Robert W. Baird Trims Copart (NASDAQ:CPRT) Target Price to $56.00

Copart (NASDAQ:CPRT) had its target price reduced by Robert W. Baird from $58.00 to $56.00 in a research report sent to investors on Thursday morning, Benzinga reports. They currently have an outperform rating on the business services provider’s stock.

Copart Stock Down 0.1 %

Shares of Copart stock opened at $49.46 on Thursday. The stock’s fifty day moving average is $52.29 and its two-hundred day moving average is $53.85. The company has a market capitalization of $47.60 billion, a PE ratio of 34.83 and a beta of 1.27. Copart has a 52 week low of $42.41 and a 52 week high of $58.58.

Copart (NASDAQ:CPRT) last posted its quarterly earnings results on Wednesday, September 4th. The business services provider reported $0.33 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.36 by ($0.03). The firm 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 20.80% and a net margin of 33.33%. Copart’s quarterly revenue was up 7.2% compared to the same quarter last year. During the same period in the previous year, the company posted $0.34 EPS. As a group, research analysts anticipate that Copart will post 1.43 earnings per share for the current year.

Institutional Investors Weigh In On Copart

Several institutional investors have recently bought and sold shares of the company. Perpetual Ltd lifted its stake in shares of Copart by 9.6% during the first quarter. Perpetual Ltd now owns 161,318 shares of the business services provider’s stock worth $9,344,000 after buying an additional 14,126 shares during the period. Nordea Investment Management AB boosted its stake in Copart by 44.1% during the first quarter. Nordea Investment Management AB now owns 2,078,277 shares of the business services provider’s stock worth $120,602,000 after buying an additional 636,438 shares during the last quarter. Baird Financial Group Inc. grew its stake in shares of Copart by 15.9% in the 4th quarter. Baird Financial Group Inc. now owns 2,922,176 shares of the business services provider’s stock valued at $143,187,000 after buying an additional 400,940 shares during the period. Silvercrest Asset Management Group LLC grew its holdings in shares of Copart by 40.6% during the 1st quarter. Silvercrest Asset Management Group LLC now owns 37,962 shares of the business services provider’s stock worth $2,199,000 after purchasing an additional 10,959 shares during the period. Finally, Motco raised its stake in shares of Copart by 6,085.7% in the 1st quarter. Motco now owns 10,392 shares of the business services provider’s stock valued at $602,000 after acquiring an additional 10,224 shares during the period. 85.78% of the stock is currently owned by institutional investors and hedge funds.

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.