Sawgrass Asset Management LLC Has $7.98 Million Position in Copart, Inc. $CPRT

by · The Markets Daily

Sawgrass Asset Management LLC lifted its position in shares of Copart, Inc. (NASDAQ:CPRT – Free Report) by 75.0% in the third quarter, HoldingsChannel.com reports. The fund owned 177,352 shares of the business services provider’s stock after buying an additional 75,982 shares during the period. Sawgrass Asset Management LLC’s holdings in Copart were worth $7,976,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in CPRT. Stephens Inc. AR raised its position in Copart by 0.7% during the second quarter. Stephens Inc. AR now owns 30,312 shares of the business services provider’s stock valued at $1,487,000 after purchasing an additional 218 shares in the last quarter. Allworth Financial LP raised its holdings in shares of Copart by 0.8% during the 2nd quarter. Allworth Financial LP now owns 28,978 shares of the business services provider’s stock worth $1,422,000 after buying an additional 228 shares in the last quarter. Blue Trust Inc. raised its holdings in shares of Copart by 15.4% during the 2nd quarter. Blue Trust Inc. now owns 1,742 shares of the business services provider’s stock worth $85,000 after buying an additional 232 shares in the last quarter. PDS Planning Inc lifted its position in shares of Copart by 4.9% during the 3rd quarter. PDS Planning Inc now owns 5,196 shares of the business services provider’s stock worth $234,000 after buying an additional 242 shares during the last quarter. Finally, Unique Wealth LLC boosted its stake in Copart by 2.3% in the third quarter. Unique Wealth LLC now owns 10,785 shares of the business services provider’s stock valued at $485,000 after buying an additional 245 shares in the last quarter. 85.78% of the stock is owned by institutional investors.

Insiders Place Their Bets

In related news, CEO Jeffrey Liaw sold 25,137 shares of the firm’s stock in a transaction on Thursday, January 15th. The stock was sold at an average price of $40.17, for a total transaction of $1,009,753.29. Following the completion of the transaction, the chief executive officer directly owned 55,970 shares of the company’s stock, valued at $2,248,314.90. This trade represents a 30.99% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Thomas N. Tryforos sold 100,000 shares of Copart stock in a transaction dated Tuesday, November 25th. The stock was sold at an average price of $39.07, for a total value of $3,907,000.00. The disclosure for this sale is available in the SEC filing. Corporate insiders own 9.60% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have commented on CPRT shares. Barclays reissued an “underweight” rating and set a $33.00 target price (up previously from $32.00) on shares of Copart in a research note on Friday, November 21st. CJS Securities raised shares of Copart to a “strong-buy” rating in a report on Thursday, December 11th. Robert W. Baird dropped their price objective on shares of Copart from $55.00 to $52.00 and set an “outperform” rating for the company in a research note on Friday, November 21st. Weiss Ratings restated a “hold (c)” rating on shares of Copart in a research report on Wednesday, October 8th. Finally, JPMorgan Chase & Co. decreased their target price on shares of Copart from $50.00 to $45.00 and set a “neutral” rating on the stock in a research note on Monday, November 24th. Two analysts have rated the stock with a Strong Buy rating, two have given a Buy rating, four have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $47.60.

Get Our Latest Report on CPRT

Copart Price Performance

Copart stock opened at $41.40 on Friday. The business has a 50 day moving average of $39.53 and a 200-day moving average of $43.57. Copart, Inc. has a 1 year low of $37.41 and a 1 year high of $63.85. The company has a market capitalization of $40.08 billion, a P/E ratio of 25.24 and a beta of 1.10.

Copart (NASDAQ:CPRT – Get Free Report) last announced its quarterly earnings results on Thursday, November 20th. The business services provider reported $0.41 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.39 by $0.02. The firm had revenue of $1.16 billion during the quarter, compared to analysts’ expectations of $1.18 billion. Copart had a net margin of 34.24% and a return on equity of 17.78%. The company’s revenue was up .7% on a year-over-year basis. During the same period in the prior year, the company posted $0.37 EPS. Equities analysts anticipate that Copart, Inc. will post 1.57 EPS for the current year.

Copart Profile

(Free Report)

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.

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