On September 19, 2023, Copart Inc. (CPRT) continues to generate interest among investors and analysts. Several research reports have been published, shedding light on the stock’s performance and potential.
One notable report was conducted by StockNews.com on August 17th, where the company initiated coverage of Copart shares with a “buy” rating. This indicates their positive outlook on the stock. Another research report from JPMorgan Chase & Co. raised the price objective for Copart from $39.50 to $41.00, reflecting confidence in its future growth prospects. Additionally, Robert W. Baird upped their price objective from $45.00 to $48.00 and labeled Copart as an “outperform” stock in their report. Argus, another research firm, initiated coverage on September 8th with a “buy” rating and a price objective of $53.00.
According to Bloomberg.com, which analyzes various research reports and ratings placed on stocks by experts, Copart has an average rating of “Moderate Buy.” The average target price for the stock is estimated to be around $44.40.
Institutional investors and hedge funds are also showing interest in CPRT with some increasing or reducing their stakes in the company over recent times. For instance, Bank Julius Baer & Co Ltd Zurich significantly increased its stake in Copart during the second quarter by an impressive 83,893.9%, adding over 72 million shares to their holdings valued at approximately $6.6 billion.
AllianceBernstein L.P., JPMorgan Chase & Co., Geode Capital Management LLC, and Norges Bank were among other institutional investors that enhanced their positions in Copart.
Although there is considerable investor interest in CPRT, it is worth noting that its current trading value stands at $44.43 as of September 19th opening market hours.
The market capitalization for Copart is estimated at $42.42 billion, with a price-to-earnings ratio of 34.71 and a beta of 1.19. Its fifty-day and two-hundred-day simple moving averages are recorded at $50.74 and $43.99, respectively.
Over the past year, Copart has witnessed a range in its stock price from a low of $26.14 to a high of $47.38.
As investors and analysts continue to evaluate the performance and potential of Copart, it remains an intriguing stock to watch in the business services industry.
Janus Henderson Group plc
JHG
Buy
Updated on: 28/09/2023
Financial Health
Healthy
Debt to equity ratio: Neutral
Price to earnings ratio: Strong Buy
Price to book ratio: Buy
DCF: Strong Buy
ROE: Neutral
Copart, Inc. Expected to Experience Earnings Increase in Q1 2024; Institutional Investors and Hedge Funds Alter Stakes
Copart, Inc. (NASDAQ:CPRT), a business services provider, is expected to experience an increase in earnings for the first quarter of 2024, according to investment analysts at Barrington Research. The analysts have raised their earnings estimates for Copart, projecting that the company will post earnings of $0.32 per share for the upcoming quarter, up from their previous forecast of $0.30.
Furthermore, Barrington Research has also provided earnings estimates for Copart’s future quarters and fiscal years. They expect Q4 2024 earnings to be at $0.36 per share, FY2024 earnings at $1.40 per share, Q1 and Q2 2025 earnings both at $0.36 per share, Q3 2025 earnings at $0.45 per share, Q4 2025 earnings at $0.41 per share, and FY2025 earnings at $1.61 per share.
The consensus estimate for Copart’s current full-year earnings is set at $1.35 per share. This news has prompted several institutional investors and hedge funds to either increase or reduce their stakes in CPRT.
Bank Julius Baer & Co. Ltd Zurich saw a significant increase in its stake in Copart during the second quarter of this year by a staggering 83,893.9%. The institution now owns approximately 72,354,024 shares of the business services provider’s stock valued at around $6,599,410,000.
Meanwhile, Alliancebernstein L.P., another institutional investor, grew its position in Copart by 94.8% during the fourth quarter of last year and currently holds roughly 17,519,775 shares valued at approximately $1,066,779,000.
JPMorgan Chase & Co., also an institutional investor who increased its holdings in Copart during the same period as Alliancebernstein L.P., now owns 8,740,573 shares valued at $532,215,000 after acquiring an additional 4,378,073 shares.
Geode Capital Management LLC joined in on the increase as well during the fourth quarter of last year. They grew their position in Copart by 86.7% and currently own about 9,098,471 shares valued at $553,041,000.
Lastly, Norges Bank recently bought a new position in Copart valued at approximately $256,878,000 during the fourth quarter of last year.
These institutional investors and hedge funds now collectively own 79.26% of Copart’s stock.
In terms of earnings performance, Copart reported an EPS (earnings per share) of $0.34 for the most recent quarter issued on Thursday, September 14th. This surpassed analysts’ consensus estimates by $0.02 per share. The company generated a total revenue of $997.59 million for the same period compared to analysts’ expectations of $962.91 million.
Copart’s net margin stood at 31.99%, and they achieved a return on equity of 23.28%. Furthermore, its quarterly revenue experienced a notable increase of 12.9% compared to the previous year’s same quarter results.
As for recent insider activity within the company, CEO A Jayson Adair sold 600,000 shares on Friday, July 7th at an average price of $44.16 per share. This transaction amounted to a total value of $26,496,000.
Following this sale, Adair holds approximately 20,294,060 shares valued at around $896,185,689.60 in the company.
Additionally,
Chairman Willis J. Johnson sold 1,320 ,000 shares in Copart on Tuesday June27th at an average price per share of$44 .54
Thus totaling to a sum of$58,786,200.00.
Following his sale, Johnson now holds 3 ,547 ,664 shares valued at approximately $157 ,995 ,216.24 in the company.
Also, just like Adair’s sale of 600 ,000 shares,
CEO A Jayson Adair also sold 600 ,000 shares of the stock on Friday July7th at an average price of $44 .16 per share. This transaction amounted to a total value of $26,496,000.
Post this sale,
Adair is left with 20 ,294,060 shares valued at around $897 ,185,68960 in the company.
The disclosure for these insider transactions can be found here: hyperlink to SEC document filing.
Notably,44%of the company’s stocks are owned by insiders.
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