Fairtree Asset Management Pty Ltd Takes $980,000 Position in Copart, Inc. $CPRT

Fairtree Asset Management Pty Ltd purchased a new position in shares of Copart, Inc. (NASDAQ:CPRT) during the second quarter, HoldingsChannel reports. The fund purchased 34,776 shares of the business services provider’s stock, valued at approximately $980,000.

Several other hedge funds and other institutional investors have also bought and sold shares of the business. BlackRock Inc. bought a new stake in shares of Copart in the second quarter valued at approximately $1,908,980,000. State Street Corp increased its stake in Copart by 1.3% during the 4th quarter. State Street Corp now owns 37,555,437 shares of the business services provider’s stock worth $1,470,295,000 after acquiring an additional 492,506 shares during the period. Capital World Investors increased its stake in Copart by 25.1% during the 4th quarter. Capital World Investors now owns 27,728,398 shares of the business services provider’s stock worth $1,085,588,000 after acquiring an additional 5,555,101 shares during the period. Geode Capital Management LLC raised its holdings in Copart by 0.6% in the 4th quarter. Geode Capital Management LLC now owns 23,255,161 shares of the business services provider’s stock valued at $906,836,000 after acquiring an additional 131,703 shares in the last quarter. Finally, Bank of New York Mellon Corp raised its holdings in Copart by 21.7% in the 4th quarter. Bank of New York Mellon Corp now owns 21,982,589 shares of the business services provider’s stock valued at $860,618,000 after acquiring an additional 3,918,610 shares in the last quarter. Institutional investors and hedge funds own 85.78% of the company’s stock.

Insider Buying and Selling at Copart

In other news, CEO Jeffrey Liaw sold 27,745 shares of the company’s stock in a transaction on Tuesday, July 28th. The shares were sold at an average price of $30.49, for a total transaction of $845,945.05. Following the completion of the transaction, the chief executive officer directly owned 99,641 shares in the company, valued at approximately $3,038,054.09. This represents a 21.78% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 9.60% of the company’s stock.

Copart Trading Up 1.4%

CPRT opened at $34.33 on Friday. The company’s 50 day moving average is $29.43 and its 200-day moving average is $32.70. Copart, Inc. has a 1-year low of $26.81 and a 1-year high of $50.11. The company has a market cap of $31.78 billion, a P/E ratio of 21.32 and a beta of 1.01.

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, beating the consensus estimate of $0.41 by $0.02. The company had revenue of $1.24 billion for the quarter, compared to analyst estimates of $1.19 billion. Copart had a net margin of 33.48% and a return on equity of 16.63%. The firm’s revenue was up 2.1% on a year-over-year basis. During the same period in the previous year, the firm posted $0.42 EPS. On average, equities analysts forecast that Copart, Inc. will post 1.58 EPS for the current year.

Wall Street Analysts Forecast Growth

CPRT has been the topic of several analyst reports. Freedom Capital raised Copart to a “strong-buy” rating in a report on Friday, June 26th. Jefferies Financial Group set a $45.00 target price on shares of Copart in a report on Friday, May 22nd. Weiss Ratings restated a “sell (d+)” rating on shares of Copart in a research report on Wednesday, July 29th. Stephens reaffirmed an “equal weight” rating and set a $35.00 price target on shares of Copart in a report on Thursday. Finally, Zacks Research lowered shares of Copart from a “hold” rating to a “strong sell” rating in a research report on Tuesday, July 28th. Three investment analysts have rated the stock with a Strong Buy rating, one has given a Buy rating, two have issued a Hold rating and three have given a Sell rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Hold” and an average price target of $41.67.

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.