Summit Global Investments Sells 16,160 Shares of Copart, Inc. (NASDAQ:CPRT)

Summit Global Investments cut its holdings in shares of Copart, Inc. (NASDAQ:CPRT) by 64.7% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 8,800 shares of the business services provider’s stock after selling 16,160 shares during the quarter. Summit Global Investments’ holdings in Copart were worth $431,000 as of its most recent SEC filing.

Other hedge funds have also recently bought and sold shares of the company. Savant Capital LLC raised its stake in shares of Copart by 3.8% in the fourth quarter. Savant Capital LLC now owns 6,933 shares of the business services provider’s stock valued at $340,000 after purchasing an additional 251 shares in the last quarter. First Citizens Bank & Trust Co. lifted its stake in shares of Copart by 3.6% during the fourth quarter. First Citizens Bank & Trust Co. now owns 7,729 shares of the business services provider’s stock valued at $379,000 after acquiring an additional 268 shares during the period. BSW Wealth Partners raised its stake in shares of Copart by 4.1% during the fourth quarter. BSW Wealth Partners now owns 6,972 shares of the business services provider’s stock worth $342,000 after buying an additional 277 shares during the last quarter. Manchester Capital Management LLC increased its holdings in Copart by 101.0% in the third quarter. Manchester Capital Management LLC now owns 625 shares of the business services provider’s stock valued at $27,000 after purchasing an additional 314 shares during the last quarter. Finally, Bell Investment Advisors Inc increased its stake in Copart by 87.1% in the third quarter. Bell Investment Advisors Inc now owns 694 shares of the business services provider’s stock valued at $30,000 after purchasing an additional 323 shares in the last quarter. 85.78% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on CPRT shares. StockNews.com lowered shares of Copart from a “buy” rating to a “hold” rating in a research note on Wednesday, February 21st. JPMorgan Chase & Co. lifted their price target on Copart from $48.00 to $52.00 and gave the stock a “neutral” rating in a report on Monday, April 8th. Three investment analysts have rated the stock with a hold rating and two have given a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $51.00.

Copart Stock Up 1.5 %

Shares of CPRT opened at $55.20 on Monday. The business has a 50-day simple moving average of $55.40 and a two-hundred day simple moving average of $50.79. Copart, Inc. has a 12-month low of $39.06 and a 12-month high of $58.58. The stock has a market cap of $53.07 billion, a PE ratio of 39.71 and a beta of 1.22.

Copart (NASDAQ:CPRT) last issued its quarterly earnings results on Thursday, February 22nd. The business services provider reported $0.33 earnings per share for the quarter, missing analysts’ consensus estimates of $0.35 by ($0.02). Copart had a return on equity of 21.55% and a net margin of 33.41%. The business had revenue of $1.02 billion for the quarter, compared to analyst estimates of $1.03 billion. During the same quarter in the previous year, the business posted $0.31 earnings per share. The business’s revenue was up 6.6% on a year-over-year basis. On average, equities research analysts expect that Copart, Inc. will post 1.42 EPS for the current year.

Insider Activity

In other news, Chairman A Jayson Adair sold 600,000 shares of the company’s stock in a transaction on Thursday, March 28th. The stock was sold at an average price of $57.77, for a total transaction of $34,662,000.00. Following the transaction, the chairman now owns 19,687,980 shares of the company’s stock, valued at approximately $1,137,374,604.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, Director Matt Blunt sold 100,000 shares of the business’s stock in a transaction dated Monday, February 26th. The stock was sold at an average price of $51.06, for a total value of $5,106,000.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Chairman A Jayson Adair sold 600,000 shares of the company’s stock in a transaction dated Thursday, March 28th. The shares were sold at an average price of $57.77, for a total transaction of $34,662,000.00. Following the transaction, the chairman now directly owns 19,687,980 shares of the company’s stock, valued at $1,137,374,604.60. The disclosure for this sale can be found here. Insiders sold a total of 985,000 shares of company stock valued at $55,519,950 over the last three months. Corporate insiders own 10.23% 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.