “strong-buy” rating in a report on Thursday, September 4th. One equities research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and four have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $54.50.

Insider Buying and Selling

In other news, Director Thomas N. Tryforos sold 228,840 shares of the stock in a transaction that occurred on Monday, September 15th. The stock was sold at an average price of $47.54, for a total transaction of $10,879,053.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Jeffrey Liaw sold 24,283 shares of the firm’s stock in a transaction that occurred on Wednesday, October 15th. The stock was sold at an average price of $44.79, for a total transaction of $1,087,635.57. Following the sale, the chief executive officer directly owned 31,332 shares of the company’s stock, valued at $1,403,360.28. The trade was a 43.66% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 9.68% of the company’s stock.

Copart Price Performance

NASDAQ:CPRT opened at $43.01 on Friday. The firm has a 50-day moving average of $45.93 and a two-hundred day moving average of $49.95. The stock has a market cap of $41.63 billion, a P/E ratio of 26.88 and a beta of 1.03. Copart, Inc. has a 1-year low of $41.96 and a 1-year high of $64.38.

Copart (NASDAQ:CPRT) last released its quarterly earnings results on Thursday, September 4th. The business services provider reported $0.41 EPS for the quarter, topping the consensus estimate of $0.37 by $0.04. The business had revenue of $1.13 billion for the quarter, compared to analysts’ expectations of $1.14 billion. Copart had a return on equity of 18.17% and a net margin of 33.41%.The company’s revenue was up 2.9% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.33 earnings per share. As a group, equities analysts expect that Copart, Inc. will post 1.57 earnings per share for the current year.

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.