Robert W. Baird Lowers Copart (NASDAQ:CPRT) Price Target to $56.00

Copart (NASDAQ:CPRT) had its price objective decreased by Robert W. Baird from $58.00 to $56.00 in a research report report published on Thursday, Benzinga reports. Robert W. Baird currently has an outperform rating on the business services provider’s stock.

Copart Price Performance

Shares of NASDAQ:CPRT opened at $49.46 on Thursday. The company’s fifty day moving average price is $52.29 and its 200-day moving average price is $53.88. The firm has a market capitalization of $47.60 billion, a price-to-earnings ratio of 34.83 and a beta of 1.27. Copart has a one year low of $42.41 and a one year high of $58.58.

Copart (NASDAQ:CPRT) last released its earnings results on Wednesday, September 4th. The business services provider reported $0.33 EPS for the quarter, missing analysts’ consensus estimates of $0.36 by ($0.03). Copart had a net margin of 33.33% and a return on equity of 20.80%. The firm had revenue of $1.07 billion during the quarter, compared to the consensus estimate of $1.07 billion. During the same period in the prior year, the company earned $0.34 EPS. The firm’s revenue was up 7.2% compared to the same quarter last year. As a group, equities research analysts expect that Copart will post 1.43 EPS for the current year.

Hedge Funds Weigh In On Copart

A number of large investors have recently added to or reduced their stakes in the business. Rise Advisors LLC purchased a new position in shares of Copart in the first quarter worth about $28,000. Pinnacle Bancorp Inc. grew its position in Copart by 79.6% during the 1st quarter. Pinnacle Bancorp Inc. now owns 528 shares of the business services provider’s stock worth $31,000 after acquiring an additional 234 shares during the last quarter. Crewe Advisors LLC grew its position in Copart by 98.6% during the 2nd quarter. Crewe Advisors LLC now owns 564 shares of the business services provider’s stock worth $31,000 after acquiring an additional 280 shares during the last quarter. Meeder Asset Management Inc. increased its stake in Copart by 283.3% in the 2nd quarter. Meeder Asset Management Inc. now owns 575 shares of the business services provider’s stock worth $31,000 after purchasing an additional 425 shares during the period. Finally, Versant Capital Management Inc lifted its position in Copart by 477.7% in the second quarter. Versant Capital Management Inc now owns 595 shares of the business services provider’s stock valued at $32,000 after purchasing an additional 492 shares during the last quarter. Hedge funds and other institutional investors own 85.78% 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.