Zacks Investment Research Lowers Copart (NASDAQ:CPRT) to Hold

Copart (NASDAQ:CPRT) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a note issued to investors on Tuesday, January 30th.

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, Copart is also 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 analysts have also recently issued reports on CPRT. CJS Securities reissued an “outperform” rating and set a $42.00 price target on shares of Copart in a report on Thursday, October 5th. Wolfe Research started coverage on shares of Copart in a report on Tuesday, November 7th. They set a “market perform” rating for the company. Jefferies Group increased their price target on shares of Copart to $40.00 and gave the stock a “hold” rating in a report on Thursday, November 23rd. JPMorgan Chase & Co. increased their price target on shares of Copart from $35.00 to $41.00 and gave the stock a “neutral” rating in a report on Friday, November 24th. Finally, Robert W. Baird reissued a “buy” rating and set a $44.00 price target on shares of Copart in a report on Friday, November 24th. Five investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. The stock has a consensus rating of “Hold” and an average target price of $44.33.

Shares of Copart (NASDAQ CPRT) traded up $0.73 during trading hours on Tuesday, hitting $46.47. 2,262,602 shares of the stock were exchanged, compared to its average volume of 1,090,000. Copart has a 1-year low of $28.44 and a 1-year high of $46.62. The company has a quick ratio of 2.23, a current ratio of 2.26 and a debt-to-equity ratio of 0.46. The stock has a market capitalization of $10,920.00, a PE ratio of 36.30, a price-to-earnings-growth ratio of 1.49 and a beta of 1.12.

Copart (NASDAQ:CPRT) last announced its earnings results on Tuesday, November 21st. The business services provider reported $0.33 EPS for the quarter, beating analysts’ consensus estimates of $0.27 by $0.06. The business had revenue of $419.17 million during the quarter, compared to analysts’ expectations of $377.37 million. Copart had a net margin of 20.01% and a return on equity of 29.96%. During the same period in the prior year, the company earned $0.29 earnings per share. equities research analysts forecast that Copart will post 1.52 earnings per share for the current fiscal year.

In other Copart news, Director Daniel J. Englander sold 68,004 shares of the company’s stock in a transaction dated Wednesday, January 3rd. The shares were sold at an average price of $43.38, for a total transaction of $2,950,013.52. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Matt Blunt sold 116,667 shares of the company’s stock in a transaction dated Tuesday, November 28th. The stock was sold at an average price of $41.96, for a total transaction of $4,895,347.32. The disclosure for this sale can be found here. Corporate insiders own 16.40% of the company’s stock.

Institutional investors and hedge funds have recently modified their holdings of the business. ProShare Advisors LLC grew its position in shares of Copart by 68.5% in the second quarter. ProShare Advisors LLC now owns 15,103 shares of the business services provider’s stock valued at $480,000 after purchasing an additional 6,139 shares during the last quarter. PNC Financial Services Group Inc. grew its position in shares of Copart by 106.3% in the second quarter. PNC Financial Services Group Inc. now owns 20,801 shares of the business services provider’s stock valued at $660,000 after purchasing an additional 10,716 shares during the last quarter. Thrivent Financial For Lutherans grew its position in shares of Copart by 113.7% in the second quarter. Thrivent Financial For Lutherans now owns 41,270 shares of the business services provider’s stock valued at $1,312,000 after purchasing an additional 21,960 shares during the last quarter. UBS Asset Management Americas Inc. grew its position in shares of Copart by 134.4% in the second quarter. UBS Asset Management Americas Inc. now owns 171,397 shares of the business services provider’s stock valued at $5,449,000 after purchasing an additional 98,260 shares during the last quarter. Finally, Citigroup Inc. grew its position in shares of Copart by 44.0% in the second quarter. Citigroup Inc. now owns 29,836 shares of the business services provider’s stock valued at $948,000 after purchasing an additional 9,112 shares during the last quarter. Institutional investors own 77.81% of the company’s stock.

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About Copart

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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