Copart (CPRT) Stock Rating Upgraded by Zacks Investment Research
Zacks Investment Research upgraded shares of Copart (NASDAQ:CPRT) from a hold rating to a buy rating in a report issued on Thursday morning. Zacks Investment Research currently has $47.00 target price on the business services provider’s stock.
According to Zacks, “Copart has been expanding its presence through aggressive acquisitions of other businesses to boost its top-line performance and strengthen its footprint. Further,it is widening its existing networks to manage inflating volumes and access new markets. Its top line received a boost and has started improving after witnessing temporal weakness due to lower revenues from vehicle sales. Also, in the last six months, shares of the company have outperformed the industry it belongs to.”
Several other research firms also recently commented on CPRT. BidaskClub downgraded shares of Copart from a hold rating to a sell rating in a research note on Wednesday, January 31st. JPMorgan Chase & Co. lifted their price target on shares of Copart from $35.00 to $41.00 and gave the stock a neutral rating in a research note on Friday, November 24th. Gabelli reissued a hold rating on shares of Copart in a research note on Friday, November 24th. Jefferies Group lifted their price target on shares of Copart to $40.00 and gave the stock a hold rating in a research note on Thursday, November 23rd. Finally, Wolfe Research initiated coverage on shares of Copart in a research note on Tuesday, November 7th. They set a market perform rating on the stock. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and three have given a buy rating to the company. The company presently has a consensus rating of Hold and an average price target of $44.17.
Copart (NASDAQ:CPRT) last posted its quarterly earnings results on Tuesday, November 21st. The business services provider reported $0.33 EPS for the quarter, topping the consensus estimate of $0.27 by $0.06. The firm had revenue of $419.17 million for the quarter, compared to the consensus estimate of $377.37 million. Copart had a net margin of 20.01% and a return on equity of 29.96%. During the same period last year, the firm posted $0.29 earnings per share. sell-side analysts predict that Copart will post 1.52 EPS for the current fiscal year.
In other news, Director Matt Blunt sold 116,667 shares of the firm’s stock in a transaction that occurred on Tuesday, November 28th. The shares were sold at an average price of $41.96, for a total value of $4,895,347.32. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Daniel J. Englander sold 68,004 shares of the firm’s stock in a transaction that occurred on Wednesday, January 3rd. The stock was sold at an average price of $43.38, for a total transaction of $2,950,013.52. The disclosure for this sale can be found here. 16.40% of the stock is currently owned by company insiders.
A number of large investors have recently added to or reduced their stakes in the stock. BlackRock Inc. boosted its holdings in Copart by 2.3% in the fourth quarter. BlackRock Inc. now owns 16,320,194 shares of the business services provider’s stock valued at $704,869,000 after acquiring an additional 370,808 shares in the last quarter. Kayne Anderson Rudnick Investment Management LLC boosted its holdings in Copart by 11.6% in the third quarter. Kayne Anderson Rudnick Investment Management LLC now owns 7,315,954 shares of the business services provider’s stock valued at $251,449,000 after acquiring an additional 759,422 shares in the last quarter. Wasatch Advisors Inc. boosted its holdings in Copart by 109.9% in the second quarter. Wasatch Advisors Inc. now owns 7,061,828 shares of the business services provider’s stock valued at $224,496,000 after acquiring an additional 3,697,382 shares in the last quarter. State Street Corp boosted its holdings in Copart by 98.2% in the second quarter. State Street Corp now owns 5,371,016 shares of the business services provider’s stock valued at $170,744,000 after acquiring an additional 2,660,809 shares in the last quarter. Finally, JPMorgan Chase & Co. boosted its holdings in Copart by 38.3% in the third quarter. JPMorgan Chase & Co. now owns 4,601,214 shares of the business services provider’s stock valued at $157,776,000 after acquiring an additional 1,274,507 shares in the last quarter. Institutional investors and hedge funds own 78.08% of the company’s stock.
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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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