Raymond James & Associates Trims Holdings in Copart, Inc. (NASDAQ:CPRT)

Raymond James & Associates decreased its position in Copart, Inc. (NASDAQ:CPRT) by 7.0% in the third quarter, Holdings Channel reports. The firm owned 800,000 shares of the business services provider’s stock after selling 59,889 shares during the period. Raymond James & Associates’ holdings in Copart were worth $41,920,000 at the end of the most recent quarter.

Other hedge funds have also made changes to their positions in the company. Cadence Bank grew its holdings in Copart by 0.6% during the 1st quarter. Cadence Bank now owns 31,371 shares of the business services provider’s stock worth $1,817,000 after acquiring an additional 187 shares in the last quarter. WASHINGTON TRUST Co grew its position in shares of Copart by 0.3% in the 2nd quarter. WASHINGTON TRUST Co now owns 61,852 shares of the business services provider’s stock worth $3,350,000 after buying an additional 200 shares during the last quarter. Spinnaker Trust boosted its stake in Copart by 4.0% in the second quarter. Spinnaker Trust now owns 5,222 shares of the business services provider’s stock valued at $283,000 after acquiring an additional 200 shares in the last quarter. Values First Advisors Inc. grew its holdings in Copart by 2.9% in the second quarter. Values First Advisors Inc. now owns 7,098 shares of the business services provider’s stock worth $384,000 after purchasing an additional 201 shares during the last quarter. Finally, Duncan Williams Asset Management LLC increased its position in shares of Copart by 1.3% during the third quarter. Duncan Williams Asset Management LLC now owns 15,437 shares of the business services provider’s stock worth $809,000 after purchasing an additional 203 shares in the last quarter. 85.78% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Separately, Robert W. Baird dropped their target price on Copart from $58.00 to $56.00 and set an “outperform” rating on the stock in a research note on Thursday, September 5th.

Copart Trading Down 0.9 %

NASDAQ CPRT opened at $52.07 on Wednesday. Copart, Inc. has a 12-month low of $42.41 and a 12-month high of $58.58. The company has a fifty day simple moving average of $52.26 and a two-hundred day simple moving average of $53.23. The stock has a market cap of $50.11 billion, a P/E ratio of 36.67 and a beta of 1.27.

Copart (NASDAQ:CPRT) last issued its 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 during the quarter, compared to analysts’ expectations 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 quarter last year, the business earned $0.34 EPS. As a group, sell-side analysts forecast that Copart, Inc. will post 1.54 earnings per share 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.