Navellier & Associates Inc. Cuts Stock Position in Copart, Inc. (NASDAQ:CPRT)

Navellier & Associates Inc. lessened its position in shares of Copart, Inc. (NASDAQ:CPRT) by 24.7% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 20,516 shares of the business services provider’s stock after selling 6,719 shares during the period. Navellier & Associates Inc.’s holdings in Copart were worth $1,075,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. Silvercrest Asset Management Group LLC grew its holdings in Copart by 40.6% during the first quarter. Silvercrest Asset Management Group LLC now owns 37,962 shares of the business services provider’s stock worth $2,199,000 after acquiring an additional 10,959 shares during the period. Manning & Napier Advisors LLC acquired a new position in Copart during the second quarter worth approximately $109,382,000. Comerica Bank raised its position in shares of Copart by 5.9% in the 1st quarter. Comerica Bank now owns 336,206 shares of the business services provider’s stock worth $19,473,000 after buying an additional 18,605 shares during the period. Kinsale Capital Group Inc. grew its stake in Copart by 17.7% during the third quarter. Kinsale Capital Group Inc. now owns 89,979 shares of the business services provider’s stock worth $4,715,000 after buying an additional 13,554 shares during the period. Finally, Cetera Investment Advisers grew its stake in shares of Copart by 162.9% in the first quarter. Cetera Investment Advisers now owns 184,417 shares of the business services provider’s stock valued at $10,681,000 after buying an additional 114,263 shares in the last quarter. Hedge funds and other institutional investors own 85.78% of the company’s stock.

Copart Price Performance

NASDAQ CPRT opened at $56.97 on Friday. The stock’s 50 day simple moving average is $53.54 and its 200 day simple moving average is $53.16. Copart, Inc. has a one year low of $46.21 and a one year high of $58.58. The firm has a market cap of $54.88 billion, a PE ratio of 40.98 and a beta of 1.27.

Copart (NASDAQ:CPRT) last posted its quarterly earnings data on Wednesday, September 4th. The business services provider reported $0.33 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.36 by ($0.03). Copart had a return on equity of 19.55% and a net margin of 32.17%. The firm had revenue of $1.07 billion for the quarter, compared to analyst estimates of $1.07 billion. During the same period in the prior year, the company posted $0.34 EPS. The firm’s quarterly revenue was up 7.2% compared to the same quarter last year. As a group, equities analysts expect that Copart, Inc. will post 1.54 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on CPRT shares. JPMorgan Chase & Co. boosted their price objective on Copart from $55.00 to $60.00 and gave the company a “neutral” rating in a research report on Tuesday. Robert W. Baird dropped their price objective on Copart from $58.00 to $56.00 and set an “outperform” rating on the stock in a research note on Thursday, September 5th.

About Copart

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.