Copart, Inc. $CPRT Shares Sold by PineStone Asset Management Inc.

PineStone Asset Management Inc. cut its holdings in Copart, Inc. (NASDAQ:CPRT) by 23.9% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 6,025,813 shares of the business services provider’s stock after selling 1,887,894 shares during the quarter. Copart accounts for 1.1% of PineStone Asset Management Inc.’s investment portfolio, making the stock its 25th largest position. PineStone Asset Management Inc. owned about 0.65% of Copart worth $164,384,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. BlackRock Inc. purchased a new stake in Copart in the 2nd quarter worth $1,908,980,000. Bank of New York Mellon Corp acquired a new position in Copart during the second quarter worth $488,663,000. Deutsche Bank AG purchased a new position in Copart during the second quarter valued at $436,413,000. Bank of America Corp DE lifted its holdings in Copart by 28.7% during the first quarter. Bank of America Corp DE now owns 9,706,517 shares of the business services provider’s stock valued at $322,256,000 after purchasing an additional 2,165,708 shares in the last quarter. Finally, Van ECK Associates Corp lifted its holdings in Copart by 97.9% during the second quarter. Van ECK Associates Corp now owns 9,059,273 shares of the business services provider’s stock valued at $255,381,000 after purchasing an additional 4,482,226 shares in the last quarter. Hedge funds and other institutional investors own 85.78% of the company’s stock.

Analyst Ratings Changes

CPRT has been the subject of several research analyst reports. Barclays set a $25.00 price target on shares of Copart and gave the stock an “underweight” rating in a research report on Wednesday, August 26th. Zacks Research raised shares of Copart from a “strong sell” rating to a “hold” rating in a research note on Monday, September 7th. Deutsche Bank Aktiengesellschaft set a $40.00 price objective on Copart in a report on Thursday, September 3rd. Weiss Ratings reiterated a “sell (d+)” rating on shares of Copart in a report on Wednesday, July 29th. Finally, HSBC lowered Copart from a “buy” rating to a “hold” rating and set a $36.00 price objective for the company. in a research note on Wednesday, September 16th. Two research analysts have rated the stock with a Strong Buy rating, five have given a Buy rating, three have given a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat, Copart currently has an average rating of “Moderate Buy” and an average target price of $37.80.

Insider Activity at Copart

In other news, CEO Jeffrey Liaw sold 27,745 shares of the stock in a transaction dated Tuesday, July 28th. The shares were sold at an average price of $30.49, for a total value 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 ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 9.60% of the stock is owned by company insiders.

Copart Stock Performance

NASDAQ CPRT opened at $27.87 on Friday. The business has a fifty day moving average price of $30.09 and a 200 day moving average price of $30.82. Copart, Inc. has a one year low of $25.72 and a one year high of $45.89. The company has a market cap of $25.82 billion, a P/E ratio of 17.98, a P/E/G ratio of 1.36 and a beta of 1.06.

Copart (NASDAQ:CPRT) last announced its quarterly earnings data on Thursday, September 10th. The business services provider reported $0.35 earnings per share for the quarter, missing analysts’ consensus estimates of $0.38 by ($0.03). Copart had a net margin of 31.81% and a return on equity of 15.93%. The firm had revenue of $1.15 billion during the quarter, compared to analysts’ expectations of $1.14 billion. During the same quarter in the previous year, the business posted $0.41 EPS. The company’s revenue for the quarter was up 2.4% on a year-over-year basis. As a group, sell-side analysts predict that Copart, Inc. will post 1.63 EPS for the current fiscal year.

Copart Company Profile

Copart, Inc is a global provider of online vehicle auction and remarketing services. The company primarily sells vehicles that have been damaged, totaled, recovered from theft, or otherwise deemed uneconomical to repair. Its customers include insurance companies, automobile dealers, dismantlers, rebuilders, exporters, rental and finance companies, and members of the general public.

Copart conducts auctions through its online VB3 platform, which connects buyers with vehicles listed at the company’s facilities.