Copart (NASDAQ:CPRT) Price Target Raised to $60.00 at JPMorgan Chase & Co.

Copart (NASDAQ:CPRT) had its price target boosted by JPMorgan Chase & Co. from $55.00 to $60.00 in a research report report published on Tuesday,Benzinga reports. They currently have a neutral rating on the business services provider’s stock.

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

Copart Stock Performance

CPRT opened at $62.70 on Tuesday. The business’s fifty day moving average is $53.79 and its two-hundred day moving average is $53.21. The company has a market cap of $60.40 billion, a price-to-earnings ratio of 44.15 and a beta of 1.27. Copart has a one year low of $46.21 and a one year high of $62.90.

Copart (NASDAQ:CPRT) last posted its earnings results on Wednesday, September 4th. The business services provider reported $0.33 EPS for the quarter, missing analysts’ consensus estimates of $0.36 by ($0.03). Copart had a return on equity of 19.55% and a net margin of 32.17%. The firm had revenue of $1.07 billion for the quarter, compared to analysts’ expectations of $1.07 billion. During the same quarter in the previous year, the firm posted $0.34 earnings per share. The firm’s revenue for the quarter was up 7.2% compared to the same quarter last year. On average, analysts predict that Copart will post 1.54 EPS for the current fiscal year.

Hedge Funds Weigh In On Copart

Institutional investors have recently added to or reduced their stakes in the business. Optimum Investment Advisors increased its stake in Copart by 141.5% in the third quarter. Optimum Investment Advisors now owns 512 shares of the business services provider’s stock valued at $27,000 after purchasing an additional 300 shares during the last quarter. Eastern Bank acquired a new position in Copart in the third quarter valued at $29,000. Quarry LP acquired a new position in Copart in the third quarter valued at $29,000. Crewe Advisors LLC increased its stake in Copart by 98.6% in the second quarter. Crewe Advisors LLC now owns 564 shares of the business services provider’s stock valued at $31,000 after purchasing an additional 280 shares during the last quarter. Finally, Meeder Asset Management Inc. increased its stake in Copart by 283.3% in the second quarter. Meeder Asset Management Inc. now owns 575 shares of the business services provider’s stock valued at $31,000 after purchasing an additional 425 shares during the last quarter. 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.