Copart Inc. (NASDAQ:CPRT) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report released on Monday. The firm currently has a $61.00 target price on the stock. Zacks Investment Research’s price objective would suggest a potential upside of 12.86% from the stock’s current price.
According to Zacks, “Copart reported better-than-expected earnings and revenues in fourth-quarter fiscal 2016. The company is gaining from several tailwinds such as rising revenues and geographic expansion. The company also occasionally repurchases shares to boost shareholder value. However, foreign currency fluctuations are adversely affecting Copart’s revenues. Improving safety features in vehicles may also impact inventory levels in the long run.”
A number of other brokerages also recently issued reports on CPRT. Bank of America Corp. upgraded Copart from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $52.00 to $63.00 in a research report on Friday, September 23rd. Jefferies Group restated a “hold” rating on shares of Copart in a research report on Thursday, August 4th. Susquehanna started coverage on Copart in a research report on Thursday, August 25th. They set a “neutral” rating and a $53.00 price objective for the company. Barrington Research downgraded Copart from an “outperform” rating to a “market perform” rating in a research report on Friday, September 23rd. Finally, Northcoast Research downgraded Copart from a “buy” rating to a “neutral” rating in a research report on Thursday, August 25th. Seven analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. Copart has a consensus rating of “Hold” and a consensus target price of $55.57.
Copart (NASDAQ:CPRT) opened at 54.05 on Monday. The firm’s 50-day moving average price is $51.46 and its 200-day moving average price is $47.14. Copart has a 52-week low of $32.26 and a 52-week high of $54.85. The firm has a market cap of $5.92 billion, a P/E ratio of 24.46 and a beta of 0.99.
Copart (NASDAQ:CPRT) last announced its quarterly earnings results on Tuesday, September 20th. The company reported $0.59 EPS for the quarter, beating the Zacks’ consensus estimate of $0.55 by $0.04. Copart had a return on equity of 31.42% and a net margin of 21.25%. The firm had revenue of $332.70 million for the quarter. During the same period in the previous year, the business posted $0.41 earnings per share. The business’s revenue for the quarter was up 17.9% compared to the same quarter last year. Equities research analysts expect that Copart will post $2.41 EPS for the current year.
In other news, CEO A Jayson Adair sold 200,000 shares of the business’s stock in a transaction that occurred on Friday, September 23rd. The stock was sold at an average price of $53.61, for a total transaction of $10,722,000.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, SVP Paul A. Styer sold 7,640 shares of the business’s stock in a transaction that occurred on Tuesday, July 5th. The shares were sold at an average price of $49.26, for a total value of $376,346.40. The disclosure for this sale can be found here. Insiders own 19.40% of the company’s stock.
Several large investors have recently added to or reduced their stakes in CPRT. Lazard Asset Management LLC increased its stake in Copart by 50.3% in the first quarter. Lazard Asset Management LLC now owns 6,964,089 shares of the company’s stock valued at $283,924,000 after buying an additional 2,330,220 shares in the last quarter. Principal Financial Group Inc. increased its stake in Copart by 15.6% in the second quarter. Principal Financial Group Inc. now owns 3,585,146 shares of the company’s stock valued at $175,708,000 after buying an additional 484,678 shares in the last quarter. Kayne Anderson Rudnick Investment Management LLC increased its stake in Copart by 3.7% in the second quarter. Kayne Anderson Rudnick Investment Management LLC now owns 2,455,910 shares of the company’s stock valued at $120,364,000 after buying an additional 87,061 shares in the last quarter. Nicholas Co. Inc. WI increased its stake in Copart by 1.0% in the second quarter. Nicholas Co. Inc. WI now owns 2,195,935 shares of the company’s stock valued at $107,622,000 after buying an additional 22,585 shares in the last quarter. Finally, William Blair Investment Management LLC purchased a new stake in Copart during the second quarter valued at approximately $106,925,000. Hedge funds and other institutional investors own 83.65% of the company’s stock.
Copart, Inc is a provider of online auctions and vehicle remarketing services in the United States, Canada, the United Kingdom, the United Arab Emirates, Oman, Bahrain and Brazil. The Company also provides vehicle remarketing services in Germany and Spain. It provides vehicle sellers with services to process and sell vehicles primarily over the Internet through its virtual bidding third generation Internet auction-style sales technology (VB3).
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