Pictet Asset Management Holding SA Reduces Stock Position in Copart, Inc. $CPRT

Pictet Asset Management Holding SA lowered its position in Copart, Inc. (NASDAQ:CPRT) by 81.2% during the first quarter, Holdings Channel.com reports. The institutional investor owned 665,623 shares of the business services provider’s stock after selling 2,877,981 shares during the period. Pictet Asset Management Holding SA’s holdings in Copart were worth $22,099,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently bought and sold shares of CPRT. Lodestone Wealth Management LLC acquired a new stake in Copart during the 4th quarter valued at approximately $25,000. FNY Investment Advisers LLC purchased a new stake in Copart in the third quarter valued at $36,000. Aventura Private Wealth LLC purchased a new position in shares of Copart during the 4th quarter valued at about $33,000. Reflection Asset Management purchased a new position in shares of Copart during the 4th quarter valued at about $34,000. Finally, Board of the Pension Protection Fund acquired a new position in shares of Copart in the 4th quarter valued at about $35,000. Institutional investors and hedge funds own 85.78% of the company’s stock.

Copart Trading Up 2.1%

NASDAQ CPRT opened at $28.79 on Thursday. The stock has a market capitalization of $26.65 billion, a price-to-earnings ratio of 17.88 and a beta of 1.03. The stock has a 50-day moving average of $31.94 and a 200 day moving average of $35.35. Copart, Inc. has a twelve month low of $27.84 and a twelve month high of $50.11.

Copart (NASDAQ:CPRT) last issued its quarterly earnings data on Thursday, May 21st. The business services provider reported $0.43 EPS for the quarter, beating the consensus estimate of $0.41 by $0.02. The company had revenue of $1.24 billion for 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 quarterly revenue was up 2.1% compared to the same quarter last year. During the same period last year, the company earned $0.42 earnings per share. Equities analysts predict that Copart, Inc. will post 1.58 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several analysts recently commented on the company. Jefferies Financial Group set a $45.00 target price on Copart in a report on Friday, May 22nd. Zacks Research upgraded Copart from a “strong sell” rating to a “hold” rating in a research report on Monday, April 27th. Freedom Capital raised shares of Copart to a “strong-buy” rating in a report on Friday, June 26th. Finally, Weiss Ratings cut shares of Copart from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Friday, May 1st. Three investment 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 issued a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $44.50.

Insider Activity

In related news, CEO Jeffrey Liaw sold 26,213 shares of Copart stock in a transaction on Wednesday, April 15th. The shares were sold at an average price of $33.18, for a total value of $869,747.34. Following the sale, the chief executive officer owned 79,532 shares of the company’s stock, valued at approximately $2,638,871.76. This trade represents a 24.79% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 9.60% of the stock is owned by company insiders.

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.