Park Place Capital Corp Grows Stock Holdings in Copart, Inc. (NASDAQ:CPRT)

Park Place Capital Corp raised its position in shares of Copart, Inc. (NASDAQ:CPRT) by 9.5% in the 1st quarter, HoldingsChannel.com reports. The institutional investor owned 12,241 shares of the business services provider’s stock after buying an additional 1,058 shares during the period. Park Place Capital Corp’s holdings in Copart were worth $709,000 as of its most recent SEC filing.

Several other hedge funds have also recently modified their holdings of CPRT. Vanguard Group Inc. increased its holdings in shares of Copart by 100.6% during the third quarter. Vanguard Group Inc. now owns 97,512,662 shares of the business services provider’s stock valued at $4,201,821,000 after acquiring an additional 48,891,984 shares in the last quarter. Norges Bank acquired a new position in shares of Copart during the fourth quarter valued at about $463,262,000. Wellington Management Group LLP increased its holdings in shares of Copart by 84.4% during the third quarter. Wellington Management Group LLP now owns 17,929,180 shares of the business services provider’s stock valued at $772,568,000 after acquiring an additional 8,205,757 shares in the last quarter. JPMorgan Chase & Co. increased its holdings in shares of Copart by 79.1% during the third quarter. JPMorgan Chase & Co. now owns 17,359,152 shares of the business services provider’s stock valued at $748,006,000 after acquiring an additional 7,666,881 shares in the last quarter. Finally, Morgan Stanley increased its holdings in shares of Copart by 102.2% during the third quarter. Morgan Stanley now owns 9,725,148 shares of the business services provider’s stock valued at $419,057,000 after acquiring an additional 4,915,348 shares in the last quarter. Institutional investors and hedge funds own 85.78% of the company’s stock.

Copart Price Performance

NASDAQ:CPRT traded down $0.81 during midday trading on Monday, hitting $53.35. The company’s stock had a trading volume of 3,608,968 shares, compared to its average volume of 4,524,552. Copart, Inc. has a fifty-two week low of $42.41 and a fifty-two week high of $58.58. The firm’s 50 day moving average is $54.27 and its 200-day moving average is $52.63. The firm has a market cap of $51.34 billion, a P/E ratio of 38.17 and a beta of 1.26.

Copart (NASDAQ:CPRT) last issued its quarterly earnings data on Thursday, May 16th. The business services provider reported $0.39 EPS for the quarter, topping analysts’ consensus estimates of $0.38 by $0.01. The business had revenue of $1.13 billion for the quarter, compared to analysts’ expectations of $1.11 billion. Copart had a net margin of 33.33% and a return on equity of 20.80%. The business’s revenue was up 10.3% on a year-over-year basis. During the same quarter last year, the company earned $0.36 EPS. As a group, analysts forecast that Copart, Inc. will post 1.43 EPS for the current year.

Analyst Upgrades and Downgrades

Separately, JPMorgan Chase & Co. upped their price objective on shares of Copart from $48.00 to $52.00 and gave the company a “neutral” rating in a report on Monday, April 8th. Three research analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat.com, Copart presently has an average rating of “Hold” and an average price target of $51.00.

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.