Sheets Smith Wealth Management Grows Stock Position in Copart, Inc. (NASDAQ:CPRT)

Sheets Smith Wealth Management lifted its position in Copart, Inc. (NASDAQ:CPRT) by 0.1% during the third quarter, HoldingsChannel.com reports. The institutional investor owned 280,535 shares of the business services provider’s stock after purchasing an additional 253 shares during the period. Copart accounts for approximately 1.8% of Sheets Smith Wealth Management’s investment portfolio, making the stock its 8th largest holding. Sheets Smith Wealth Management’s holdings in Copart were worth $14,700,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently bought and sold shares of the company. Optimum Investment Advisors raised its position in Copart by 141.5% in the third quarter. Optimum Investment Advisors now owns 512 shares of the business services provider’s stock worth $27,000 after acquiring an additional 300 shares during the period. Eastern Bank bought a new stake in Copart during the third quarter valued at about $29,000. Crewe Advisors LLC increased its position in Copart by 98.6% in the second quarter. Crewe Advisors LLC now owns 564 shares of the business services provider’s stock worth $31,000 after buying an additional 280 shares in the last quarter. Meeder Asset Management Inc. raised its stake in shares of Copart by 283.3% in the second quarter. Meeder Asset Management Inc. now owns 575 shares of the business services provider’s stock worth $31,000 after buying an additional 425 shares during the period. Finally, Versant Capital Management Inc grew its stake in shares of Copart by 477.7% during the 2nd quarter. Versant Capital Management Inc now owns 595 shares of the business services provider’s stock valued at $32,000 after acquiring an additional 492 shares during the period. Hedge funds and other institutional investors own 85.78% of the company’s stock.

Copart Stock Performance

Shares of Copart stock opened at $56.12 on Friday. The company has a fifty day moving average of $52.44 and a 200 day moving average of $53.04. The company has a market capitalization of $54.06 billion, a P/E ratio of 40.37 and a beta of 1.27. Copart, Inc. has a fifty-two week low of $46.21 and a fifty-two week high of $58.58.

Copart (NASDAQ:CPRT) last released its quarterly earnings data on Wednesday, September 4th. The business services provider reported $0.33 earnings per share for the quarter, missing analysts’ consensus estimates of $0.36 by ($0.03). The business had revenue of $1.07 billion during the quarter, compared to the consensus estimate of $1.07 billion. Copart had a return on equity of 19.55% and a net margin of 32.17%. The business’s revenue was up 7.2% on a year-over-year basis. During the same period last year, the company earned $0.34 EPS. Analysts forecast that Copart, Inc. will post 1.54 EPS for the current year.

Wall Street Analysts Forecast Growth

Separately, Robert W. Baird reduced their target price on shares of Copart from $58.00 to $56.00 and set an “outperform” rating for the company in a report on Thursday, September 5th.

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.