Copart (NASDAQ:CPRT) Issues Earnings Results, Beats Expectations By $0.02 EPS

Copart (NASDAQ:CPRT) posted its quarterly earnings data on Thursday. The business services provider reported $0.34 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.32 by $0.02, Briefing.com reports. The business had revenue of $1.02 billion for the quarter, compared to the consensus estimate of $987.90 million. Copart had a net margin of 31.99% and a return on equity of 22.46%. The company’s revenue was up 14.2% compared to the same quarter last year. During the same period last year, the firm posted $0.25 earnings per share.

Copart Price Performance

Shares of CPRT opened at $50.22 on Friday. Copart has a 1-year low of $29.61 and a 1-year high of $51.53. The stock has a market cap of $48.22 billion, a PE ratio of 39.23 and a beta of 1.19. The firm has a 50-day simple moving average of $45.05 and a two-hundred day simple moving average of $46.39.

Analyst Ratings Changes

Several research firms have recently weighed in on CPRT. JPMorgan Chase & Co. raised their price target on shares of Copart from $39.50 to $41.00 in a research note on Monday, September 18th. StockNews.com raised shares of Copart from a “hold” rating to a “buy” rating in a research note on Monday, October 30th. Robert W. Baird raised their price target on shares of Copart from $45.00 to $48.00 and gave the stock an “outperform” rating in a research note on Friday, September 15th. Finally, Argus began coverage on shares of Copart in a research note on Friday, September 8th. They issued a “buy” rating and a $53.00 price target on the stock. One investment analyst has rated the stock with a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $44.40.

Insider Buying and Selling at Copart

In other Copart news, Director Matt Blunt sold 49,435 shares of Copart stock in a transaction dated Tuesday, October 3rd. The shares were sold at an average price of $43.11, for a total transaction of $2,131,142.85. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other news, Director Stephen Fisher sold 160,000 shares of the firm’s stock in a transaction that occurred on Monday, October 9th. The shares were sold at an average price of $45.69, for a total value of $7,310,400.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Matt Blunt sold 49,435 shares of the firm’s stock in a transaction that occurred on Tuesday, October 3rd. The shares were sold at an average price of $43.11, for a total transaction of $2,131,142.85. The disclosure for this sale can be found here. Company insiders own 10.23% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Veritable L.P. raised its stake in Copart by 0.9% in the first quarter. Veritable L.P. now owns 15,198 shares of the business services provider’s stock valued at $1,143,000 after buying an additional 136 shares in the last quarter. Retirement Systems of Alabama raised its stake in Copart by 0.3% in the third quarter. Retirement Systems of Alabama now owns 71,048 shares of the business services provider’s stock valued at $7,560,000 after buying an additional 189 shares in the last quarter. Hollencrest Capital Management raised its stake in Copart by 92.1% in the first quarter. Hollencrest Capital Management now owns 438 shares of the business services provider’s stock valued at $33,000 after buying an additional 210 shares in the last quarter. Mercer Global Advisors Inc. ADV raised its stake in Copart by 3.9% in the third quarter. Mercer Global Advisors Inc. ADV now owns 5,640 shares of the business services provider’s stock valued at $600,000 after buying an additional 213 shares in the last quarter. Finally, Simon Quick Advisors LLC raised its stake in Copart by 2.6% in the first quarter. Simon Quick Advisors LLC now owns 9,286 shares of the business services provider’s stock valued at $698,000 after buying an additional 238 shares in the last quarter. Institutional investors and hedge funds own 79.26% 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.