Guggenheim Initiates Coverage on Copart (CPRT)

Equities researchers at Guggenheim assumed coverage on shares of Copart (NASDAQ:CPRT) in a research report issued to clients and investors on Tuesday. The brokerage set a “buy” rating and a $58.00 price target on the business services provider’s stock. Guggenheim’s price objective indicates a potential upside of 12.84% from the company’s current price.

Several other analysts also recently issued reports on CPRT. Barrington Research reaffirmed a “hold” rating on shares of Copart in a report on Wednesday, April 11th. BidaskClub raised shares of Copart from a “buy” rating to a “strong-buy” rating in a report on Wednesday, March 21st. Robert W. Baird reaffirmed a “buy” rating and set a $46.00 price objective on shares of Copart in a report on Friday, December 22nd. Jefferies Group reissued a “hold” rating and issued a $47.00 price target on shares of Copart in a report on Tuesday, February 27th. Finally, Zacks Investment Research raised shares of Copart from a “hold” rating to a “buy” rating and set a $47.00 price target for the company in a report on Thursday, February 8th. Five investment analysts have rated the stock with a hold rating, seven have given a buy rating and one has issued a strong buy rating to the stock. Copart presently has an average rating of “Buy” and a consensus target price of $49.13.

How to Become a New Pot Stock Millionaire

Shares of CPRT traded up $1.07 during mid-day trading on Tuesday, hitting $51.40. 153,135 shares of the company’s stock were exchanged, compared to its average volume of 1,337,523. Copart has a twelve month low of $28.89 and a twelve month high of $51.77. The firm has a market cap of $11,690.19, a price-to-earnings ratio of 39.81, a price-to-earnings-growth ratio of 1.44 and a beta of 0.95. The company has a quick ratio of 1.74, a current ratio of 1.78 and a debt-to-equity ratio of 0.30.

Copart (NASDAQ:CPRT) last posted its quarterly earnings data on Monday, February 26th. The business services provider reported $0.47 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.38 by $0.09. The business had revenue of $459.11 million during the quarter, compared to the consensus estimate of $427.11 million. Copart had a net margin of 20.95% and a return on equity of 30.94%. Copart’s quarterly revenue was up 31.4% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.29 EPS. research analysts predict that Copart will post 1.74 earnings per share for the current fiscal year.

In related news, Director Matt Blunt sold 13,333 shares of the stock in a transaction dated Monday, March 12th. The shares were sold at an average price of $50.74, for a total transaction of $676,516.42. Following the completion of the sale, the director now owns 3,333 shares in the company, valued at approximately $169,116.42. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 16.40% of the company’s stock.

A number of institutional investors and hedge funds have recently bought and sold shares of the business. BlackRock Inc. increased its position in Copart by 2.3% in the 4th quarter. BlackRock Inc. now owns 16,320,194 shares of the business services provider’s stock valued at $704,869,000 after acquiring an additional 370,808 shares in the last quarter. Alliancebernstein L.P. increased its position in Copart by 2.1% in the 4th quarter. Alliancebernstein L.P. now owns 6,985,582 shares of the business services provider’s stock valued at $301,707,000 after acquiring an additional 142,202 shares in the last quarter. Wells Fargo & Company MN increased its position in Copart by 0.4% in the 4th quarter. Wells Fargo & Company MN now owns 2,787,054 shares of the business services provider’s stock valued at $120,373,000 after acquiring an additional 11,360 shares in the last quarter. Congress Asset Management Co. MA acquired a new stake in Copart in the 4th quarter valued at about $78,758,000. Finally, TIAA CREF Investment Management LLC boosted its stake in shares of Copart by 2.2% in the 4th quarter. TIAA CREF Investment Management LLC now owns 1,818,956 shares of the business services provider’s stock valued at $78,561,000 after purchasing an additional 39,557 shares during the last quarter. Hedge funds and other institutional investors own 81.02% of the company’s stock.

COPYRIGHT VIOLATION NOTICE: “Guggenheim Initiates Coverage on Copart (CPRT)” was originally reported by Transcript Daily and is the sole property of of Transcript Daily. If you are reading this report on another site, it was illegally copied and republished in violation of US & international copyright legislation. The correct version of this report can be viewed at https://transcriptdaily.com/2018/04/17/guggenheim-initiates-coverage-on-copart-cprt.html.

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 to vehicle sellers, insurance companies, banks and finance companies, charities, and fleet operators and dealers, as well as for individual owners.

Analyst Recommendations for Copart (NASDAQ:CPRT)

Receive News & Ratings for Copart Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Copart and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply