Confluence Investment Management LLC Reduces Holdings in Copart, Inc. $CPRT

Confluence Investment Management LLC reduced its stake in shares of Copart, Inc. (NASDAQ:CPRT) by 6.7% in the 2nd quarter, HoldingsChannel reports. The firm owned 292,941 shares of the business services provider’s stock after selling 21,024 shares during the quarter. Confluence Investment Management LLC’s holdings in Copart were worth $8,258,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently bought and sold shares of CPRT. Janney Montgomery Scott LLC increased its position in Copart by 14.0% during the 1st quarter. Janney Montgomery Scott LLC now owns 333,624 shares of the business services provider’s stock worth $11,076,000 after purchasing an additional 41,060 shares in the last quarter. ABN Amro Investment Solutions lifted its holdings in Copart by 82.5% in the 4th quarter. ABN Amro Investment Solutions now owns 199,794 shares of the business services provider’s stock valued at $7,822,000 after purchasing an additional 90,339 shares in the last quarter. Davidson Kahn Capital Management LLC boosted its stake in shares of Copart by 56.3% during the 4th quarter. Davidson Kahn Capital Management LLC now owns 100,151 shares of the business services provider’s stock worth $3,921,000 after purchasing an additional 36,091 shares during the last quarter. Inlet Private Wealth LLC purchased a new stake in shares of Copart during the fourth quarter worth about $2,637,000. Finally, Assetmark Inc. grew its holdings in shares of Copart by 7.3% during the fourth quarter. Assetmark Inc. now owns 507,255 shares of the business services provider’s stock worth $19,859,000 after buying an additional 34,410 shares in the last quarter. Hedge funds and other institutional investors own 85.78% of the company’s stock.

Wall Street Analyst Weigh In

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

Copart Trading Up 0.8%

Shares of Copart stock opened at $29.35 on Tuesday. The business’s fifty day moving average price is $29.73 and its 200 day moving average price is $33.64. Copart, Inc. has a twelve month low of $26.81 and a twelve month high of $50.11. The stock has a market capitalization of $27.17 billion, a P/E ratio of 18.23 and a beta of 1.01.

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

Insider Buying and Selling at Copart

In other news, CEO Jeffrey Liaw sold 27,745 shares of the business’s stock in a transaction dated 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 owned 99,641 shares in the company, valued at approximately $3,038,054.09. The trade was a 21.78% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 9.60% of the stock is owned by corporate 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.