Bridges Investment Management Inc. Increases Position in Copart, Inc. $CPRT

Bridges Investment Management Inc. boosted its holdings in Copart, Inc. (NASDAQ:CPRT) by 30.4% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm owned 915,183 shares of the business services provider’s stock after purchasing an additional 213,607 shares during the quarter. Bridges Investment Management Inc.’s holdings in Copart were worth $35,829,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Lodestone Wealth Management LLC purchased a new stake in Copart in the fourth quarter worth about $25,000. Cornerstone Planning Group LLC grew its holdings in Copart by 54.0% in the third quarter. Cornerstone Planning Group LLC now owns 730 shares of the business services provider’s stock worth $31,000 after purchasing an additional 256 shares during the period. Aventura Private Wealth LLC purchased a new stake in Copart in the fourth quarter worth about $33,000. Board of the Pension Protection Fund purchased a new stake in Copart in the fourth quarter worth about $35,000. Finally, FNY Investment Advisers LLC bought a new position in shares of Copart in the third quarter worth approximately $36,000. Hedge funds and other institutional investors own 85.78% of the company’s stock.

Insider Transactions at Copart

In related news, CEO Jeffrey Liaw sold 26,213 shares of the firm’s stock in a transaction that occurred on Wednesday, April 15th. The shares were sold at an average price of $33.18, for a total value of $869,747.34. Following the sale, the chief executive officer owned 79,532 shares in the company, valued at approximately $2,638,871.76. This trade represents a 24.79% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Corporate insiders own 9.60% of the company’s stock.

Copart Trading Down 4.5%

Shares of CPRT stock opened at $30.86 on Wednesday. Copart, Inc. has a 12-month low of $30.43 and a 12-month high of $51.15. The firm’s 50 day moving average is $33.22 and its 200 day moving average is $36.82. The stock has a market capitalization of $28.57 billion, a P/E ratio of 19.17 and a beta of 1.00.

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

Analyst Ratings Changes

CPRT has been the topic of several analyst reports. Barclays reiterated an “underweight” rating and issued a $32.00 target price (down from $33.00) on shares of Copart in a research note on Monday, February 23rd. JPMorgan Chase & Co. dropped their target price on shares of Copart from $45.00 to $34.00 and set a “neutral” rating on the stock in a research note on Monday, February 23rd. Zacks Research upgraded shares of Copart from a “strong sell” rating to a “hold” rating in a research note on Monday, April 27th. Jefferies Financial Group set a $45.00 target price on shares of Copart in a research note on Friday, May 22nd. Finally, Robert W. Baird set a $48.00 target price on shares of Copart and gave the stock an “outperform” rating in a research note on Friday, February 20th. Two research 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 given a Sell rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $44.50.

Copart 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.