Canoe Financial LP Sells 50,800 Shares of Copart, Inc. $CPRT

Canoe Financial LP trimmed its stake in shares of Copart, Inc. (NASDAQ:CPRT) by 17.4% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 240,827 shares of the business services provider’s stock after selling 50,800 shares during the period. Canoe Financial LP’s holdings in Copart were worth $7,995,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Quadrant Capital Group LLC raised its stake in Copart by 1.3% during the 3rd quarter. Quadrant Capital Group LLC now owns 20,693 shares of the business services provider’s stock valued at $931,000 after buying an additional 264 shares during the last quarter. Sierra Legacy Group boosted its stake in shares of Copart by 1.9% in the 4th quarter. Sierra Legacy Group now owns 13,880 shares of the business services provider’s stock worth $543,000 after buying an additional 265 shares during the last quarter. Geneos Wealth Management Inc. boosted its stake in shares of Copart by 23.8% in the 2nd quarter. Geneos Wealth Management Inc. now owns 1,384 shares of the business services provider’s stock worth $68,000 after buying an additional 266 shares during the last quarter. Brown Miller Wealth Management LLC grew its holdings in shares of Copart by 3.8% in the fourth quarter. Brown Miller Wealth Management LLC now owns 7,310 shares of the business services provider’s stock worth $286,000 after acquiring an additional 268 shares during the period. Finally, Valeo Financial Advisors LLC increased its position in Copart by 4.6% during the fourth quarter. Valeo Financial Advisors LLC now owns 6,395 shares of the business services provider’s stock valued at $250,000 after acquiring an additional 282 shares during the last quarter. Institutional investors own 85.78% of the company’s stock.

Copart Stock Performance

Shares of Copart stock opened at $30.55 on Monday. Copart, Inc. has a one year low of $29.41 and a one year high of $50.11. The stock’s fifty day moving average is $32.24 and its 200 day moving average is $35.57. The stock has a market cap of $28.29 billion, a P/E ratio of 18.98 and a beta of 1.01.

Copart (NASDAQ:CPRT) last released its quarterly earnings results on Thursday, May 21st. The business services provider reported $0.43 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.41 by $0.02. The business had revenue of $1.24 billion during the quarter, compared to analyst estimates of $1.19 billion. Copart had a return on equity of 16.63% and a net margin of 33.48%.Copart’s revenue for the quarter was up 2.1% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.42 earnings per share. Analysts predict that Copart, Inc. will post 1.58 EPS for the current year.

Insider Activity

In related news, CEO Jeffrey Liaw sold 26,213 shares of the business’s stock in a transaction that occurred on 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 transaction, the chief executive officer directly owned 79,532 shares in the company, valued at approximately $2,638,871.76. The trade was a 24.79% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Company insiders own 9.60% of the company’s stock.

Analysts Set New Price Targets

CPRT has been the topic of a number of recent research reports. Zacks Research raised Copart from a “strong sell” rating to a “hold” rating in a report on Monday, April 27th. Jefferies Financial Group set a $45.00 price target on Copart in a research note on Friday, May 22nd. Finally, Weiss Ratings lowered shares of Copart from a “hold (c-)” rating to a “sell (d+)” rating in a research report on Friday, May 1st. Two investment analysts have rated the stock with a Strong Buy rating, one has issued a Buy rating, three have given a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $44.50.

Copart Profile

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.