PineStone Asset Management Inc. Boosts Stock Position in Copart, Inc. (NASDAQ:CPRT)

PineStone Asset Management Inc. raised its holdings in shares of Copart, Inc. (NASDAQ:CPRT) by 192.4% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 1,585,400 shares of the business services provider’s stock after acquiring an additional 1,043,200 shares during the quarter. Copart makes up 0.9% of PineStone Asset Management Inc.’s investment portfolio, making the stock its 29th biggest holding. PineStone Asset Management Inc. owned about 0.16% of Copart worth $90,986,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in CPRT. Creative Planning raised its holdings in Copart by 1.2% during the third quarter. Creative Planning now owns 141,602 shares of the business services provider’s stock worth $7,420,000 after purchasing an additional 1,646 shares in the last quarter. Optimum Investment Advisors raised its stake in Copart by 141.5% during the 3rd quarter. Optimum Investment Advisors now owns 512 shares of the business services provider’s stock worth $27,000 after acquiring an additional 300 shares in the last quarter. Marshall Financial Group LLC lifted its position in Copart by 1.7% in the third quarter. Marshall Financial Group LLC now owns 28,739 shares of the business services provider’s stock valued at $1,506,000 after acquiring an additional 490 shares during the last quarter. Drake & Associates LLC boosted its stake in Copart by 32.4% in the third quarter. Drake & Associates LLC now owns 5,512 shares of the business services provider’s stock valued at $289,000 after acquiring an additional 1,350 shares in the last quarter. Finally, Sumitomo Mitsui DS Asset Management Company Ltd grew its holdings in shares of Copart by 2.0% during the third quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 90,061 shares of the business services provider’s stock worth $4,719,000 after purchasing an additional 1,728 shares during the last quarter. Hedge funds and other institutional investors own 85.78% of the company’s stock.

Wall Street Analyst Weigh In

Separately, JPMorgan Chase & Co. upped their target price on Copart from $55.00 to $60.00 and gave the company a “neutral” rating in a research report on Tuesday, November 19th.

Insider Activity

In related news, Chairman A Jayson Adair sold 251,423 shares of Copart stock in a transaction on Tuesday, November 26th. The shares were sold at an average price of $63.79, for a total value of $16,038,273.17. Following the transaction, the chairman now directly owns 14,436,557 shares in the company, valued at $920,907,971.03. This trade represents a 1.71 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Thomas N. Tryforos sold 83,310 shares of the company’s stock in a transaction on Thursday, December 5th. The stock was sold at an average price of $61.86, for a total transaction of $5,153,556.60. Following the transaction, the director now owns 7,850 shares of the company’s stock, valued at approximately $485,601. The trade was a 91.39 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 650,213 shares of company stock valued at $39,199,813. Company insiders own 9.68% of the company’s stock.

Copart Price Performance

CPRT stock opened at $59.39 on Friday. Copart, Inc. has a 12 month low of $48.05 and a 12 month high of $64.38. The company has a market cap of $57.22 billion, a price-to-earnings ratio of 41.82 and a beta of 1.33. The company has a fifty day moving average price of $58.29 and a 200 day moving average price of $55.41.

Copart (NASDAQ:CPRT) last announced its earnings results on Thursday, November 21st. The business services provider reported $0.37 earnings per share for the quarter, hitting the consensus estimate of $0.37. The business had revenue of $1.15 billion during the quarter, compared to the consensus estimate of $1.10 billion. Copart had a net margin of 31.92% and a return on equity of 18.96%. The business’s quarterly revenue was up 12.4% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.34 earnings per share. As a group, analysts anticipate that Copart, Inc. will post 1.57 earnings per share for the current year.

Copart Company 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.