Covey Capital Advisors LLC Lowers Stock Holdings in Copart, Inc. (NASDAQ:CPRT)

Covey Capital Advisors LLC cut its position in Copart, Inc. (NASDAQ:CPRT) by 16.8% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 79,367 shares of the business services provider’s stock after selling 16,009 shares during the quarter. Copart comprises about 4.6% of Covey Capital Advisors LLC’s portfolio, making the stock its 8th biggest holding. Covey Capital Advisors LLC’s holdings in Copart were worth $4,159,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Jensen Investment Management Inc. grew its holdings in shares of Copart by 2,466.0% during the 3rd quarter. Jensen Investment Management Inc. now owns 3,536,233 shares of the business services provider’s stock worth $185,299,000 after purchasing an additional 3,398,423 shares in the last quarter. Assenagon Asset Management S.A. grew its stake in Copart by 462.8% during the third quarter. Assenagon Asset Management S.A. now owns 3,668,696 shares of the business services provider’s stock worth $192,240,000 after buying an additional 3,016,795 shares in the last quarter. Manning & Napier Advisors LLC bought a new position in Copart in the 2nd quarter valued at about $109,382,000. Comgest Global Investors S.A.S. raised its position in shares of Copart by 706.6% in the 3rd quarter. Comgest Global Investors S.A.S. now owns 1,586,886 shares of the business services provider’s stock valued at $83,153,000 after buying an additional 1,390,146 shares in the last quarter. Finally, Kimelman & Baird LLC bought a new stake in shares of Copart during the 2nd quarter worth approximately $70,307,000. 85.78% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

CPRT has been the subject of several research analyst reports. Robert W. Baird lowered their price objective on shares of 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. boosted their price target on Copart from $55.00 to $60.00 and gave the stock a “neutral” rating in a report on Tuesday, November 19th.

Copart Stock Performance

Shares of NASDAQ:CPRT opened at $63.51 on Friday. The company has a fifty day moving average of $54.58 and a 200-day moving average of $53.37. 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 $61.19 billion, a PE ratio of 44.73 and a beta of 1.27.

Copart (NASDAQ:CPRT) last released its quarterly earnings results 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). The business had revenue of $1.07 billion for the quarter, compared to the consensus estimate of $1.07 billion. Copart had a net margin of 31.92% and a return on equity of 18.96%. Copart’s revenue was up 7.2% on a year-over-year basis. During the same period in the previous year, the business posted $0.34 EPS. On average, equities analysts forecast that Copart, Inc. will post 1.57 EPS for the current fiscal 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.