Oppenheimer Asset Management Inc. Makes New $3.95 Million Investment in Copart, Inc. $CPRT

Oppenheimer Asset Management Inc. acquired a new stake in shares of Copart, Inc. (NASDAQ:CPRT) during the second quarter, Holdings Channel.com reports. The firm acquired 140,138 shares of the business services provider’s stock, valued at approximately $3,950,000.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Versant Capital Management Inc lifted its holdings in shares of Copart by 110.9% in the 2nd quarter. Versant Capital Management Inc now owns 947 shares of the business services provider’s stock worth $27,000 after acquiring an additional 498 shares during the last quarter. Cache Advisors LLC bought a new position in Copart during the 1st quarter valued at about $31,000. Reflection Asset Management purchased a new stake in Copart in the 4th quarter worth about $34,000. Elevation Wealth Partners LLC grew its stake in shares of Copart by 882.3% during the second quarter. Elevation Wealth Partners LLC now owns 1,218 shares of the business services provider’s stock valued at $34,000 after buying an additional 1,094 shares during the last quarter. Finally, Triumph Capital Management raised its holdings in shares of Copart by 424.2% in the fourth quarter. Triumph Capital Management now owns 1,017 shares of the business services provider’s stock worth $40,000 after buying an additional 823 shares during the period. Hedge funds and other institutional investors own 85.78% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on CPRT. Jefferies Financial Group set a $45.00 price target on Copart in a research note on Friday, May 22nd. Zacks Research lowered Copart from a “hold” rating to a “strong sell” rating in a research note on Tuesday, July 28th. Barclays set a $26.00 target price on Copart and gave the stock an “underweight” rating in a research report on Tuesday, July 21st. Freedom Capital upgraded shares of Copart to a “strong-buy” rating in a report on Friday, June 26th. Finally, Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Copart in a research note on Wednesday, July 29th. Three analysts have rated the stock with a Strong Buy rating, one has assigned a Buy rating, two have issued a Hold rating and three have given a Sell rating to the stock. According to MarketBeat, Copart presently has a consensus rating of “Hold” and an average target price of $43.50.

Copart Stock Up 7.6%

Shares of NASDAQ:CPRT opened at $31.61 on Friday. The company has a market capitalization of $29.26 billion, a price-to-earnings ratio of 19.63 and a beta of 1.01. Copart, Inc. has a 52 week low of $26.81 and a 52 week high of $50.11. The firm has a 50 day moving average of $29.30 and a 200 day moving average of $32.98.

Copart (NASDAQ:CPRT) last announced its 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 business had revenue of $1.24 billion for the quarter, compared to analysts’ expectations of $1.19 billion. Copart had a return on equity of 16.63% and a net margin of 33.48%.The business’s revenue for the quarter was up 2.1% on a year-over-year basis. During the same quarter last year, the firm earned $0.42 EPS. On average, sell-side analysts expect that Copart, Inc. will post 1.58 EPS for the current year.

Insider Activity at Copart

In related news, CEO Jeffrey Liaw sold 27,745 shares of the company’s stock in a transaction on Tuesday, July 28th. The stock was sold at an average price of $30.49, for a total transaction of $845,945.05. Following the completion of the sale, the chief executive officer directly owned 99,641 shares in the company, valued at $3,038,054.09. This represents a 21.78% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. Insiders own 9.60% of the company’s stock.

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.