Copart, Inc. $CPRT Shares Sold by Provident Investment Management Inc.

Provident Investment Management Inc. cut its stake in shares of Copart, Inc. (NASDAQ:CPRT) by 41.6% in the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 721,617 shares of the business services provider’s stock after selling 514,805 shares during the quarter. Copart accounts for 2.6% of Provident Investment Management Inc.’s portfolio, making the stock its 18th largest holding. Provident Investment Management Inc.’s holdings in Copart were worth $28,251,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also made changes to their positions in CPRT. Brighton Jones LLC boosted its position in shares of Copart by 92.1% in the fourth quarter. Brighton Jones LLC now owns 14,215 shares of the business services provider’s stock worth $816,000 after buying an additional 6,817 shares during the period. Geneos Wealth Management Inc. raised its position in Copart by 365.8% during the first quarter. Geneos Wealth Management Inc. now owns 1,118 shares of the business services provider’s stock valued at $63,000 after buying an additional 878 shares during the period. Jump Financial LLC purchased a new stake in Copart in the 2nd quarter worth about $2,677,000. Sei Investments Co. lifted its stake in Copart by 110.0% in the 2nd quarter. Sei Investments Co. now owns 900,330 shares of the business services provider’s stock worth $44,179,000 after acquiring an additional 471,571 shares in the last quarter. Finally, Treasurer of the State of North Carolina boosted its position in Copart by 3.5% during the 2nd 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 acquiring an additional 13,860 shares during the period. 85.78% of the stock is owned by hedge funds and other institutional investors.

Copart Stock Down 2.0%

Shares of CPRT stock opened at $33.27 on Tuesday. Copart, Inc. has a 12 month low of $32.20 and a 12 month high of $63.85. The company has a market cap of $32.05 billion, a PE ratio of 20.79 and a beta of 1.02. The business’s 50 day moving average is $34.06 and its two-hundred day moving average is $37.83.

Copart (NASDAQ:CPRT) last issued its quarterly earnings data on Thursday, February 19th. The business services provider reported $0.36 earnings per share for the quarter, missing analysts’ consensus estimates of $0.39 by ($0.03). The firm had revenue of $1.12 billion during the quarter, compared to analyst estimates of $1.15 billion. Copart had a return on equity of 16.68% and a net margin of 33.76%.Copart’s quarterly revenue was down 3.6% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.40 earnings per share. As a group, equities analysts expect that Copart, Inc. will post 1.58 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

CPRT has been the topic of a number of research reports. JPMorgan Chase & Co. dropped their target price on Copart from $45.00 to $34.00 and set a “neutral” rating on the stock in a report on Monday, February 23rd. Zacks Research upgraded shares of Copart from a “strong sell” rating to a “hold” rating in a report on Monday, April 27th. Barclays reaffirmed an “underweight” rating and set a $32.00 price objective (down from $33.00) on shares of Copart in a research report on Monday, February 23rd. Robert W. Baird set a $48.00 price objective on shares of Copart and gave the company an “outperform” rating in a research note on Friday, February 20th. Finally, Weiss Ratings downgraded shares of Copart from a “hold (c-)” rating to a “sell (d+)” rating in a research report on Friday, May 1st. Two analysts have rated the stock with a Strong Buy rating, one has issued a Buy rating, three have given a Hold rating and two have issued a Sell rating to the company. According to MarketBeat.com, Copart currently has a consensus rating of “Hold” and a consensus price target of $44.40.

Insider Buying and Selling

In other Copart news, CEO Jeffrey Liaw sold 26,213 shares of the business’s stock in a transaction 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 transaction, the chief executive officer owned 79,532 shares of the company’s stock, valued at $2,638,871.76. The trade was a 24.79% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 9.60% of the stock is owned by company 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.