Sumitomo Mitsui DS Asset Management Company Ltd Raises Position in Copart, Inc. (NASDAQ:CPRT)

Sumitomo Mitsui DS Asset Management Company Ltd lifted its stake in Copart, Inc. (NASDAQ:CPRT) by 8.7% in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 80,989 shares of the business services provider’s stock after purchasing an additional 6,480 shares during the quarter. Sumitomo Mitsui DS Asset Management Company Ltd’s holdings in Copart were worth $3,968,000 at the end of the most recent reporting period.

Several other large investors have also recently modified their holdings of CPRT. OVERSEA CHINESE BANKING Corp Ltd purchased a new position in Copart during the fourth quarter worth $363,000. Nicholas Hoffman & Company LLC. boosted its stake in shares of Copart by 9.2% during the 4th quarter. Nicholas Hoffman & Company LLC. now owns 11,084 shares of the business services provider’s stock worth $543,000 after purchasing an additional 936 shares during the period. Lindbrook Capital LLC grew its holdings in Copart by 18.0% during the 4th quarter. Lindbrook Capital LLC now owns 5,811 shares of the business services provider’s stock valued at $285,000 after purchasing an additional 885 shares during the last quarter. abrdn plc raised its position in Copart by 62.1% in the 4th quarter. abrdn plc now owns 417,306 shares of the business services provider’s stock worth $20,448,000 after purchasing an additional 159,844 shares during the period. Finally, CNB Bank lifted its stake in Copart by 21.5% in the fourth quarter. CNB Bank now owns 9,547 shares of the business services provider’s stock worth $468,000 after purchasing an additional 1,691 shares during the last quarter. Institutional investors own 85.78% of the company’s stock.

Copart Stock Performance

Copart stock opened at $53.30 on Tuesday. The company has a market capitalization of $51.25 billion, a PE ratio of 38.35 and a beta of 1.22. The company has a 50 day moving average price of $54.40 and a 200-day moving average price of $50.21. Copart, Inc. has a fifty-two week low of $38.35 and a fifty-two week high of $58.58.

Copart (NASDAQ:CPRT) last issued its earnings results on Thursday, February 22nd. The business services provider reported $0.33 earnings per share for the quarter, missing analysts’ consensus estimates of $0.35 by ($0.02). Copart had a net margin of 33.41% and a return on equity of 21.55%. The firm had revenue of $1.02 billion for the quarter, compared to the consensus estimate of $1.03 billion. During the same period last year, the firm earned $0.31 earnings per share. The company’s revenue for the quarter was up 6.6% on a year-over-year basis. On average, analysts forecast that Copart, Inc. will post 1.42 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on CPRT shares. StockNews.com cut Copart from a “buy” rating to a “hold” rating in a research note on Wednesday, February 21st. JPMorgan Chase & Co. upped their price objective on Copart from $48.00 to $52.00 and gave the company a “neutral” rating in a research report on Monday, April 8th. Four investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to MarketBeat, Copart currently has an average rating of “Hold” and a consensus target price of $51.00.

Insider Buying and Selling

In other news, Chairman A Jayson Adair sold 600,000 shares of the business’s stock in a transaction dated Thursday, March 28th. The shares were sold at an average price of $57.77, for a total value of $34,662,000.00. Following the completion of the sale, the chairman now owns 19,687,980 shares in the company, valued at approximately $1,137,374,604.60. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In other news, Chairman A Jayson Adair sold 600,000 shares of Copart stock in a transaction on Thursday, March 28th. The stock was sold at an average price of $57.77, for a total value of $34,662,000.00. Following the transaction, the chairman now directly owns 19,687,980 shares in the company, valued at approximately $1,137,374,604.60. 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 285,000 shares of the company’s stock in a transaction on Wednesday, March 13th. The stock was sold at an average price of $55.27, for a total value of $15,751,950.00. Following the sale, the director now owns 35,000 shares of the company’s stock, valued at $1,934,450. The disclosure for this sale can be found here. Insiders sold a total of 985,000 shares of company stock valued at $55,519,950 over the last three months. 10.23% of the stock is owned by company insiders.

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.