ING Groep NV Decreases Position in Copart, Inc. $CPRT

ING Groep NV cut its stake in Copart, Inc. (NASDAQ:CPRT) by 35.4% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 107,087 shares of the business services provider’s stock after selling 58,566 shares during the quarter. ING Groep NV’s holdings in Copart were worth $4,192,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Quadrant Capital Group LLC lifted its stake in Copart by 1.3% in the 3rd quarter. Quadrant Capital Group LLC now owns 20,693 shares of the business services provider’s stock valued at $931,000 after buying an additional 264 shares in the last quarter. Sierra Legacy Group raised its holdings in Copart by 1.9% in the 4th quarter. Sierra Legacy Group now owns 13,880 shares of the business services provider’s stock valued at $543,000 after acquiring an additional 265 shares during the last quarter. Geneos Wealth Management Inc. raised its holdings in Copart by 23.8% in the 2nd quarter. Geneos Wealth Management Inc. now owns 1,384 shares of the business services provider’s stock valued at $68,000 after acquiring an additional 266 shares during the last quarter. Brown Miller Wealth Management LLC raised its holdings in Copart by 3.8% in the 4th quarter. Brown Miller Wealth Management LLC now owns 7,310 shares of the business services provider’s stock valued at $286,000 after acquiring an additional 268 shares during the last quarter. Finally, Valeo Financial Advisors LLC raised its holdings in Copart by 4.6% in the 4th quarter. Valeo Financial Advisors LLC now owns 6,395 shares of the business services provider’s stock valued at $250,000 after acquiring an additional 282 shares during the last quarter. 85.78% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

CPRT has been the subject of a number of recent research reports. Zacks Research upgraded shares of Copart from a “strong sell” rating to a “hold” rating in a report on Monday, April 27th. Robert W. Baird set a $48.00 price objective on shares of Copart and gave the company an “outperform” rating in a report on Friday, February 20th. JPMorgan Chase & Co. cut their price objective on shares of Copart from $45.00 to $34.00 and set a “neutral” rating for the company in a report on Monday, February 23rd. Jefferies Financial Group set a $45.00 price objective on shares of Copart in a report on Friday, May 22nd. Finally, Barclays reiterated an “underweight” rating and issued a $32.00 price objective (down from $33.00) on shares of Copart in a report on Monday, February 23rd. Two investment analysts have rated the stock with a Strong Buy rating, one has assigned a Buy rating, three have assigned a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat, Copart presently has a consensus rating of “Hold” and an average target price of $44.50.

Copart Price Performance

Shares of NASDAQ CPRT opened at $30.86 on Tuesday. The company has a 50 day simple moving average of $32.99 and a 200-day simple moving average of $36.45. The company has a market capitalization of $28.57 billion, a P/E ratio of 19.17 and a beta of 1.01. Copart, Inc. has a 1 year low of $29.97 and a 1 year high of $50.91.

Copart (NASDAQ:CPRT) last announced its quarterly earnings results on Thursday, May 21st. The business services provider reported $0.43 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.41 by $0.02. The business had revenue of $1.24 billion during the quarter, compared to the consensus estimate of $1.19 billion. Copart had a net margin of 33.48% and a return on equity of 16.63%. The business’s revenue was up 2.1% compared to the same quarter last year. During the same quarter last year, the firm earned $0.42 EPS. As a group, research analysts expect that Copart, Inc. will post 1.58 EPS for the current year.

Insider Activity

In other news, CEO Jeffrey Liaw sold 26,213 shares of the firm’s stock in a transaction that occurred on Wednesday, April 15th. The shares were sold at an average price of $33.18, for a total transaction of $869,747.34. Following the completion of the sale, the chief executive officer owned 79,532 shares in the company, valued at $2,638,871.76. This trade represents a 24.79% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 9.60% of the stock is owned by corporate insiders.

About Copart

Copart (NASDAQ: CPRT) is a global provider of online vehicle auction and remarketing services, focused primarily on the sale of salvage and clean-title vehicles. The company operates a technology-driven auction platform that connects sellers — including insurance companies, vehicle finance firms, rental car companies, dealerships and fleet owners — with a broad buyer base consisting of vehicle dismantlers, recyclers, rebuilders and retail buyers. Copart’s business model centers on efficient vehicle disposition using digital bidding and logistics services to maximize recovery value for its clients.

Core services include hosting live and timed online auctions, vehicle listing and inspection support, title processing, and transportation and storage solutions.