Sage Mountain Advisors LLC Cuts Position in Copart, Inc. $CPRT

Sage Mountain Advisors LLC cut its stake in Copart, Inc. (NASDAQ:CPRT) by 0.5% during the second quarter, HoldingsChannel reports. The fund owned 285,019 shares of the business services provider’s stock after selling 1,444 shares during the quarter. Copart comprises about 0.9% of Sage Mountain Advisors LLC’s holdings, making the stock its 21st largest position. Sage Mountain Advisors LLC’s holdings in Copart were worth $13,986,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in the business. AlphaQuest LLC boosted its position in shares of Copart by 126.6% in the 2nd quarter. AlphaQuest LLC now owns 25,829 shares of the business services provider’s stock worth $1,267,000 after purchasing an additional 14,430 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. boosted its position in shares of Copart by 7.0% in the 2nd quarter. Sumitomo Mitsui Trust Group Inc. now owns 2,262,850 shares of the business services provider’s stock worth $111,038,000 after purchasing an additional 148,722 shares in the last quarter. Catalyst Capital Advisors LLC boosted its position in shares of Copart by 32.2% in the 2nd quarter. Catalyst Capital Advisors LLC now owns 4,414 shares of the business services provider’s stock worth $217,000 after purchasing an additional 1,075 shares in the last quarter. Asset Management One Co. Ltd. boosted its position in shares of Copart by 5.9% in the 2nd quarter. Asset Management One Co. Ltd. now owns 479,673 shares of the business services provider’s stock worth $23,538,000 after purchasing an additional 26,769 shares in the last quarter. Finally, D.A. Davidson & CO. boosted its position in shares of Copart by 116.2% in the 2nd quarter. D.A. Davidson & CO. now owns 22,421 shares of the business services provider’s stock worth $1,100,000 after purchasing an additional 12,052 shares in the last quarter. Institutional investors and hedge funds own 85.78% of the company’s stock.

Copart Stock Performance

NASDAQ CPRT opened at $44.66 on Friday. The stock has a 50-day simple moving average of $46.39 and a two-hundred day simple moving average of $50.53. The firm has a market capitalization of $43.22 billion, a P/E ratio of 27.91 and a beta of 1.03. Copart, Inc. has a fifty-two week low of $43.32 and a fifty-two week high of $64.38.

Copart (NASDAQ:CPRT) last released its quarterly earnings data on Thursday, September 4th. The business services provider reported $0.41 earnings per share for the quarter, beating analysts’ consensus estimates of $0.37 by $0.04. The business had revenue of $1.13 billion during the quarter, compared to analyst estimates of $1.14 billion. Copart had a return on equity of 18.17% and a net margin of 33.41%.The company’s revenue was up 2.9% on a year-over-year basis. During the same quarter last year, the business posted $0.33 EPS. As a group, analysts forecast that Copart, Inc. will post 1.57 earnings per share for the current year.

Insider Activity

In related news, Director Thomas N. Tryforos sold 228,840 shares of Copart stock in a transaction dated Monday, September 15th. The stock was sold at an average price of $47.54, for a total value of $10,879,053.60. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Jeffrey Liaw sold 24,283 shares of Copart stock in a transaction dated Wednesday, October 15th. The shares were sold at an average price of $44.79, for a total value of $1,087,635.57. Following the completion of the transaction, the chief executive officer owned 31,332 shares of the company’s stock, valued at approximately $1,403,360.28. This represents a 43.66% decrease in their position. The disclosure for this sale can be found here. 9.68% of the stock is owned by insiders.

Analysts Set New Price Targets

A number of analysts have commented on the company. Robert W. Baird lowered their price target on Copart from $64.00 to $55.00 and set an “outperform” rating for the company in a research report on Thursday, July 17th. Stephens lowered their price target on Copart from $50.00 to $46.00 and set an “equal weight” rating for the company in a research report on Friday, September 5th. Hsbc Global Res raised Copart from a “hold” rating to a “strong-buy” rating in a research report on Thursday, September 4th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Copart in a research report on Friday. Finally, HSBC set a $62.00 price target on Copart and gave the stock a “buy” rating in a research report on Thursday, September 4th. One analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and four have issued a Hold rating to the company. According to data from MarketBeat.com, Copart presently has an average rating of “Moderate Buy” and an average price target of $54.50.

Copart Company Profile

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.