Copart, Inc. (NASDAQ:CPRT) Stake Lessened by Synovus Financial Corp

Synovus Financial Corp decreased its holdings in shares of Copart, Inc. (NASDAQ:CPRT) by 8.5% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 121,678 shares of the business services provider’s stock after selling 11,264 shares during the quarter. Synovus Financial Corp’s holdings in Copart were worth $6,376,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also recently bought and sold shares of the business. Tidal Investments LLC lifted its position in shares of Copart by 7.8% in the third quarter. Tidal Investments LLC now owns 88,324 shares of the business services provider’s stock worth $4,628,000 after purchasing an additional 6,421 shares in the last quarter. Wilmington Savings Fund Society FSB purchased a new stake in Copart in the 3rd quarter worth approximately $317,000. Sanctuary Advisors LLC boosted its stake in shares of Copart by 21.2% during the 3rd quarter. Sanctuary Advisors LLC now owns 52,767 shares of the business services provider’s stock valued at $2,765,000 after buying an additional 9,222 shares during the period. Second Line Capital LLC boosted its stake in shares of Copart by 11.2% during the 3rd quarter. Second Line Capital LLC now owns 52,619 shares of the business services provider’s stock valued at $2,757,000 after buying an additional 5,284 shares during the period. Finally, Rehmann Capital Advisory Group grew its holdings in shares of Copart by 6.5% during the 3rd quarter. Rehmann Capital Advisory Group now owns 7,880 shares of the business services provider’s stock valued at $414,000 after acquiring an additional 478 shares in the last quarter. 85.78% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on the company. 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. JPMorgan Chase & Co. raised their price target on Copart from $55.00 to $60.00 and gave the stock a “neutral” rating in a research note on Tuesday, November 19th.

Copart Stock Down 1.4 %

Shares of CPRT opened at $61.23 on Friday. The firm has a market cap of $59.00 billion, a price-to-earnings ratio of 43.12 and a beta of 1.31. The company’s fifty day moving average is $57.01 and its 200-day moving average is $54.03. Copart, Inc. has a 12 month low of $46.21 and a 12 month high of $64.38.

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

Insider Transactions at Copart

In related news, Director Thomas N. Tryforos sold 83,310 shares of the business’s stock in a transaction that occurred on Thursday, December 5th. The stock was sold at an average price of $61.86, for a total value of $5,153,556.60. Following the completion of the sale, the director now directly owns 7,850 shares in the company, valued at approximately $485,601. The trade was a 91.39 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Chairman A Jayson Adair sold 251,423 shares of the stock in a transaction that occurred on Tuesday, November 26th. The shares were 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 in the company, valued at approximately $920,907,971.03. This trade represents a 1.71 % decrease in their position. The disclosure for this sale can be found here. 9.68% of the stock is currently owned by corporate insiders.

Copart Company 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.