State of Alaska Department of Revenue Buys 140,339 Shares of Copart, Inc. $CPRT

State of Alaska Department of Revenue raised its stake in Copart, Inc. (NASDAQ:CPRT) by 126.8% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 251,028 shares of the business services provider’s stock after acquiring an additional 140,339 shares during the period. State of Alaska Department of Revenue’s holdings in Copart were worth $6,848,000 at the end of the most recent quarter.

Other institutional investors have also recently modified their holdings of the company. BlackRock Inc. acquired a new stake in shares of Copart during the 2nd quarter worth $1,908,980,000. Bank of New York Mellon Corp acquired a new position in Copart in the second quarter valued at about $488,663,000. Deutsche Bank AG acquired a new position in Copart in the second quarter valued at about $436,413,000. Bank of America Corp DE lifted its position in Copart by 28.7% during the first quarter. Bank of America Corp DE now owns 9,706,517 shares of the business services provider’s stock worth $322,256,000 after purchasing an additional 2,165,708 shares during the period. Finally, Van ECK Associates Corp lifted its position in Copart by 97.9% during the second quarter. Van ECK Associates Corp now owns 9,059,273 shares of the business services provider’s stock worth $255,381,000 after purchasing an additional 4,482,226 shares during the period. 85.78% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on CPRT. Robert W. Baird reduced their price objective on shares of Copart from $42.00 to $38.00 and set an “outperform” rating on the stock in a research note on Friday, September 11th. Freedom Broker dropped their target price on shares of Copart from $39.00 to $36.00 and set a “buy” rating for the company in a research report on Monday, September 14th. Barrington Research raised shares of Copart from a “market perform” rating to an “outperform” rating and set a $40.00 price target for the company in a report on Friday, September 11th. Barclays set a $25.00 price target on shares of Copart and gave the stock an “underweight” rating in a research report on Wednesday, August 26th. Finally, Zacks Research raised shares of Copart from a “strong sell” rating to a “hold” rating in a research note on Monday, September 7th. Two analysts have rated the stock with a Strong Buy rating, five have given a Buy rating, three have issued a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $37.80.

Copart Stock Performance

Copart stock opened at $27.75 on Friday. Copart, Inc. has a 52 week low of $25.72 and a 52 week high of $45.89. The stock has a market capitalization of $25.71 billion, a P/E ratio of 17.90, a price-to-earnings-growth ratio of 1.29 and a beta of 1.06. The stock has a fifty day moving average of $30.13 and a 200-day moving average of $30.84.

Copart (NASDAQ:CPRT) last announced its quarterly earnings data on Thursday, September 10th. The business services provider reported $0.35 earnings per share for the quarter, missing the consensus estimate of $0.38 by ($0.03). The business had revenue of $1.15 billion for the quarter, compared to the consensus estimate of $1.14 billion. Copart had a return on equity of 15.93% and a net margin of 31.81%. Copart’s quarterly revenue was up 2.4% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.41 earnings per share. On average, research analysts forecast that Copart, Inc. will post 1.63 earnings per share for the current year.

Insider Buying and Selling

In other Copart news, CEO Jeffrey Liaw sold 27,745 shares of the business’s stock in a transaction dated Tuesday, July 28th. The stock was sold at an average price of $30.49, for a total transaction of $845,945.05. Following the completion of the transaction, the chief executive officer owned 99,641 shares of the company’s stock, valued at approximately $3,038,054.09. The trade was a 21.78% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 9.60% of the company’s stock.

Copart Company Profile

Copart, Inc is a global provider of online vehicle auction and remarketing services. The company primarily sells vehicles that have been damaged, totaled, recovered from theft, or otherwise deemed uneconomical to repair. Its customers include insurance companies, automobile dealers, dismantlers, rebuilders, exporters, rental and finance companies, and members of the general public.

Copart conducts auctions through its online VB3 platform, which connects buyers with vehicles listed at the company’s facilities.