BidaskClub Upgrades Copart (NASDAQ:CPRT) to Buy

Copart (NASDAQ:CPRT) was upgraded by BidaskClub from a “hold” rating to a “buy” rating in a research report issued on Friday, BidAskClub reports.

Several other research firms also recently issued reports on CPRT. Barrington Research reaffirmed a “hold” rating on shares of Copart in a report on Wednesday, September 11th. JPMorgan Chase & Co. upped their price objective on shares of Copart from $62.00 to $71.00 and gave the stock an “underweight” rating in a report on Friday, September 6th. ValuEngine downgraded shares of Copart from a “buy” rating to a “hold” rating in a report on Wednesday, October 2nd. Finally, Robert W. Baird set a $85.00 price objective on shares of Copart and gave the stock a “buy” rating in a report on Friday, September 6th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and four have issued a buy rating to the stock. The stock has an average rating of “Hold” and a consensus price target of $75.21.

Shares of NASDAQ CPRT traded up $0.31 during trading hours on Friday, hitting $81.37. 757,482 shares of the stock were exchanged, compared to its average volume of 1,527,763. The company has a debt-to-equity ratio of 0.22, a current ratio of 2.44 and a quick ratio of 2.36. The company’s 50 day moving average is $79.28 and its 200 day moving average is $73.08. The firm has a market capitalization of $18.83 billion, a P/E ratio of 36.16, a P/E/G ratio of 1.52 and a beta of 0.82. Copart has a one year low of $44.61 and a one year high of $83.70.

Copart (NASDAQ:CPRT) last posted its quarterly earnings data on Wednesday, September 4th. The business services provider reported $0.60 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.56 by $0.04. The business had revenue of $542.60 million during the quarter, compared to the consensus estimate of $517.84 million. Copart had a net margin of 28.98% and a return on equity of 32.83%. Copart’s quarterly revenue was up 20.8% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.42 EPS. Research analysts anticipate that Copart will post 2.67 earnings per share for the current fiscal year.

In related news, insider William E. Franklin sold 41,007 shares of the company’s stock in a transaction on Monday, July 15th. The shares were sold at an average price of $77.37, for a total transaction of $3,172,711.59. Following the completion of the transaction, the insider now directly owns 58,974 shares in the company, valued at approximately $4,562,818.38. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 15.99% of the stock is owned by corporate insiders.

A number of large investors have recently added to or reduced their stakes in CPRT. Morgan Stanley raised its stake in Copart by 64.3% during the 2nd quarter. Morgan Stanley now owns 5,865,640 shares of the business services provider’s stock valued at $438,398,000 after purchasing an additional 2,296,528 shares during the last quarter. Nuveen Asset Management LLC raised its stake in Copart by 8,848.6% during the 2nd quarter. Nuveen Asset Management LLC now owns 1,459,779 shares of the business services provider’s stock valued at $109,104,000 after purchasing an additional 1,443,466 shares during the last quarter. BlackRock Inc. raised its stake in Copart by 7.6% during the 2nd quarter. BlackRock Inc. now owns 15,851,891 shares of the business services provider’s stock valued at $1,184,771,000 after purchasing an additional 1,114,752 shares during the last quarter. FMR LLC raised its stake in Copart by 17.2% during the 1st quarter. FMR LLC now owns 7,226,373 shares of the business services provider’s stock valued at $437,846,000 after purchasing an additional 1,059,798 shares during the last quarter. Finally, Point72 Asset Management L.P. acquired a new position in Copart during the 2nd quarter valued at $28,566,000. Hedge funds and other institutional investors own 81.98% of the company’s stock.

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.

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Analyst Recommendations for Copart (NASDAQ:CPRT)

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