Copart (NASDAQ:CPRT) Releases Earnings Results, Meets Expectations

Copart (NASDAQ:CPRT) announced its earnings results on Thursday. The business services provider reported $0.42 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.42, Zacks reports. The company had revenue of $1.21 billion for the quarter, compared to analyst estimates of $1.23 billion. Copart had a return on equity of 19.31% and a net margin of 32.27%. Copart’s revenue for the quarter was up 7.5% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.39 earnings per share.

Copart Trading Down 11.5%

Shares of CPRT opened at $53.67 on Friday. Copart has a 1 year low of $48.05 and a 1 year high of $64.38. The stock has a 50 day simple moving average of $58.90 and a 200-day simple moving average of $58.24. The stock has a market cap of $51.85 billion, a PE ratio of 36.02 and a beta of 1.20.

Analyst Ratings Changes

Several research analysts recently weighed in on CPRT shares. Argus lowered Copart from a “buy” rating to a “hold” rating in a research report on Friday, March 14th. JPMorgan Chase & Co. lowered their target price on Copart from $60.00 to $55.00 and set a “neutral” rating on the stock in a research note on Friday.

Insider Transactions at Copart

In other news, Director James E. Meeks sold 100,000 shares of the stock in a transaction that occurred on Wednesday, March 19th. The stock was sold at an average price of $54.00, for a total value of $5,400,000.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Steven D. Cohan sold 94,997 shares of the stock in a transaction that occurred on Monday, April 14th. The stock was sold at an average price of $60.01, for a total value of $5,700,769.97. The disclosure for this sale can be found here. In the last ninety days, insiders sold 200,000 shares of company stock valued at $11,401,000. Corporate insiders own 9.68% of the company’s stock.

Institutional Investors Weigh In On Copart

A hedge fund recently raised its stake in Copart stock. Brighton Jones LLC increased its holdings in shares of Copart, Inc. (NASDAQ:CPRT) by 92.1% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 14,215 shares of the business services provider’s stock after acquiring an additional 6,817 shares during the period. Brighton Jones LLC’s holdings in Copart were worth $816,000 at the end of the most recent quarter. 85.78% of the stock is owned by hedge funds and other institutional investors.

About Copart

Copart, Inc provides online auctions and vehicle remarketing services. It offers a range of services for processing and selling vehicles over the Internet through its Virtual Bidding Third Generation Internet auction-style sales technology on behalf of vehicle sellers, insurance companies, banks and finance companies, charities, and fleet operators and dealers, as well as individual owners.