Copart, Inc. $CPRT Stock Purchased by State of Alaska Department of Revenue

State of Alaska Department of Revenue lifted its stake in shares of Copart, Inc. (NASDAQ:CPRT) by 126.8% in the 3rd quarter, Holdings Channel reports. The institutional investor owned 251,028 shares of the business services provider’s stock after purchasing an additional 140,339 shares during the quarter. State of Alaska Department of Revenue’s holdings in Copart were worth $6,848,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of the company. BlackRock Inc. bought a new position in shares of Copart in the 2nd quarter valued at $1,908,980,000. Bank of New York Mellon Corp bought a new stake in Copart during the 2nd quarter worth $488,663,000. Deutsche Bank AG bought a new stake in Copart during the 2nd quarter worth $436,413,000. Bank of America Corp DE grew its position in Copart by 28.7% during the 1st quarter. Bank of America Corp DE now owns 9,706,517 shares of the business services provider’s stock worth $322,256,000 after acquiring an additional 2,165,708 shares during the last quarter. Finally, Van ECK Associates Corp increased its holdings in Copart by 97.9% in the 2nd quarter. Van ECK Associates Corp now owns 9,059,273 shares of the business services provider’s stock worth $255,381,000 after purchasing an additional 4,482,226 shares in the last quarter. 85.78% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In related news, CEO Jeffrey Liaw sold 27,745 shares of the stock in a transaction on Tuesday, July 28th. The stock was sold at an average price of $30.49, for a total value of $845,945.05. Following the completion of the sale, the chief executive officer directly owned 99,641 shares in the company, valued at $3,038,054.09. This represents a 21.78% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 9.60% of the stock is owned by insiders.

Analysts Set New Price Targets

CPRT has been the subject of several research reports. Barclays set a $25.00 target price on Copart and gave the company an “underweight” rating in a research report on Wednesday, August 26th. Barrington Research raised Copart from a “market perform” rating to an “outperform” rating and set a $40.00 price target on the stock in a research note on Friday, September 11th. Robert W. Baird reduced their price target on Copart from $42.00 to $38.00 and set an “outperform” rating on the stock in a report on Friday, September 11th. BNP Paribas Exane restated an “outperform” rating and set a $43.00 price target (up from $40.00) on shares of Copart in a report on Monday, September 28th. Finally, Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Copart in a research note on Wednesday, July 29th. Two investment analysts have rated the stock with a Strong Buy rating, five have given a Buy rating, three have given a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $37.80.

Copart Stock Performance

CPRT stock opened at $27.75 on Friday. The company has a fifty day moving average price of $30.13 and a 200-day moving average price of $30.84. The company has a market capitalization of $25.71 billion, a P/E ratio of 17.90, a PEG ratio of 1.29 and a beta of 1.06. Copart, Inc. has a 52-week low of $25.72 and a 52-week high of $45.89.

Copart (NASDAQ:CPRT) last issued its quarterly earnings results on Thursday, September 10th. The business services provider reported $0.35 EPS for the quarter, missing analysts’ consensus estimates of $0.38 by ($0.03). Copart had a return on equity of 15.93% and a net margin of 31.81%. The business had revenue of $1.15 billion for the quarter, compared to analyst estimates of $1.14 billion. During the same quarter last year, the firm posted $0.41 EPS. Copart’s revenue for the quarter was up 2.4% on a year-over-year basis. As a group, sell-side analysts forecast that Copart, Inc. will post 1.63 earnings per share for the current fiscal year.

About Copart

Copart, Inc is a global provider of online vehicle auction and remarketing services. The company primarily sells vehicles that have been damaged, totaled, recovered from theft, or otherwise deemed uneconomical to repair. Its customers include insurance companies, automobile dealers, dismantlers, rebuilders, exporters, rental and finance companies, and members of the general public.

Copart conducts auctions through its online VB3 platform, which connects buyers with vehicles listed at the company’s facilities.