Sheets Smith Wealth Management Reduces Stock Position in Copart, Inc. (NASDAQ:CPRT)

Sheets Smith Wealth Management lessened its holdings in shares of Copart, Inc. (NASDAQ:CPRT) by 7.1% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 297,582 shares of the business services provider’s stock after selling 22,904 shares during the period. Copart comprises approximately 1.8% of Sheets Smith Wealth Management’s holdings, making the stock its 12th largest holding. Sheets Smith Wealth Management’s holdings in Copart were worth $14,582,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Vanguard Group Inc. lifted its holdings in Copart by 100.6% in 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 during the period. Principal Financial Group Inc. boosted its holdings in Copart by 96.8% in 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 acquiring an additional 19,576,719 shares in the last quarter. Wellington Management Group LLP grew its stake in shares of 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 worth $772,568,000 after acquiring an additional 8,205,757 shares during the last quarter. JPMorgan Chase & Co. increased its holdings in shares of Copart by 79.1% during 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 raised its position in shares of Copart by 93.6% in the 3rd quarter. FMR LLC now owns 14,733,860 shares of the business services provider’s stock worth $634,882,000 after purchasing an additional 7,122,991 shares during the last quarter. Institutional investors own 85.78% of the company’s stock.

Wall Street Analyst Weigh In

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

Copart Trading Up 1.5 %

Shares of CPRT traded up $0.80 during trading hours on Friday, reaching $55.20. 5,285,026 shares of the stock traded hands, compared to its average volume of 3,813,627. The company’s 50-day moving average price is $55.40 and its two-hundred day moving average price is $50.75. The company has a market cap of $53.07 billion, a P/E ratio of 39.71 and a beta of 1.22. Copart, Inc. has a 52-week low of $39.06 and a 52-week high of $58.58.

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

Insiders Place Their Bets

In related news, Chairman A Jayson Adair sold 600,000 shares of Copart stock in a transaction dated 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 in the company, valued at $1,137,374,604.60. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In other Copart news, Director Thomas N. Tryforos sold 285,000 shares of the business’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 transaction of $15,751,950.00. Following the completion of the transaction, the director now owns 35,000 shares in the company, valued at $1,934,450. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Chairman A Jayson Adair sold 600,000 shares of the 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 sale, the chairman now owns 19,687,980 shares in the company, valued at $1,137,374,604.60. The disclosure for this sale can be found here. Insiders have sold a total of 985,000 shares of company stock valued at $55,519,950 in the last quarter. 10.23% of the stock is currently owned by insiders.

Copart Company 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.