SEB Asset Management AB Purchases New Stake in Copart, Inc. $CPRT

SEB Asset Management AB acquired a new position in shares of Copart, Inc. (NASDAQ:CPRT) in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 177,981 shares of the business services provider’s stock, valued at approximately $5,909,000.

Several other hedge funds have also added to or reduced their stakes in the stock. Brighton Jones LLC increased its stake in shares of Copart by 92.1% during the 4th quarter. Brighton Jones LLC now owns 14,215 shares of the business services provider’s stock worth $816,000 after purchasing an additional 6,817 shares during the last quarter. Geneos Wealth Management Inc. lifted its stake in Copart by 365.8% in the first quarter. Geneos Wealth Management Inc. now owns 1,118 shares of the business services provider’s stock valued at $63,000 after purchasing an additional 878 shares during the last quarter. Jump Financial LLC purchased a new position in Copart in the second quarter valued at approximately $2,677,000. Sei Investments Co. grew its holdings in Copart by 110.0% during the second quarter. Sei Investments Co. now owns 900,330 shares of the business services provider’s stock valued at $44,179,000 after purchasing an additional 471,571 shares during the period. Finally, Treasurer of the State of North Carolina increased its position in Copart by 3.5% in the second quarter. Treasurer of the State of North Carolina now owns 413,083 shares of the business services provider’s stock worth $20,270,000 after buying an additional 13,860 shares during the last quarter. Institutional investors own 85.78% of the company’s stock.

Copart Price Performance

Shares of CPRT stock opened at $27.17 on Thursday. The stock has a market capitalization of $25.15 billion, a price-to-earnings ratio of 16.88 and a beta of 1.02. The company’s fifty day simple moving average is $30.37 and its two-hundred day simple moving average is $34.19. Copart, Inc. has a 1 year low of $26.85 and a 1 year high of $50.11.

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

Analysts Set New Price Targets

Several analysts have issued reports on CPRT shares. Jefferies Financial Group set a $45.00 target price on Copart in a research note on Friday, May 22nd. Zacks Research upgraded Copart from a “strong sell” rating to a “hold” rating in a research note on Monday, April 27th. Freedom Capital raised Copart to a “strong-buy” rating in a report on Friday, June 26th. Weiss Ratings cut Copart from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Friday, May 1st. Finally, Barclays set a $26.00 price objective on shares of Copart and gave the company an “underweight” rating in a report on Tuesday. Three research analysts have rated the stock with a Strong Buy rating, one has issued a Buy rating, three have assigned a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $43.50.

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.