Port Capital LLC Purchases New Stake in Copart, Inc. $CPRT

Port Capital LLC acquired a new position in shares of Copart, Inc. (NASDAQ:CPRT) in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 1,446,844 shares of the business services provider’s stock, valued at approximately $40,787,000. Copart comprises approximately 1.7% of Port Capital LLC’s holdings, making the stock its 24th largest holding.

Several other hedge funds have also added to or reduced their stakes in CPRT. Quadrant Capital Group LLC grew its position in shares of Copart by 1.3% during the 3rd quarter. Quadrant Capital Group LLC now owns 20,693 shares of the business services provider’s stock valued at $931,000 after acquiring an additional 264 shares during the period. Geneos Wealth Management Inc. increased its stake in shares of Copart by 23.8% during the 2nd quarter. Geneos Wealth Management Inc. now owns 1,384 shares of the business services provider’s stock worth $68,000 after purchasing an additional 266 shares during the last quarter. Valeo Financial Advisors LLC raised its holdings in shares of Copart by 4.6% in the 4th quarter. Valeo Financial Advisors LLC now owns 6,395 shares of the business services provider’s stock worth $250,000 after purchasing an additional 282 shares during the period. Parkside Financial Bank & Trust raised its holdings in shares of Copart by 11.5% in the 4th quarter. Parkside Financial Bank & Trust now owns 2,793 shares of the business services provider’s stock worth $109,000 after purchasing an additional 288 shares during the period. Finally, American Trust lifted its stake in Copart by 2.1% in the third quarter. American Trust now owns 14,230 shares of the business services provider’s stock valued at $640,000 after purchasing an additional 295 shares during the last quarter. Institutional investors own 85.78% of the company’s stock.

Wall Street Analysts Forecast Growth

CPRT has been the subject of several research reports. Freedom Capital raised Copart to a “strong-buy” rating in a report on Friday, June 26th. Weiss Ratings restated a “sell (d+)” rating on shares of Copart in a research note on Wednesday, July 29th. Zacks Research cut Copart from a “hold” rating to a “strong sell” rating in a research report on Tuesday, July 28th. Jefferies Financial Group set a $45.00 price target on Copart in a research note on Friday, May 22nd. Finally, Barclays set a $25.00 price objective on Copart and gave the stock an “underweight” rating in a report on Wednesday. Three investment analysts have rated the stock with a Strong Buy rating, one has given a Buy rating, two have assigned a Hold rating and three have assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $41.50.

Copart Trading Down 2.0%

CPRT opened at $32.67 on Thursday. Copart, Inc. has a 12 month low of $26.81 and a 12 month high of $50.11. The company has a market cap of $30.25 billion, a PE ratio of 20.29 and a beta of 1.01. The company has a 50 day moving average of $29.67 and a 200 day moving average of $32.52.

Insider Activity

In other news, CEO Jeffrey Liaw sold 27,745 shares of the firm’s stock in a transaction on Tuesday, July 28th. The stock was sold at an average price of $30.49, for a total value of $845,945.05. Following the completion of the transaction, the chief executive officer directly owned 99,641 shares of the company’s stock, valued at $3,038,054.09. This trade represents a 21.78% decrease in their ownership of the stock. 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 currently owned by corporate insiders.

Copart Company Profile

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.