Copart Inc. (CPRT) Trading 2.2% Higher Following Analyst Upgrade
Copart Inc. (NASDAQ:CPRT) shares traded up 2.2% during trading on Friday after Bank of America Corp. upgraded the stock from a neutral rating to a buy rating. Bank of America Corp. now has a $63.00 price target on the stock, up from their previous price target of $52.00. Copart traded as high as $54.13 and last traded at $54.05, with a volume of 1,644,605 shares. The stock had previously closed at $52.87.
Several other analysts also recently issued reports on the stock. Barrington Research downgraded shares of Copart from an “outperform” rating to a “market perform” rating in a report on Friday. Jefferies Group upped their price objective on shares of Copart from $53.00 to $55.00 and gave the stock a “hold” rating in a report on Thursday. Zacks Investment Research raised shares of Copart from a “hold” rating to a “strong-buy” rating and set a $58.00 price objective for the company in a report on Wednesday, August 3rd. Susquehanna initiated coverage on shares of Copart in a report on Thursday, August 25th. They set a “neutral” rating and a $53.00 price objective for the company. Finally, JPMorgan Chase & Co. upped their price objective on shares of Copart from $43.00 to $50.00 and gave the stock a “neutral” rating in a report on Friday, May 27th. Eight research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. Copart has an average rating of “Hold” and a consensus price target of $55.14.
In other Copart news, SVP Paul A. Styer sold 7,640 shares of the stock in a transaction on Tuesday, July 5th. The shares were sold at an average price of $49.26, for a total value of $376,346.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Robert H. Vannuccini sold 12,577 shares of the stock in a transaction on Thursday, July 14th. The shares were sold at an average price of $49.96, for a total transaction of $628,346.92. Following the completion of the sale, the senior vice president now directly owns 9,703 shares of the company’s stock, valued at $484,761.88. The disclosure for this sale can be found here. 19.40% of the stock is currently owned by company insiders.
A number of hedge funds have recently modified their holdings of the stock. Norges Bank bought a new stake in shares of Copart during the fourth quarter worth $39,489,000. Aperio Group LLC increased its position in Copart by 15.3% in the first quarter. Aperio Group LLC now owns 80,695 shares of the company’s stock worth $3,290,000 after buying an additional 10,724 shares during the last quarter. Virginia Retirement System acquired a new position in Copart during the first quarter worth approximately $1,105,000. Ramsey Quantitative Systems increased its position in Copart by 5.5% in the first quarter. Ramsey Quantitative Systems now owns 17,417 shares of the company’s stock worth $710,000 after buying an additional 903 shares during the last quarter. Finally, CIBC World Markets Inc. acquired a new position in Copart during the first quarter worth approximately $350,000. 83.65% of the stock is owned by hedge funds and other institutional investors.
The firm has a market capitalization of $5.92 billion, a P/E ratio of 24.46 and a beta of 0.99. The company has a 50-day moving average price of $51.21 and a 200-day moving average price of $46.79.
Copart (NASDAQ:CPRT) last posted its quarterly earnings data on Tuesday, September 20th. The company reported $0.59 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.55 by $0.04. The company had revenue of $332.70 million for the quarter. Copart had a net margin of 21.25% and a return on equity of 31.42%. Copart’s revenue for the quarter was up 17.9% on a year-over-year basis. During the same quarter last year, the business earned $0.41 earnings per share. On average, analysts anticipate that Copart Inc. will post $2.35 earnings per share for the current fiscal year.
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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