Cadence Bank Buys 1,739 Shares of Copart, Inc. $CPRT

Cadence Bank increased its holdings in shares of Copart, Inc. (NASDAQ:CPRT) by 5.5% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 33,092 shares of the business services provider’s stock after buying an additional 1,739 shares during the period. Cadence Bank’s holdings in Copart were worth $1,873,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. Cloud Capital Management LLC acquired a new stake in Copart during the 1st quarter worth approximately $26,000. Sunbelt Securities Inc. acquired a new stake in Copart in the 4th quarter valued at $31,000. Accent Capital Management LLC purchased a new position in Copart during the 1st quarter worth $36,000. Financial Network Wealth Advisors LLC boosted its holdings in Copart by 152.6% during the 1st quarter. Financial Network Wealth Advisors LLC now owns 783 shares of the business services provider’s stock worth $44,000 after acquiring an additional 473 shares during the last quarter. Finally, Marshall & Sterling Wealth Advisors Inc. purchased a new position in shares of Copart in the 4th quarter worth about $45,000. 85.78% of the stock is currently owned by institutional investors and hedge funds.

Copart Stock Performance

Shares of NASDAQ:CPRT opened at $48.96 on Friday. The stock has a market capitalization of $47.34 billion, a price-to-earnings ratio of 32.21 and a beta of 1.04. The stock’s 50-day simple moving average is $47.34 and its two-hundred day simple moving average is $53.53. Copart, Inc. has a 52-week low of $45.05 and a 52-week high of $64.38.

Copart (NASDAQ:CPRT) last announced its earnings results on Thursday, May 22nd. The business services provider reported $0.42 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.42. Copart had a return on equity of 18.20% and a net margin of 32.21%.The business had revenue of $1.21 billion for the quarter, compared to analysts’ expectations of $1.23 billion. During the same period last year, the firm posted $0.39 earnings per share. The business’s revenue for the quarter was up 7.5% on a year-over-year basis. As a group, equities analysts forecast that Copart, Inc. will post 1.57 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CEO Jeffrey Liaw sold 24,088 shares of the business’s stock in a transaction that occurred on Tuesday, July 15th. The stock was sold at an average price of $46.43, for a total value of $1,118,405.84. Following the transaction, the chief executive officer directly owned 31,527 shares of the company’s stock, valued at approximately $1,463,798.61. The trade was a 43.31% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 9.68% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on the stock. Robert W. Baird cut their price target on shares of Copart from $64.00 to $55.00 and set an “outperform” rating on the stock in a report on Thursday, July 17th. JPMorgan Chase & Co. reduced their price target on shares of Copart from $60.00 to $55.00 and set a “neutral” rating on the stock in a research report on Friday, May 23rd. Finally, Stephens started coverage on Copart in a research note on Tuesday, July 8th. They set an “equal weight” rating and a $50.00 price objective for the company. One equities research analyst has rated the stock with a Buy rating and three have given a Hold rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $53.33.

Copart 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.