Suncoast Equity Management Cuts Stock Position in Copart, Inc. (NASDAQ:CPRT)

Suncoast Equity Management trimmed its holdings in shares of Copart, Inc. (NASDAQ:CPRT) by 3.4% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 23,840 shares of the business services provider’s stock after selling 850 shares during the period. Suncoast Equity Management’s holdings in Copart were worth $1,168,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also bought and sold shares of the business. Vanguard Group Inc. grew its holdings in shares of Copart by 100.6% during the third quarter. Vanguard Group Inc. now owns 97,512,662 shares of the business services provider’s stock worth $4,201,821,000 after buying an additional 48,891,984 shares in the last quarter. Principal Financial Group Inc. lifted its position in shares of Copart by 96.8% during the third quarter. Principal Financial Group Inc. now owns 39,803,057 shares of the business services provider’s stock worth $1,715,114,000 after purchasing an additional 19,576,719 shares in the last quarter. Wellington Management Group LLP raised its holdings in Copart by 84.4% in the third quarter. Wellington Management Group LLP now owns 17,929,180 shares of the business services provider’s stock valued at $772,568,000 after acquiring an additional 8,205,757 shares in the last quarter. JPMorgan Chase & Co. raised its holdings in Copart by 79.1% in the third quarter. JPMorgan Chase & Co. now owns 17,359,152 shares of the business services provider’s stock valued at $748,006,000 after acquiring an additional 7,666,881 shares in the last quarter. Finally, FMR LLC increased its stake in Copart by 93.6% in the third quarter. FMR LLC now owns 14,733,860 shares of the business services provider’s stock valued at $634,882,000 after purchasing an additional 7,122,991 shares during the last quarter. 85.78% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on the stock. StockNews.com lowered shares of Copart from a “buy” rating to a “hold” rating in a research report on Wednesday, February 21st. JPMorgan Chase & Co. lifted their price objective on shares of Copart from $48.00 to $52.00 and gave the company a “neutral” rating in a research report on Monday, April 8th. Four investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $51.00.

Copart Stock Up 0.1 %

Shares of Copart stock traded up $0.08 on Tuesday, hitting $54.83. The company’s stock had a trading volume of 1,517,944 shares, compared to its average volume of 4,612,218. Copart, Inc. has a 52-week low of $38.35 and a 52-week high of $58.58. The firm has a fifty day moving average price of $54.12 and a 200-day moving average price of $49.85. The company has a market capitalization of $52.72 billion, a P/E ratio of 39.39 and a beta of 1.22.

Copart (NASDAQ:CPRT) last posted its quarterly earnings data on Thursday, February 22nd. The business services provider reported $0.33 EPS for the quarter, missing analysts’ consensus estimates of $0.35 by ($0.02). Copart had a net margin of 33.41% and a return on equity of 21.55%. The company had revenue of $1.02 billion for the quarter, compared to analyst estimates of $1.03 billion. During the same period in the prior year, the company earned $0.31 EPS. The company’s revenue was up 6.6% compared to the same quarter last year. As a group, analysts expect that Copart, Inc. will post 1.42 earnings per share for the current year.

Insider Activity

In related news, Director Thomas N. Tryforos sold 285,000 shares of the stock in a transaction that occurred on Wednesday, March 13th. The shares were sold at an average price of $55.27, for a total transaction of $15,751,950.00. Following the completion of the sale, the director now owns 35,000 shares of the company’s stock, valued at approximately $1,934,450. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other Copart news, Director Thomas N. Tryforos sold 285,000 shares of the company’s stock in a transaction that occurred on Wednesday, March 13th. The stock was sold at an average price of $55.27, for a total value of $15,751,950.00. Following the completion of the transaction, the director now owns 35,000 shares in the company, valued at approximately $1,934,450. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Chairman A Jayson Adair sold 600,000 shares of the company’s stock in a transaction that occurred on Thursday, March 28th. The stock was sold at an average price of $57.77, for a total value of $34,662,000.00. Following the completion of the transaction, the chairman now owns 19,687,980 shares of the company’s stock, valued at approximately $1,137,374,604.60. The disclosure for this sale can be found here. Insiders sold a total of 985,000 shares of company stock valued at $55,519,950 in the last 90 days. 10.23% of the stock is currently owned by insiders.

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.