Geode Capital Management LLC Increases Position in Copart, Inc. $CPRT

Geode Capital Management LLC grew its stake in Copart, Inc. (NASDAQ:CPRT) by 0.6% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 23,255,161 shares of the business services provider’s stock after purchasing an additional 131,703 shares during the period. Geode Capital Management LLC’s holdings in Copart were worth $906,836,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in CPRT. Brighton Jones LLC boosted its holdings in shares of Copart by 92.1% in the fourth quarter. Brighton Jones LLC now owns 14,215 shares of the business services provider’s stock valued at $816,000 after acquiring an additional 6,817 shares in the last quarter. Geneos Wealth Management Inc. lifted its holdings in shares of Copart by 365.8% in the 1st quarter. Geneos Wealth Management Inc. now owns 1,118 shares of the business services provider’s stock valued at $63,000 after buying an additional 878 shares during the period. Jump Financial LLC acquired a new stake in shares of Copart in the 2nd quarter valued at approximately $2,677,000. Sei Investments Co. lifted its holdings in shares of Copart by 110.0% in the 2nd quarter. Sei Investments Co. now owns 900,330 shares of the business services provider’s stock valued at $44,179,000 after buying an additional 471,571 shares during the period. Finally, Treasurer of the State of North Carolina lifted its holdings in shares of Copart by 3.5% in the 2nd quarter. Treasurer of the State of North Carolina now owns 413,083 shares of the business services provider’s stock valued at $20,270,000 after buying an additional 13,860 shares during the period. Hedge funds and other institutional investors own 85.78% of the company’s stock.

Insider Buying and Selling

In related news, CEO Jeffrey Liaw sold 26,213 shares of Copart stock in a transaction dated Wednesday, April 15th. The stock was sold at an average price of $33.18, for a total transaction of $869,747.34. Following the completion of the sale, the chief executive officer owned 79,532 shares in the company, valued at approximately $2,638,871.76. This trade represents a 24.79% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Corporate insiders own 9.60% of the company’s stock.

Analyst Upgrades and Downgrades

CPRT has been the subject of several recent analyst reports. Weiss Ratings cut Copart from a “hold (c-)” rating to a “sell (d+)” rating in a report on Friday, May 1st. Jefferies Financial Group set a $45.00 price target on shares of Copart in a report on Friday, May 22nd. Barclays reiterated an “underweight” rating and issued a $32.00 price target (down from $33.00) on shares of Copart in a report on Monday, February 23rd. Robert W. Baird set a $48.00 price target on shares of Copart and gave the company an “outperform” rating in a report on Friday, February 20th. Finally, JPMorgan Chase & Co. cut their price target on shares of Copart from $45.00 to $34.00 and set a “neutral” rating for the company in a report on Monday, February 23rd. Two equities research analysts have rated the stock with a Strong Buy rating, one has given a Buy rating, three have issued a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $44.50.

Copart Trading Down 1.5%

Copart stock opened at $32.77 on Friday. The stock has a market cap of $31.57 billion, a PE ratio of 20.35 and a beta of 1.02. The stock has a 50-day moving average price of $33.22 and a 200 day moving average price of $36.91. Copart, Inc. has a 52 week low of $32.20 and a 52 week high of $52.23.

Copart (NASDAQ:CPRT) last posted its quarterly earnings data on Thursday, May 21st. The business services provider reported $0.43 EPS for the quarter, topping analysts’ consensus estimates of $0.41 by $0.02. The firm had revenue of $1.24 billion during the quarter, compared to analysts’ expectations of $1.19 billion. Copart had a return on equity of 16.63% and a net margin of 33.48%.The firm’s quarterly revenue was up 2.1% compared to the same quarter last year. During the same quarter last year, the business posted $0.42 EPS. On average, equities analysts predict that Copart, Inc. will post 1.58 EPS for the current year.

About Copart

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.