Covey Capital Advisors LLC Has $4.16 Million Stake in Copart, Inc. (NASDAQ:CPRT)

Covey Capital Advisors LLC trimmed its position in Copart, Inc. (NASDAQ:CPRT) by 16.8% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 79,367 shares of the business services provider’s stock after selling 16,009 shares during the quarter. Copart makes up 4.6% of Covey Capital Advisors LLC’s portfolio, making the stock its 8th biggest position. Covey Capital Advisors LLC’s holdings in Copart were worth $4,159,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in CPRT. Optimum Investment Advisors lifted its holdings in shares of Copart by 141.5% during the 3rd quarter. Optimum Investment Advisors now owns 512 shares of the business services provider’s stock valued at $27,000 after purchasing an additional 300 shares in the last quarter. Eastern Bank bought a new position in Copart in the third quarter valued at approximately $29,000. Crewe Advisors LLC boosted its holdings in shares of Copart by 98.6% in the second quarter. Crewe Advisors LLC now owns 564 shares of the business services provider’s stock valued at $31,000 after buying an additional 280 shares during the period. Meeder Asset Management Inc. increased its position in shares of Copart by 283.3% during the second quarter. Meeder Asset Management Inc. now owns 575 shares of the business services provider’s stock worth $31,000 after acquiring an additional 425 shares in the last quarter. Finally, Versant Capital Management Inc raised its holdings in shares of Copart by 477.7% during the second quarter. Versant Capital Management Inc now owns 595 shares of the business services provider’s stock worth $32,000 after acquiring an additional 492 shares during the period. Institutional investors own 85.78% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on CPRT shares. 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. upped their price target on Copart from $55.00 to $60.00 and gave the stock a “neutral” rating in a research report on Tuesday, November 19th.

Copart Price Performance

Copart stock opened at $63.51 on Friday. The company’s 50-day moving average is $54.58 and its 200-day moving average is $53.37. The firm has a market capitalization of $61.19 billion, a PE ratio of 44.73 and a beta of 1.27. Copart, Inc. has a fifty-two week low of $46.21 and a fifty-two week high of $64.38.

Copart (NASDAQ:CPRT) last released its quarterly earnings data on Wednesday, September 4th. The business services provider reported $0.33 EPS for the quarter, missing analysts’ consensus estimates of $0.36 by ($0.03). The company had revenue of $1.07 billion for the quarter, compared to the consensus estimate of $1.07 billion. Copart had a return on equity of 18.96% and a net margin of 31.92%. The company’s revenue for the quarter was up 7.2% compared to the same quarter last year. During the same period last year, the firm earned $0.34 earnings per share. As a group, analysts expect that Copart, Inc. will post 1.57 EPS for the current 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.