Sagespring Wealth Partners LLC Trims Holdings in Copart, Inc. $CPRT

Sagespring Wealth Partners LLC trimmed its position in Copart, Inc. (NASDAQ:CPRT) by 1.8% in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 14,694 shares of the business services provider’s stock after selling 271 shares during the quarter. Sagespring Wealth Partners LLC’s holdings in Copart were worth $721,000 as of its most recent SEC filing.

Other institutional investors also recently bought and sold shares of the company. GC Wealth Management RIA LLC purchased a new position in Copart during the 2nd quarter worth approximately $219,000. Sowell Financial Services LLC purchased a new position in shares of Copart during the first quarter worth $604,000. China Universal Asset Management Co. Ltd. raised its holdings in shares of Copart by 52.2% during the first quarter. China Universal Asset Management Co. Ltd. now owns 23,862 shares of the business services provider’s stock worth $1,350,000 after purchasing an additional 8,181 shares during the last quarter. Private Trust Co. NA raised its holdings in shares of Copart by 16.5% during the first quarter. Private Trust Co. NA now owns 4,142 shares of the business services provider’s stock worth $234,000 after purchasing an additional 586 shares during the last quarter. Finally, JPMorgan Chase & Co. raised its holdings in shares of Copart by 15.9% during the first quarter. JPMorgan Chase & Co. now owns 15,345,768 shares of the business services provider’s stock worth $868,417,000 after purchasing an additional 2,106,656 shares during the last quarter. 85.78% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

CPRT has been the subject of a number of recent research reports. Stephens reduced their price objective on Copart from $50.00 to $46.00 and set an “equal weight” rating for the company in a research note on Friday, September 5th. HSBC set a $62.00 price target on Copart and gave the company a “buy” rating in a research report on Thursday, September 4th. Robert W. Baird reduced their price target on Copart from $64.00 to $55.00 and set an “outperform” rating for the company in a research report on Thursday, July 17th. Weiss Ratings reiterated a “hold (c)” rating on shares of Copart in a research report on Wednesday, October 8th. Finally, Hsbc Global Res raised shares of Copart from a “hold” rating to a “strong-buy” rating in a report on Thursday, September 4th. One analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and four have assigned a Hold rating to the company’s stock. According to data from MarketBeat, Copart presently has an average rating of “Moderate Buy” and a consensus price target of $54.50.

Copart Price Performance

Copart stock opened at $44.56 on Thursday. The stock has a market capitalization of $43.12 billion, a PE ratio of 27.85 and a beta of 1.03. Copart, Inc. has a 12 month low of $43.71 and a 12 month high of $64.38. The business has a 50 day simple moving average of $46.68 and a 200-day simple moving average of $51.06.

Copart (NASDAQ:CPRT) last posted its quarterly earnings data on Thursday, September 4th. The business services provider reported $0.41 EPS for the quarter, beating analysts’ consensus estimates of $0.37 by $0.04. The business had revenue of $1.13 billion during the quarter, compared to analysts’ expectations of $1.14 billion. Copart had a return on equity of 18.17% and a net margin of 33.41%.The business’s revenue was up 2.9% compared to the same quarter last year. During the same period in the previous year, the business earned $0.33 earnings per share. On average, equities research analysts anticipate that Copart, Inc. will post 1.57 EPS for the current fiscal year.

Insider Buying and Selling

In other news, Director Thomas N. Tryforos sold 228,840 shares of the business’s stock in a transaction dated Monday, September 15th. The shares were sold at an average price of $47.54, for a total transaction of $10,879,053.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 9.68% of the company’s stock.

About Copart

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.