Port Capital LLC Sells 105,669 Shares of Copart, Inc. (NASDAQ:CPRT)

Port Capital LLC cut its holdings in shares of Copart, Inc. (NASDAQ:CPRT) by 5.9% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 1,671,607 shares of the business services provider’s stock after selling 105,669 shares during the period. Copart comprises about 3.9% of Port Capital LLC’s investment portfolio, making the stock its 7th biggest holding. Port Capital LLC owned approximately 0.17% of Copart worth $87,592,000 at the end of the most recent quarter.

Several other institutional investors have also modified their holdings of the business. Optimum Investment Advisors raised its holdings in shares of Copart by 141.5% during the third quarter. Optimum Investment Advisors now owns 512 shares of the business services provider’s stock worth $27,000 after purchasing an additional 300 shares during the period. Eastern Bank acquired a new position in Copart in the third quarter valued at approximately $29,000. Crewe Advisors LLC raised its position in shares of 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 purchasing an additional 280 shares during the period. Meeder Asset Management Inc. grew its stake in Copart by 283.3% during the 2nd quarter. Meeder Asset Management Inc. now owns 575 shares of the business services provider’s stock worth $31,000 after buying an additional 425 shares during the last quarter. Finally, Ashton Thomas Securities LLC acquired a new stake in Copart in the third quarter worth $33,000. Institutional investors and hedge funds own 85.78% of the company’s stock.

Insiders Place Their Bets

In other Copart news, Chairman A Jayson Adair sold 251,423 shares of the company’s stock in a transaction on Tuesday, November 26th. The stock was sold at an average price of $63.79, for a total value of $16,038,273.17. Following the transaction, the chairman now owns 14,436,557 shares of the company’s stock, valued at approximately $920,907,971.03. This represents a 1.71 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 9.68% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on CPRT. JPMorgan Chase & Co. lifted their price objective on shares of Copart from $55.00 to $60.00 and gave the company a “neutral” rating in a research report on Tuesday, November 19th. Robert W. Baird reduced their price objective on Copart from $58.00 to $56.00 and set an “outperform” rating for the company in a research report on Thursday, September 5th.

Copart Trading Up 0.4 %

CPRT stock opened at $62.24 on Wednesday. Copart, Inc. has a 52 week low of $46.21 and a 52 week high of $64.38. The company has a market capitalization of $59.97 billion, a price-to-earnings ratio of 43.83 and a beta of 1.31. The firm’s 50-day moving average is $55.46 and its two-hundred day moving average is $53.59.

Copart (NASDAQ:CPRT) last issued its quarterly earnings results on Thursday, November 21st. The business services provider reported $0.37 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.37. The firm had revenue of $1.15 billion during the quarter, compared to analyst estimates of $1.10 billion. Copart had a return on equity of 18.96% and a net margin of 31.92%. The firm’s quarterly revenue was up 12.4% on a year-over-year basis. During the same period last year, the company posted $0.34 EPS. On average, equities research analysts predict that Copart, Inc. will post 1.57 earnings per share for the current year.

Copart 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.