Zacks Investment Research upgraded shares of Copart (NASDAQ:CPRT) from a hold rating to a buy rating in a report issued on Tuesday, November 21st. The firm currently has $40.00 price target on the business services provider’s stock.
According to Zacks, “Copart has been expanding its presence through aggressive acquisitions of existing businesses to boost its top-line performance and expand its presence. Further, the company is also expanding its existing networks to manage inflating volumes and access in new markets. It top-line performance has started improving after witnessing weakness for some time due to lower revenues from vehicle sales. Also, in the last six months, its shares have outperformed in the industry it belongs to.”
CPRT has been the subject of several other reports. Wolfe Research began coverage on Copart in a report on Tuesday, November 7th. They set a market perform rating for the company. Robert W. Baird lifted their price target on Copart from $33.00 to $37.00 and gave the stock an outperform rating in a report on Thursday, September 21st. Finally, CJS Securities restated an outperform rating and set a $42.00 price objective on shares of Copart in a research note on Thursday, October 5th. Four research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. Copart has an average rating of Buy and an average target price of $41.40.
Copart (CPRT) traded up $0.49 during trading hours on Tuesday, hitting $43.88. The company had a trading volume of 1,129,192 shares, compared to its average volume of 1,107,245. The company has a debt-to-equity ratio of 0.46, a quick ratio of 2.23 and a current ratio of 2.26. The company has a market capitalization of $10,066.35, a P/E ratio of 32.48, a PEG ratio of 1.44 and a beta of 1.31. Copart has a fifty-two week low of $27.46 and a fifty-two week high of $43.97.
Copart (NASDAQ:CPRT) last issued its quarterly earnings results on Tuesday, November 21st. The business services provider reported $0.33 EPS for the quarter, beating the consensus estimate of $0.27 by $0.06. The firm had revenue of $419.17 million during the quarter, compared to analysts’ expectations of $377.37 million. Copart had a return on equity of 29.96% and a net margin of 20.01%. During the same period in the prior year, the firm posted $0.29 earnings per share. research analysts anticipate that Copart will post 1.5 EPS for the current year.
In other Copart news, President Vincent W. Mitz sold 200,000 shares of Copart stock in a transaction dated Thursday, September 28th. The stock was sold at an average price of $34.32, for a total transaction of $6,864,000.00. Following the transaction, the president now directly owns 47,660 shares of the company’s stock, valued at approximately $1,635,691.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Matt Blunt sold 116,667 shares of the business’s stock in a transaction dated Tuesday, November 28th. The shares were sold at an average price of $41.96, for a total value of $4,895,347.32. The disclosure for this sale can be found here. In the last three months, insiders have sold 476,667 shares of company stock worth $17,252,147. 16.40% of the stock is currently owned by company insiders.
Several large investors have recently made changes to their positions in the company. Salem Investment Counselors Inc. increased its position in Copart by 100.0% in the 2nd quarter. Salem Investment Counselors Inc. now owns 4,094 shares of the business services provider’s stock valued at $130,000 after buying an additional 2,047 shares in the last quarter. Parallel Advisors LLC increased its position in Copart by 2.6% in the 2nd quarter. Parallel Advisors LLC now owns 4,451 shares of the business services provider’s stock valued at $140,000 after buying an additional 111 shares in the last quarter. Smithfield Trust Co. increased its holdings in Copart by 104.8% during the 2nd quarter. Smithfield Trust Co. now owns 5,371 shares of the business services provider’s stock worth $171,000 after purchasing an additional 2,749 shares in the last quarter. Huntington National Bank increased its holdings in Copart by 136.5% during the 2nd quarter. Huntington National Bank now owns 5,630 shares of the business services provider’s stock worth $179,000 after purchasing an additional 3,249 shares in the last quarter. Finally, IFP Advisors Inc increased its holdings in Copart by 216.3% during the 3rd quarter. IFP Advisors Inc now owns 5,491 shares of the business services provider’s stock worth $189,000 after purchasing an additional 3,755 shares in the last quarter. 78.63% of the stock is currently owned by institutional investors.
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Copart Company Profile
Copart, Inc (Copart) is a provider of online auctions and vehicle remarketing services in the United States, Canada, the United Kingdom, the United Arab Emirates, Oman, Bahrain, Brazil, Ireland, Spain and India. The Company also provides vehicle remarketing services in Germany. The Company operates through two segments: United States and International.
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